Weekly Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1853-1861, 1855-05-03


the purposes contemplated by this Act except that il
shall issue bin notes intended TO circulate
such bills shall then be issued To any branch I'M
l al least fifty thousand dollars shall have been paid
into such branch upon the subscriptions for its stock
SEc 81 The Board OF Directors of the Bank of the 4
State Of Indiana is authorized to increase the capital
sloch OF any ol inc branch = 10y empowering them 10
receive additional subscriptions thereto TO such an
amount as can be prouahly employed but the aggre-
capital OF the bank and all its branches shall not cx
cecd six millions of dollars.
SIC IS. Should ANY subscriber for stock in any Of the
branches fail make payment of the first or any suisse
quent instamcnt the party falling shall make install
meni 90 hc recovered by said bank in action ut law
ami in case Of the failure TO pay any subsequent install
ment, the board Of drecors Of the proper branch may
sell and transfer any such share shares Of stock at
public auction. after ten days notice in writing put up
al the door of such branch bank. much thereof
may De necessary 20 pay all the dues Of the falling pay
and if the cannot be sold for sufficient pay ali
the nstalmeEs due. the shall be forfeited and be-
come the property OF the proper branch, and whenever
any stakeholder shall be indebted 10 any branch. and
such branch shall hold lien upon his stock to
such ndebtedness by reason OF insolvency or other
cause. he shall be unable To pay such Indebtedness. such
branch shall have power 10 purchase and hold much Of
such stock NAV be necessary to discharge such lien
SEC. Sc. The board Of directors Of the Bank Of the
State Of Indiana from time To tme authorize the
several branches any Of them, extend their dis
counts an amount the average Of which for each fiscal
Times he aT,ount orhe csptal soc act"aliT naia in
but never shall exceed that proportion. and such dis
counts shall never exceed three times the amount Ofhe
capital actually paid in, and the amount OF deposits; the
the bank restrict the branches in their discounts
and quarter the amount Of the capital paid in
discretion and in of excess the directors under
whose administration shall happen shall b. liable for
the in their individual and private capacities
action of debt against them any Ofthem in any court
competent to try the same, by any Of the creditors of said
bank. the bank ITSELF and may be prosecuted 10 iud
ment and execution, any condition covenant or agree
ment 10 the contrary Notwithstanding: but t shall
be construed TO exempt the said bank the lands ene
mcnts, goods ch4ttels moneys effects Of the same
from being also liable for, and chargeabe such cx
And any director directors who may be absent
when such is created contracted or Who may
have dssented from the resolution or act whereby the
same created contracted, may respectively ex
honorate themselves from being liable, by causing
requesting in writing. at the time, his their dissent
TO be entered on the minutes Of the board, and by forth
with giving notice of hts their absence dissent to
the Governor Of the State, and to the stockholders. by
giving notice thereof in some newspaper published near
| said bank or branch.
SEC. 81. Every director not present at the meeting
when such shall be created contracted SHALL
nevertheless, be deemed to have been concerned thcre
in. fthe same shall appear the books OF the board,
and h. remain director for six months thereafter and
does not, within that time. give notice Of the
| required in the preceding section.
SEC S.. The insolvency OF said bank or any branch
shall be deemed fraudulent unless its affairs shall a-
pear upon investigation have been fairly aud legally
administered, and generally with the and dill
gence that agents receiving compensation for their
vices, are bound by law TO observe; and ii shall be in
cumbent the directors and stockholders Of the bank,
any branch, should the same become insovent, 10
| pei by proof the presumption ilTaud.
SEC. 60 In case Of the fraudulent insolvency OF said
bank any branch. the president and directors Of said
bank whose acts omissions
the nsolvenc! was wholly, or IN part oceasloned, and
whether then in Office not. shall each be liable in the
first instance Ia the creditors and stockholders of the
said bank branch any or either of them, for his
proportional share for their respective losses the proper
ton asceraiucd by dividing the whole loss among
the whole number of directors labe and if any such
president director shall be unable by of being
nsOlveDt for any other cause to pay his proportional
part Of such loss then the residue of said loss shall be
borne and paid in equal parts 10y the remaining directors
liable aforesaid, until the whole loss shall be rem-
bursei the whole property rights, credits and effects
of each OF said directors shall have been exhausted to-
ward The payment such loss but this section shall not
be construed TO diminish the liability of directors be-
fore declared.
SEC 90 II the moneys remaining due to the creditors
Of said bank any branch whose INSOLVENCY shall be
adudged Fraudulent after distribution ofs effects and
after the propery rights credits and presi-
dent and directors Of such iIIsoven bank branch
shall have been exhausted, shall be paid by the stock
holders the deficiency shall he made good by the cOnir
buttons of the stockholders Of the branch becoming
solvent. The whole amount Of the deficiency shall be
assessed on the whole number Of shares of the capital
stock of said branch. and the necessary be paid
on each share shall then be aseertaned and each stock
holder shall be liable for the sum assessed the number
shares held by him not exceeding the nominal amount
of such shares in addition TO the sums paG, which be
may be liable TO pay. account of those shares; but
before such contribution shall be required
ment made on any shares where the whole stock haC
been paid the nstamcns unpaid any shares shall bt
required to be paid up and The estimates ofthe deeen
src o. That shall be lawful for the General As
samb, 10y and with the consent Of the president an,
deeors OF the hank and of the president and director
of each branch and otherwise make such amend
meps and alterations in this charter as NAV be eemet
expcdient: Proridsd. That said bank or any of II
branches. shall not be authorized by any such amend
10 suspend or refuse the payment of specie for IL
notes, bills obligations, for any moneys received
upon deposit. and that such amendment shall b,
made, the faith OF the State is hereby pledged to the
creditors Of said bank and branches: 4nd prorided fur
Their that the State the right 10 authorize the
establishment of additional bank districts and branches
with the consent of the boards of directors of
the branches then organized.
SEc %. II shall not be lawful for the said bank afte
the expiration Of twenty years from Its organization, &c
discount loan money or do ony other banking business
and all the powers herein conferred shall cease, excep
those incidental and necessary TO close up its business
for which purposes only its organization NAV be con
tnued Tor any period of time not more than three year.
SIC 90. This Act shall be taken and received in al
courts, and by all judges, magistrates and other persons
public act and all printed copies of the which
shall be printed by under the authority of the General
Assembly shall be admitted good evidence thereof
without any other proof whatever
Sec o.. All expenses incurred in carrying into effec
the provisions Of this Act. shall be paid by said bank
The board of directors, when organized shall make
sonabe allowances for the services OF the commission
and other agents employed, and may require each
branch 10 contribute rateable proportion for the pay
ment Of all such expenses.
SEo. %. lnasmuch it is desirable that the commits
soners appointed by this Act shall be qualified and per
form their duties without delay, II is declared that
emergency exists in this And this Act shall be in
force and take effect from add after its publication in
more newspapers published in the city Of Indian
! apois.
AsHBEL p. WILLARD,
President Of the Senate.
DAVID kILGORE.
Speaker Of the House.
: MARCH 81. 1855.
Returned 10 the with the objections of the Gov
AM passed his objections, to the contrary notwith
standing.
SOLON THURMAN,
Secretary of the Senate.
Originated in the Senate, MARCH ,. 1855.
Returned to the House of Representatives, with the
objections Of the Governor and passed, his objections L
the contrary, Notwithstanding.
JOHN LEVERING,
apr % Clerk ofthe House of Representatives.