Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1855-04-27


Sec. 80. The board Of directors OF
each branch shall meet as soon us
conveniently may be after their cleo
ton, and after being duly sworn to
support the constitution and laws OF
the State o. Indiana, and faithfully
and honestly to perform the duties OF
their Office, shall proceed to elect the
proper officers fsaid branch, and also
one Of their number as member oil
the board Of directors ofthe bank OF
the Stale Of Indiana, and when notices.
than ten branches have thus organized,
the members elected 20 the board of
directors Of the bank, shall meet at the
city Of indianapolis ut such time as
shall be agreed upon, aud organize
said board. II any members Of said
board have then been elected by the
Legislature. they shall be added
thereto, and whenever. from time TO
time. members of said board shall be
elected by the Legislature. or BY
branches that may be subsequently, or
gsnized, such members shall be admit
ted to their scat az said board.
Sec. e3. When not less than ten
members Of the board of directors Of
the bank Of the state nj Indiana. shall
meet as aforesaid. and shall have been
duly sworn n support the constitution
and laws fine United States, and OF
the State CT Indiana, and faithfully
and honestly 20 perform the duties Of
their Office. the commissioners shall de.
liver 10 them all their books. papers
and property in their possession, APP
pertaining to said bank. together with
q full report Of all their proceedings.
in the premises, which report shall be
entered on the record of said board.
and when so entered. such record
shall be prims facie evidence Of the
contents thereof. said board shall then
proceed to elect their proper officers.
and when thus organized. said
board shall cause q written statement
Of all the proceedings in the organize
ton Of said bank and Of each branch
to be made and fled in the Office Of
Secretary Of State, which statements
shall be accompanied by the affldavits
Of the President and Cashier. that 10
the best Of their knowledge and belief
said statement is correct, and that said
bank and branches have been organ.
ICED in good faith. and with the intent
to carry out the objects Of Its charter
fairly and honesty; and thereupon said
bank shall be duly organized for all
the purposes contemplated by this
Act, except thatit shall issue no bills
or notes Intended to circulate ms cur
rency. until after the first day Of jan
uary 1857, and no such bills or notes
shall then be issued in any branch I'M
Ill at 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 State Of Indiana, is au-
thorised to increase the capital stock
Of any Of the branches. by empower.
ing them to receive additional sub
scriptions thereto. to such an amount
as can be probably employed. but the
aggregate capital Of the bank and all
its branches shall not exceed six mil
lions Of dollars.
Sec. IS. Should any subscriber for
stock in any Of the branches fill to
make payment Of the FIRST or any sub
sequcnt installment to be recovered by
said bank Ia action at law. anil in case
Of the failure to pay any subsequent
instalment. the board Of directors OF
thu proper branch may sell and trans
fer any such share or shares OF stock
at public auction. after ten days notice
in wr ting put mp at the door Of such
branch bank. or so much thereof as
nay be necessary to pay all the dues,
oflhe failing party, and IL the same
cannot be sold Cor sufficient to pay alt
the instalments due, the same shall
be forfeited an become the property Of
the proper branch. and whenever any
stakeholder shall be indebted to any
branch. and such branch shall hold n
lien upon his stock to secure such in
debtedness. IL by reason Of insolvency
or other cause. he shall be unable TO
pay such Indebtedness, such branch
shall have power to purchase and hold
30 much Of such stock. as may be
necessary to discharge such lien.
Sec. SO. The board Of directors Of
the bank Of the State Of Indiana may,
from time TO time, authorize the sew
eral branches or any Of them, to ex-
tend their discounts to an amount, the
average Of which for each fiscal year
shall not aexceed their deposits and
two and half times the capital stock
actually paid in. bat never shall ex-
exceed three times the amount Of the
capital actually paid in and the
amount Of the capital actually paid in
and the amount of deposits; the power
being still reserved by the board Of
directors Of the bank to restrict the
branches in their discounts to once
and quarter III, amount Of the CAPT
tai paid in mt its discretion, and in
case OF excess. the directors under
whose administration II shall happen,
shall be liable for the same in their
individual and private capacities. in
an action Of debt against them. or any
Of them, in any court competent TO
try the same. by any Of the creditors
Of said bank. VT the bank itself, and
condition covenant or agreement to
the contrary notwithstanding; but this
shall not be construedto exemptthe said
bank or the lands. tenements. goods,
chattels. moneysor effects Of the same,
from being also liable for. and charge
able with such excess. And any d.
rector or directors. who may be ab.
sent when sach excess Is created or
contracted. may respectively exhoner-
ate themselves from being so liable
by causing. in writing. at the time. his
or their dissent. TO be entered on the
minutes Of the board. and By forth
with giving notice. Of his or their alb
sence or dissent 10 the Governor OF
the State. and to the stockholders by
giving notice thereof in some newspa.
per published near said bank or