Weekly Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1853-1861, 1855-05-03
FIr1n. The nmonnl OF noles In circnlnlion

amount OF compensation to each
SEVENTH. The amount ofrenis paid. if any
EIGHrH. The value ofhouses used for banking pur
poses.
NINTH. The value Of other real estate. and whether
the same has been regularly offered for SALE by this
Act required.
TENTH The amount of debts due to and from other
Banks.
ELEVENTH.. All such other matters as shall by them
be deemed material andimpOrtant or shall be required
Of them by the Legislature. like report shall be fur
nshed to the General Assembly by the Board of Direc
tors of each branch such report made by the directors
~ eac eranel, snail contain s9eh statement OF ule con
dOn of the same as aforesaid as the same Is found ON
me third saturday OF November. in such year, at two
O'Clock in the afternoon.
SEC 81. The directors and all other officers and
agents of the bank, and of each branch. shall severy.
before they enter upon the duties Of their Office, make
oath or affirmation well and faithfully to discharge the
SEC. 60. The stockholders of each branch shall, by
ballot, annually elect not less than five than
ten directors such branch the number be settled
by the directors of the Bank and the directors of the
bank shall appoint two directors for each branch such
branch directors shall hold their office for year. and
until their successors are chosen and qualified.
SEC. g. The said branch directors at their first meet
ing after each election shall choose of their number
to be PRESIDENT and shall have power 10 appoint cash
Ter, and such other officers and agents they may deem
necessary whose term Of office, and whose compensa
ished by the directors They shall also have power to
ill all vacancies occurring in hero own body. except in
those appointed by the Bank which shall be filed by the
directors of the Bank.
SEC. Ga No director appointed by the directors of the
Bank shall be chosen more than twice i'm three years
SEC. 65. No branch director, except the president.
shall receive compensation for his services unless by
SEC Co. No person shall be elected a director Of a
branch by the stockholders, who shall be in TO
such branch unless such person shall be citizen OF
in trust at least five shares in such branch. But in
there should not be sufficient number Of stOckhOl-
ders owning five shares TO constitute the directory they
may be elected out of those having the highest number
| of shares.
shall become in arear or fail in business, remove from
the State. or cease the requisite amount of stock
otherwise become disqualified it shall be the duty OF
the said Board of Directors forthwith To vacae his seat
and appoint another In his place.
SEC. 6a. No person shall be director in more than
branch at the same time nor shall two or more part
ners the time directors of the branch
of the Bank and branch thereof; nor shall direc
tor Of any moneyed corporation, having power TO dis
count and receive deposits be director of branch
SEC. The board of directors of each branch shall
have power TO require such security from their officer
and agents for the performance Of their duties they
SEC 20 1t shall be duty report of their
and condition of their board TO the directors
tie Bank, in each month"; and 0fieuer If thereto re-
quired by said board, setting forth all the particulars
quired in their reports to the legislature and shall also
SEC. H. The board of directors OF each branch shall
keen a book or books, in which shall be entered AM
faithfully recorded journal Of all their proceedings
which book shall be open to the Inspection of all the
Stockholders, at all regular meetings of the same anC
also be open the inspection of any three stockholders
holding together in their own right twenty shares
stock application by them made 10 the President
| Cashier.
SEC - All elections by the several boards Of drce
shall be riUa uOce and recorded.
SIC. %. The directors Of each branch shall have pow
err TO make prescribe such bylaws. rules and egu
lations they shall deem needfui, touching
FIRST The Government of their respective branches
and the management and disposition of its stock, bust
| ness. property, estate and effects.
! Second. The time, manner and terms upon wliicl
discounts and deposits shall be made and received in
I BY the same.
and servants employed by the same, and
Fourth. All such matters may apperaint to the con
of said branch; subject to the control Of the dree
tors of the Bank in the cases and according to the pow
ers herein given TO the directors ofthe said Bank.
SEC. "a. In the management of their business tn
board of directors shall observeihe following rules.
First No branch shall loan money on the security q
s,eonS' No person shall be accommodated with LOAF
while i'm for stock. for interest. for loans ha
either his security for others,
their due unless the sums so due be retained and frs
paid out of such loan.
Third In the renewal OF notes the securities slsl
never he lessened.
Fourth. No director shall be allowed 10 borrow on
of the Bank any other than the usual banking terms
Fifth The president, cashier. and directors for tn
time being Of any branch OF the Bank shall not be per
mitted 10 endorsefor each other nor shall they vote
questions on which they are interested
Sirth. On all applications for loans OF five hundre
dollars upwards there shall be five concurring vote
of and in proportion If geater or les
numbers present. and If any such application Is grant
ed the ayes and shall be entered in the minutes
the board.
