Litchfield enquirer., 1855-07-12

per cent. of the amount OF the capital stock
of any bank or banking association, actually
paid in, any law or usage to the contrary,
notwithstanding.
Approved June 26, 1855.
CHARTER Xl.
An Act relating to Banks.
Be 1t enacted by the Sen ate and House Of
Representatives. in General Assembly conre-
ned:
Sec. l. No incorporated bank or banking
association in this State, shall at any time
be indebted by its bills or notes, or have its
bills or notes in circulation, to an amount
exceeding in the aggregate, 25 per cent.
above the amount Of the capital stock OF such
bank or banking association actually paid in.
Sec. Q. No such bank or banking associ-
alton shall make any loan or discount, or in
any way give credit to any individual COM
pany or corporation. where by such loan,
discount or credit the party receiving the
same shall become liable 10 such bank or
banking association, in connection with Ii
abilities already existing, to an amount
greater than Is percent. Of the capital stock
Of such bank or banking association actual
ly paid in.
Sec. 3 No such bank or banking associ-
alton shall directly or indirectly loan its
bills or notes for circulation to any person,
persons or corporation, under any agree
ment that such person, persons or corpora
ton shall protect the circulation Of such bills
and notes or redeem the same.
Sec. 4. No such bank or banking associ-
alton shall take or receive, directly or indi-
rectly, by including exchange or otherwise,
on any note, draf, or bill of exchange.
greater rate of discount or interest than six
per cent per annum, to be calculated accord
ing to the standard laid down in Rowletts
Tables. Prorided, that exchange, not ex-
ceedng half of one per cent may be charged
for checks, drafts or bills of exchange on
New York, Boston, Providence and Alha-
ny, and at the customary rates on other pla-
ces, where the party getting the loan or dis
count requests such check, draft or bill of
exchange. Provided further, that each bank
or banking association may take and re-
ceive the current rate for collecting notes,
bills or bills Of exchange, payable at any
other place than where the same was dis
counted.
Sec. S. Tue loans and discounts Of any
such bank or banking association to indi-
viduals, companies and corporations ont of
this State, shall not, at any one time exceed
in the aggregate one-fourth part of its capi-
tai stock actually paid in, bills in circular
ton and moneys on deposit at the time.
Sec. 6. The cashiers of all such banks
and banking associations, shall, on the first
Mondays of January, April, July and Octo-
her in each year, or within ten days there
after, make out and deliver to the bank COM
missioners, particular and detailed state
ment' of the condition of their respective In
stiu,ions, exhibiting the resources and lia-
bii,ies of the same, which statement shall
be subscribed by the cashier, or president,
verified by oath, and published in a news
paper in the county where such bank or
banking association is located.
Sec. 7. If any such bank or banking as
ISOLATION, or the directors or officers of tho
same, shall violate the provisions Of this Act
such bank or banking association shall for
felt and pay to the Treasurer Of this State,
for the use Of the State, sum not less than
one thousand dollars. And such directors
and officers shall be Individually liable and
responsible for the redemption and payment
of all the bills of such bank in circulation,
above the amount authorized by the first
section of this acts
Sec. g. 1t shall be the duty Of the bank
| commissioners to examine the several banks
and banking associations in this State, with
special reference to any violations Of the
laws relating 10 banks and banking, and TO
report to the General Assembly any such VIZ
oations of laws as they may discover, with
the names of the banks guilty of such vio-
lations.
Sec. 9. The Act entitled an Act relating
to Banks, passed May Session. 1854, and
all other Acts and parts Of Acts, inconsistent
with the provisions Of this Act. and such
| provisions of any charters of banks as limit
the amount to be loaned to any one indivi-
vidual, company or corporation to sum
less than Is per cent. of the capital stock
of such banks actually paid in. be, and the
same are hereby repealed.
! Sec. 10. This act shall take effect on and
after the LIST Monday of October, 1866.
Approved June. 80. 1855.
CHAPTER xii.
An Act in addition to an Act entitled An
! Act in relation to Banks.
Be IL enacted By The Senate and House o.
REPRESENTATIVES in General Assembly c0nue-
ned:
Sec. I. That there shall be appointed by
the General Assembly, three persons to be
styled Bank Commissioners, who shall have
tho powers and perform the duties now spec
Gifted in the aforesaid /" Act concerning
Banks" and who shall hold Office for the
term Of three years providsd, however. the
! first named Of the three commissioners first
appointed, shall go out Of Office at :he end
OF one year, and the next named at the end
of two years, and the last named at the end
Of three years, and so in rotation afterward,
each commissioner at the end of three years,
and no commissioner shall be re.appointed
to enter upon tine duties Of this Office, until
at least one year after the expiration Of the
term of his appointment. Provided, the
Governor may ill all vacancies that may
occur during the recess Of the General AS
sembly and the commissioner or commits
sioners so appointed by him shall hold Office
until the next session Of the General ASSEM-
bly,.
Sec. 9. All Acts and parts Of Acts incon-
| sistent with this Act, shall be and are here
| nv reneaied