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

was sespended.
Sec. as. The Directors of the bank
shall have power to regulate the man.
nor of holding elections Tor directors
of the branches, and may il necessary,
change and fix the time Of holding the
same. of all which elections reasonable
notice Of time and place shall be given.
Sec. ~. And in case an election Of
directors should not be made on the
day when the same should have been,
the directors Of the bank shall order a
new election, and the directors for the
time being shall continue to hold their
Offices until such election takes place,
and their successors are qualified.
Sec. 40. No failure on the part OF
the General Assembly, or Of the
branches, to elect directors Of the
bank, shall be considered as a disso-
luton of this corporation, but the d.
rectors for the time being shall con-
tiuue to hold and exercise their Offices
until their successors are chosen and
qualified.
Sec. 40. Said directors shall have
power to regulate and control the div
idends Of profits so that the capital
stock shall never be diminished, and TO
create and keep surplus fund that
shall never be less than one sixteenth
Of the capitel stock in each branch.
Sec. 80. In the calculation Of the
profits previous to dividend, interest
then unpaid, although due or accrued
on debts owing TO any branch, shall
not be included.
Sec. 81. Dividends Of profits shall
be declared semi.annually.
Sec. 52. Said board Of directors
shall have power TO close any branch
which, after the first year. shall mol
yield profit Of six per cent. per an
mum upon the capital actually paid in,
and the same may be proceeded in a.
in case of insolvency, unless the dis
count shall have been limited and
controlled by the directors of the
bank. so as to prevent said stock from
yielding such profit.
Sec. SO. They shall cause to be
opened and kept, by their clerks, ac'
counts with each branch. showing the
operations OF each, and keeping con
siantly in view their business and
condition. which shall be at all rea,
sonable times open to the inspection o.
any stakeholder, and Of any person au'
thorized by the Legislature to inspect
the same.
Sec. 54. They shall likewise keep Q
record of all their proceedings, in
which all their orders, votes and res
olutious shall be entered. with Tho
ayes and noes on all questions. which
shall be opened to like inspection.
/ Sec. So. They shall apportion the
salary of the president and other Off
GERS, agents and directors of the banl
and all other general expenses, among
the several branches, according to The
amount Of stock in each and shall hav,
power to demand and receive tn,
; same.
Sec. Sc. 1t shall be the duty of tn,
directors Of the bank to keep and pre-
serve the original books of subscrip
lion Of stock, and to cause to be re-
turned TO them from each branch every
six months n statement Of all transfers
} of stock made the preceding 81,
months.
Sec. 81. They shall also procure
and take charge Of the plates on which
the paper Of said bank shall be print
ell, and shall cause sufficient amour
thereof to be printed from time 4
time as occasion may require.
Sec. SO. They shall deliver, on th'
order Of the Board Of Directors of eacl
branch. an amount of said paper no
exceeding twice the amount Of th,
capital actually paid in at such brancl
| except whea more shall be wanted h
, replace that which may have beer
J worn out, defaced or lost; in whicl
case all SO defaced shall be returned
to said Board Of Directors Of the banl
+ and destroyed; and they shall give NJ
| other or greater amount for paper los
, than they have good reason to believ,
is actually lost by circulation or 9th
] crwise. No notes shall be issued o
! denominations between five ant
ten. or ten and twenty, or twent,
r and fifty. or fifty and one hundred
. dollars, nor shall moro than one sixtl
r of the notes is used TO any branch b
of denomination less than FIVE dollars
} aud no notes shall be issued Of an,
denomination less than one dollar.
r See. 50. Five Directors. with tn
4 President. shall be necessary 10 con
stitute board for the transaction O
, business; but in case OF sickness or ab
, sense Of the President, his place ma,
! be supplied Cor the time being by an.
, director chosen by the board.
. Sec. GO. II shall be the duty of tn
. Board Of directors. in the first week o
. each session OF the Legislature. Il
{ make report TO both Houses Of th
General Assembly Of the affairs an,
+. business Of said bank, and of eacl
{ branch thereof, setting forth in rcgar'
] TO each.
!. First. The amounto of available fund
{ on hand, designating each kind.
Second. The amount Of notes dis
$ counted.
I Third. The amount OF bills Of ex
] change.
c Fourth. The amount and conditio
j of the surplus fund.
c Fifth. The amount of notes in circu
G lation.
Sixth. The number Of officers an
d servants, and the amount of comper
8 sation 10 each.
!. Seventh. The amount OF rents pait
J, il any.
y Eeighth. The value Of houses use
h for banking purposes.
il Ninth. The value of other real e.
n tate. and whether the same has bee
o regularly offered for sale, as by tn
,r Act required.
h Tenth. The amount of debts dr
N to and from other banks.
h Eleventh. All such other matters
ie shall by them be deemed material M
X important, or shall be required of the