Sepenth No corporation of any description shall a
any one te be permitted to be indebted at branc
in greater Than five thousand dollars, for money
loaned unless ypermison of the board of directors
Eighth It shall he the duty of the board OF director
of each branch, often as once in three months,
cause strict examination TO made Of the accounts
the CASHIER and full and complete settlement thereof
and full statement shall be entered on the jour
nails of the proceedings of said board.
Ninth. Noperson shall be entitled TO receive any div
idend of profits stock owned, while indebted To sal
Bank for any debt demand then due and payable bu
shall be placed to his credit until such debt
demands paid
board for the transaction of business.
SEC. 80. Every officer. agent, clerk of said Ban
branches who 81 al wilfully and knowingly subscrb
make false statements, false entries in the books
such Bank any branch, shall wilfuly and KNOWN
subscribe exhibit false papers with the intent To de
ceive any person authorized to examine or enquire as
the condition Of said corporation, snail wilfully
knowingly subscribe and make false reports shall b
deemed guilty Of felony, and shall be subject to impris
onment at hard labor in the State Prison. for such tern
Of years the Jury trying the may think proper
and likewise any commissioner or examiner wilfull
shall be deemed guilty of felony and subjected TO Xix
penalties.
SEC. 76. Any officer, agent clerk employed in sa
bank or any branch who shall embeZzle approprat
the properly or fards of said bank or any branch Cd
the intent cheat and defaud the same, shall be deem
cd guilty of felony and punished in like manner.
i SEQ "a That the president ana directors of the sal
bank may empower any of the branches, at their owl
EXPENSE to open books for the transfer Of their stock
any of the cities in the United States; and any sue
branch may authorize transfers of any portion of il
stock, without lien, or restriction, which the Stat
open for inspection, eonformably to the provisions
the 25h section Of This act and such transfers shall
regularly certified 10 the bank.
SEC 7S. That any branch and branches shall be author
lied contract with such board and officers the Stat
may empower, for the recei and disbursement of
deposite of public funds by the State and for the inter
est TO be paid thereon subject to the approval of tn
board Of directors Of the bank.
SEC. 10 The capital stock of said bank and branches
shall b. divided into shares of fifty dollars III n
branch shall be organized until capital stock to IN
amount of hundred thousand dollars shall be sub
t1.1
appointed after giving at least thirty days notice by pub
LEGATION in three more newspapers published in In
city Of indianapolis, and at least twenty days notice
three more newspapers published in each bank dis
trct, as many as may be published in any district
where there not three published, shall book
to be opened by the sub-commissoners TO be apponte
for that purpose, Tor the subscription of the requsit
stock such places within the districts afore
said, shall have been designated for the location
branches, which books shall be opened between IN
hours of and 12 A. NJ on the days and at the plac
specified in such notice, and fifth requisite amount
kept open between the same hours each day. for tn
space Of thirty days. Ifn.ore than the requisite
of stock shall be subscribed while the books open
any branch. the shall be taken first from
reside out the State ext from corporations. and shout
there still be an excess the same shall be taken in pro
portion from the subscriptions thousand dol
lars until all reduced to that amount. and then fron
all equally.
SEC So If a sufficient amount of stock shall be sub
scrbed 10y responsible persons any branch, it shall
the duty Of the subcommissoners notify the commits
soners thereof who shall give notice TO the subscriber
made, which notice shall be by publication in o
newspapers published in the proper bank district
sixty days before such payment is TO be made and the
shall also give notice in like manner, that electo
will be held the day succeeding that appointed for tn
payment of such instamcn between the hours Of 10
VI. and O'Clock, p. NJ at some specified place at tn
point whore such branch 10 be located for the election
Of five directors part Of the stockholders of sue
branch. At such time and place, the stockholders pres
shall appoint two suitable persons who are not stock
holders. TO judges and one 20 act as clerk, Wit
SHALL after being duly faithfully 10 perform thei
duties the ballots for directors and certify tha
those receiving a majority of the votes dull
elected and the directors elected shall constitute
board directors Of such branch for the purposes
organization and until the board of directors of the BAN
of the State of Indiana shall be organized and a-pOn
directors the part OF said board and the director
so appointed. shall then be added to such branc
board.
SEC. 81 Such first instahnen shall be two dollars o
each share of stock subscribed aud shall be paid 20 sub
commissioners by whom the books We're opened an
who sha attend for that purpose and in OF the Gail
of any subscriber to pay such first nstalmeni, IN
sub-eon mssioners shall strike his the book
and Immediately open said books 10 receive subscrp
tons, to make up the deficiency from any persons VIII