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

due the same. from the owner.
SEC p. After the first election stockhoIder who
shall not held his stock for which he votes for
three calendar months previous to the day of election
shall be entitled to vote and the number Of votes 10
which the stockholders shall be entitled. in voting for
directors, snail be in the proportion following: that il to
say for each and every share not exceeding fy. one
vote; for every five shares fifty and up one hun
bred vote and for every ten shares over one hun
dred one vote; holders may vote in person by
proxy. but stockholders who are not residents Of the
United States shall not be entitled 10 vote their stock
Src 2a No president, cashier clerk or teller said
Bank or any branch thereof, shall be permitted to
AT any election for directors the attorney, agent
proxv of any stakeholder. No president, cashier or
director of the Bank. president or cashier OF either of
the branches shall. during the term Of his office, be eli
gibe to seal in either branch Of the General Assembly
Src. 90 There shall be Board Of Directors of the
Bank which shall be styled the Board OfreetOrs of the
Bank Of the state o Indiana. Silu 'oru suall hudily
after lis first Organizations elect one of IFS members pres
ilent such time and IN such manner as shal be pre-
scribrd bv law who shall hold his Office year, and
until his is elected and quaned II shall be
his duty 10 preside at all meetings OF the Board 10 call
specal meetings thereof when he sha deem II necesSa-
"a and 10 transact all other business apperaining TO his
Office or required 10y this Act or the bylaws OF said
I5t fIs shall receive an annual salary, to be allowed
y the Board Of Directors of said Bank not less than one
thousand nor more than four thousand dollars payable
quarterly. ,., - %. a., .
session. elect four directors OF SAID bank Two oil Whom
NAV be chosen by the Senate. and two by the House Of
Representatives; the House Of RepresentiNes concur
ring the election Of those chosen D le the
Senate concurring in the election of those chosen by the
House of Representatives; but IN case oil liure 10
select nv such concurrent vote after three trials all said
directors shall elected by the out vote oil both Houses
said directors shall, at the first meeting OF the Board
aer their election, determine, 10y LOT, when siiaii serve
for two wears and which for four years. ana thereafter
at each biennial session OF the Legislature, two directors
shall be chosen in like manner or IN such mOde As may
be otherwise provided by law who shall hod her once
for four years. and until their successors are eeeeu anu
qualified Such directors. or any one OF liclh ma! AT
any be removed by joint resolution oil the General
Assembly. Their compensation shal DC hNcu u! inc
BOARD III directors but the compensation OF any member
the Board shall not be increased during the term oil MS
appointment. -, CT
director shall be filed by appointments 70 DC ma1e 10y
the Governor until the shall be fed 10y the Gene-
raj Assembly, in This Act is provided Tor the eeeuon
SEc 3D. The Board of Directors Of each branch shall
annually. and often vacancy may occur eject one
director for the Bank. whose compensation shall be fixed
by the branch directors. and paid by sueh branch.
SEC 3d. shall be the duty Of said branches to receive
and pay out the revenues and fUnds oil he oae under
the direction and control of the Treasurer of State when
the Legislature may direct
SEc 81 The Board of Directors of the Bank shall have
pOwcrt appoint cashier, and such other Interior Off
GERS and agents may be necessary 10 carry On their
busnesso their of Office and compensation and
require such bond aud security from them A. they may
from time to time deem cXpedient.
Sgc IS The directors Ofthe Bank shall have power 10
limit and control the amount Of discounts and loans OF
the branches. after they shall amount to and
quarter Of the of capital stock paid in, settle
and adjust the accounts and balances between them
and for good may suspend the operations the
same They shall have power and shall he their dufy
10 regulate and equalize the State funds and public de-
posts that may be in bank, and may transfer the same
from one branch To another, circumstances may re-
qurc; but they shall in withdraw any part Of the
capital stock Ofany branch, any part of its local funds
without the consent Of the Board of Directors OF sucf
branch 10 be used in any other branches, except in
requiring such branch to be closed. herein proy
ded for and they shall have power to make and pre-
scribe all necessary bylaws 70 carry the powers herein
conferred into effect.
SEC. 30. They shall have power to appoint Of
and III branch when and often l.
shall seem necessary and il shall be their duty 10 max,
such examination at least once in six months. and also
any other time when thereto required by the decors
any branch. No director shall be appointed by IN,
Bank to examine, visit and inspect the condition anC
affairs of any branch from which he has received his ap
pointment.
SEC. 81. The person persons so examining shall
have power to examine oath affirmation, (whicl
they hereby authorized 10 administer all the officers
servants or agents Of branch. any other person.
relation the affairs and condition Of such branch
they shall have power 20 examine ell the books papers
notes. bonds and other evidences fdebt of any branch
10 compare the books funds and property of said brnc
with their and statements made thereof; rs
certain the amount Of money and available funds OF
sand, and generally TO make overy other inquiry
examination necessary to ascertain the actual condition
I of such branch
SEC. g. The Board Of Directors of the Bank shall
have power require of the Board Of Directors Of eac
branch reports of their business and condition, offer
shall be expedieBt, and not less than once eacl
month.
