Plymouth banner., 1855-05-03

cy of said bank or any branch, the president
and directors of said bank branch respect
lively, by whose acts or commissions the insol-
vency was wholly, ur in part occasioued, and
whether then in Office or rot shall be liable:
in the first instance to the creditors and stock
holders of said bank or branch, or any or Ell
,her of them, for his proportional share Of their
respective losses; the proportion TO be ascer-
taired by dividing the whole SIS among tho
whole number of directors liable; ard if any
such president or director shall be unable. by
reason of being insolvent, or for any other cause
to pay his share of such loss, then the residne
of said loss shall be borne and paid by the re-
naming directors liable as aforesaid, until the
whole loss shall be reimbursed, the whole
property, rights and credits OF each OF said die
rectors shah have been exhausted toward the
payment of such loss, but this section shall not
be construed to diminish the liability Of direc-
tors before declared.
sEC. 80. IT the moneys remaining due TO
creditors of said bank or any branch whose
Insolvency shall be adiudged fraudulent after
distribution Of It's effects, and after the prop
erty, rights. credits and effects Of the presiden,
and directors of such insolve ut bank er branch
| shall have been exhausted. shall not be paid by
the stockhol ers, the deficiency shall re made
good by contributions OF the stockholders of
the branch becoming insolvent. The whole
amount of the deficiency shall be assessed on
The whole number of shares OF the capital stock
OF said branch, and he sum necessary TO be
paid on each share shall be ascertained, and
each s'ockhoder shall be liable for the sum
assessed on the number OF sha res held by him
not exceeding the nominal amount of such
shares, In addition to the sums paid, or which
he may be liable TO pay, on account of those
| shares; but before such contribution shall be
required, or assessment made on any shares
where the whole stock had been paid, the in
| oil
qured to be paid up. and the estimates of the
deficiency made accordingly.
SEC. 81. That II shall be lawful for the
General Assembly, (by and with the consent Of
the president and directors of the bank and
Of the president and directors of each branch,
and not etherwise,) to make such alterations
and amendments as may he deemed expedient;
PrOrided, That said bank or any OF its branch
e., shall not be authorized by any such amend
ment 10 suspend or refuse the payment of spe-
Gle for Its notes, bills or obligations, or for any
moneys received on deposit, and that sucn
amendment shall be made, the filth of thu
State Is hereby pledged TO the creditors of
slch bank branches: Ind prorided further,
that the State >erves the right to authorize
the establishment of additional bank districts
and branches with the consent of tbs, directors
OF two-thlrdS OF the branches then CYganiZed.
SEC. o.. II shall not be lawful for said bank
after the expiration of twenty years from its
organization, To discount. loan money, or do
any other banking business; and all the pow
erS herein conferred shall cease, except those
incidental and necessary 10 close up its busi-
ness, for which purposes only its organization
may be continued for any period of time not
more than three years thereafter.
Sec 93. This act shall be taken and re-
ceived IN all courts, and by all judges, ma gs-
tra'es and ether persons public act; and all
printed copies of the SINE which shall be prin-
ted by or under authority of the General As
sembly shall be admitted as a good evidence
thereof, without any further proof.
SEC. "a. All expenses occurred in carrying
into effect the provisions of this act, shall be
paid by the bank. The board of directors
when organized shall make reasonable low
ance for the services of the commissioners and
agents employed, and may require each branch
to contribute "a rateable proportion for the pay
mtnt of all expenses.
SEC. 95. Inasmnch AS il is desirable that
the commissioners appointed by this act shall
be qualified and perform their duties without
delay, il is declared that an emergency exists
in this And this act shall be in force from
and after IFS publication in on or more news
papers publishet in the city Of indianapolis.
ASHBELL P WILLARD.
President OF the Senate.
DAVID KILGORE,
Speaker of the House,
March Sd. 1865.
Returned to the Senate with the objections
OF the Governor and passed his objections, 70
the contrary, notwithstanding.
SOLON TURNAN,
Secretary of the Senate.
Originated in the Senate, March 3, 1855
Returned TO the House OF Representatives
with the objections of the Governor. and pass
ed, his objections TO the contrary, notwith-
standing.
JOHN LEVERING,
Clerk Of the Ii. h Represent ,tivcs.