Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1855-04-06


lish Offices Of discount, deposit. and
circulation upon the terms and condi-
tons, and subject the liabilities pre-
scrbed in this act; but the amount Of
stocks or bonds transferred and de.
posted rs aforesaid shall not be less
In value many case than fifty thou.
sand dollars. Provided, hosceVer, that
the provisions OF this section shall not
apply to the banks now in existence,
respecting the number of stockholders.
Sec. 10. Such persons, under their
hands and seals. shall make ccrtif.
cate which shall specify:
FIRST, The name assumed 10 dis
tinguish such association. and to be
used in its dealings.
SECOND. The place, which shall no:
contain less one thousand inhub.
itants: Provided. however. this last
condition shallnotimply TO any county
seats where the operations % discount
and deposit Of such associations are
to be carried on. designating the par.
tioular city, town or village.
THIRD. The amount OF the capital
stock OF such association. and the mum.
Der ofshares into which the same shall
be divided.
Fouprn. The nam,s and places of
residence Of the stockholders and the
number ofshares held by each Of them
respectively.
Fifth. The period nj which associa.
ton shall commence and terminate;
which Certificate shall be proved or nc.
knowledgcd. and recorded In the OF.
fee Of the clerk Of the county where
the Office OF such association shall be
established, and copy thereof filed
in the Office of Secretary of State.
See. 49, The certificate required by
the last preceding section to be re-
corded aud fled in the Offices of the
Clerk Of the County and Secretary Of
State. ms aforesaid. or copies thereof,
duly certified by either Of those officers
may be used rs evidence in MI courts
and places, fer and against any associ-
alton, and shall be prima facic evi.
dencc Of the facts therein contained.
Sec. 90. Such association shall hive
power TO carry on the business of
} banking. by DESIGNATING bills, notes
and other evidences Of debts, by re.
ceiving deposites, b, buying and sell.
ing gold and silver bullion, foreign
CONS and bills ofexchange. In the man.
, nor specified in their articles of associ.
alton. for the purposes authorized by
} his act. by loaning money on personal
security, and by exercising such Incl
r dental powers ms shall be necessary Ia
! carry on such business; to clecta board
|. Of directors. who shall have authority
to elect one of their number as presi-
Q dent CT such association, and 10 mp
I point cashier. and such other officer.
e and agents ms their business may re.
! quire, and to remove such president
cashier. officers and agents at pleasure
J and appoint others in their Places
4 Such associations shall be entitled L
!. charge and receive, for money loaned
I interest attn rate not exceeding six pei
J. cent. per annum; but the same may
o according 10 bank rules, be discounted
y and taken in advance out Of the sun
I loaned: Propided. hoceper. that sucl
o president and cashier shall be resilen
II citizens Of the county in which sucl
4 association IL. or Is 10 be, located
4 Sec. ei. The shares Of said associa
\ ton shall be deemed personal proper
l. ty, and shLll be transferable on III,
!. books Of the association. in such man
n ner'as may be agreed to In the article,
n of association; and every person be
II coming shareholder by such trans
e fer. shall in proportion TO his shares
&c succeed TO NIL the rights and liabilitie
}. Of prior shareholders; and no changes
Il shall be made Ia the articles Of associ
= alton by which the rights, remedies
n or security ofits existing creditors shal
O be weakened or impaired, Such asso
" citation shall not be dissolved by tn
d death or insanity Of any Of the share
10 holders therein; nor shall any sue
h transfer operate to release the party s
transferring from the operation Of SEQ
10 ton twenty-five OF this act, making
81 stockholders liable over and abov
d their stock 10 nm amount equal 10 sue
B. stock. Provided. that such an indi
vidual liability Of such stakeholder s.
/. transferring, as aforesaid shall not ex
& tend beyond the period Of one yea
Le from the time such transfer shall hay
% been reported to. or otherwise Gled i
&c the Office of the Treasurer Of State.
,r SEQ. 90. II shall be lawful for IN
y. association ofpersons organized unde
ID this act by their articles Of association
Of to provide for IN increase Of their car
ut ital and number of associates from tim
IS to time Ms they may think proper, an
&c in case 3f any shares Of stock held
Dc the name of one person, but in Who'll
e. or in part for the use and benefit, G
as the property Of another. both III
T. person in whose name such stock
8. held, and the person for whose U.S.
u Is so held, shall be subject to the OPP,
Is ration Of The 25th section Of this ac
in making stockholders liable over nm
ne above their stock to an amount equI
ID to such stock.
or Sec. 90. Contracts made by sue
Ii associations and oil bills and notes b
nc them issucd and put in circulation .
moueysshall be signed by the Pres
a. dent, or Vice President and CASH,
or thereof; and all suits. actions, and pre-
t. ceedings, brought or prosecuted by {
cs on behalf OF such association, may
I'd brought or prosecuted in the name ,
O. the President thereof; and no suit, n,
n. ton, nor proceeding shall abate by RET
~ son Of the death. removal from olfc,
u. or resignation of such President, b,
nd may be continued. and prosecuted n,
is cording TO such rules rs The courts
nd law may direct, in the name OF h
he successor in office. who shall cxerci,
u. the powers, enjoy the rights, and di
20 charge the duties Of his predecessor
81. Sec. 81. All persons having demant
ng against any such associations ma
lin maintain actions against the Presidcl
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