SEC. 49, They shall have power, whenever they shall
ascertain in any manner that any branch is insoven,
other branches is endangered, that branch hath
lated and of the provisions of this Act, ether Ac
binding upon them, that any branch hath neglected
refused to comply with any legal order direction o
the Board Directors of the Bank and is hereby
duty of said Board forthwith TO suspend the bushes
such branch. Bnd the power OF the branch director
over the same and if the interests Of the Stale or tn
safety ofthe other branches requires it, 10 close up thu
afir and business of said branch entirely: and 10 ef
the same they hereby vested with power to appon
receiver or receivers who SHALL under their direction
and CONTROL collect and receive the rights credits
effects due such branch, and turn them into available
fudds; to settle, adjust and compound the same to set
tie adjust and pay OFF the debts due by such branc
if any portion Of the capital stock Ofsuch branch stool
notes given therefor, shall be unpaid for an,
collect the same also all contributions required from
stockholders under the provisions Ofthe nineyh sec
tion othis Act, much as shall be necessary to
the demands against such branch.
&c. 40 That n copy of such order Suspcnding o
closing any branch, and appointing receiver receiv
and atiesed 10y the clerk of said Board and the
said Bank. shall be sufficient To authorize such receive
to seize and take charge ofthe same and all officers
stockholders servants and agents of such branch shall
required to obey and submit the same, and in de
fault may be indicted for misdemeanor, and fined an,
imprisoned at the discretion of the jury trying the
and person raudulently holding cOnceaing an,
ofhe property effects Ofsuch branch from such
SHALL upon conviction thereof upon presentment or in
dicment be fined in any sum not exceeding one thou
sand dollars, and confined at hard labor in Stat
prison for any term of time not less than year
/ more than ten years.
SEC Al II shall be the duty of the Directors OF thu
Bank provide for the payment of all the debts of
falling branch that shall remain due alter all the
~. real and personal, rights credits and effects, and al
the stock of such falling branch and the contributions
its stockholders shall have been first applied; and
that purpose they are hereby authorized TO call thc
other branches for their respective proportions arrang
ing the time of making such calls, that the whole
amount of of such debt shall be paid within one wear
ter such failing branch shall have been suspended
SEC. ~. And lift shall happen that the property
stock contributions effects OF said falling branch shall
not By that time have been turned into available means
the shall be collected and distributed among tn
several branches to meet the advances by them made t
/ pay the debts of such failing branch.
SEC. 43. After payment oiail demands against fail
ing branch If any residue remains, shall be paid to III
/ stockholders i'm due proportion.
SEC "A. Any order Of the Board Of Directors to sus
pend close branch, shall be carried by at least tn
oftwo-hirs ofthe members present some meet
ing, to attend which all the members Of the Board shall
have been notified: and the question shall be taken b.
ayes and nays and the same recorded the minutes
4 the Board
/ SEC A. The order Of the Board of Directors of tn
Bank suspending any branch shall likewise have the ef
feet to suspend all suits, judgments, ORDERS DEGREES an
executions, for any claim or demand which said brane
should have paid; nor shall any suit be progressed
until the matter in controversy shall have been submit
ted the Board of Directors the Bank or the person
4 by them entrusted with the affairs of said branch: an
be admitted. and the be agreed 10 be paid tn
closing up of the afrlirs of said branch the ma
progress 10 Judgment, but execution thereon, and al
other executions and decrees shall remain until yea
4 from the time such branch suspended
SEC. 49, The Directors of the Bank shall have powe
TO regulate the manner OF holding elections for director
of the branches, and may, if necessary, change and
the time Of holding the same of all which elections rea
sonable notice of time and place shall be given.
SEC. AZ. And in election of Directors SHOULD
not be made on the day when the same should hav
BEEN the directors of the Bank shall order new cleo
ton, and the directors for the time being shall continu
10 hold their offices until such election takes place am
their successors qualified.
SEC. ~ ofaure on the part of the General Assem-
bly, Of the branches to elect directors Of the Bank
shall be considered dissolution of this corporation
but the directors for the time being shall continue
hold and exercise their offices until their successors ar
chosen and qualified.
SEC 40. said directors shall have power To REGULATE
and control the dividends Of profits that the capita
stock shall never be diminished and create and kee
up surplus fund that shall be than one-sx
teenth of the capital stock in each branch.
SEC 80 In the calculation Of profits the previous q
a dividend interest then unpaid although due or &C
erued on debts owing to any branch, shall not in
I cluded.
SEc;5l. Dividends ofprofts shall be declared semi
annually.
SEC. %. said Board Directors shall have power &
close any branch which, after the first year. shall no
yield profit of six per cent per annum, uxon cap
nal aeusi! paid in, and the same may be pfocecded fr
rs IN case Of insolvency unless the discount shall have
been limited and controlled by the directors of IN.
Bank ~ To prevent said stock from Welding sucl
profit
Grr .,I..lI.