Weekly Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1853-1861, 1855-05-03
LAWS OF INDIANA.


organized under this charter. 10 DC Known ailH
Ihe Bank of the State of Indiana, which shall conuh-
ne such for the period and of twenty years from
the date Of its organization, and for such longer period
thereafter shall be necessary promptly 10 close Is
business as hereinafter provided
SEC. ,. That Thomas J.. Smith, Andrew L. Osborn
frees are hereby appointed Commissioners who. before
entering upon their duties. shall take an Oath diligently
faithfully and mpartally 10 perform the duties assigned
their proceedings, which. together with all the books
and papers pertaining thereto, they shall deliver
10 the Board of Directors OF said Bank when The same IS
SEC. B. said Commissioners shall meet at the city of
Indianapolis, within ninety DAYS after the passage Of
this Act and any of their number shall refuse TO serve
shall die resign they shall All such vacancy or Vaean-
eieS by the appointment of some suitable persons ere
70; ana they or majority OF lhe are aulhorLeu' ahu
il shall be their duty divide the State into not less
than fifteen, more than twenty Bank districts, and
10 locate Branch Of said Bank in each of said dis
tries such place they shall designate. selecting
where il be done. other things being equal IN each
district wherein branch of the present State Bank OF
Indiana is located. the county IN which such
branch located; and they shall appoint two sub com
mssiOners for each Of said districts, Who shall be resi-
dents therein, to receive subscriptions Of stock and per
form such other duties may be required by this Act
II said Commissioners do not make the whole number of
districts authorized by this Act the Board Of Directors
of the Bank may, at any time after being organized lay
off from time To time additional districts and locate
branches therein PrOoded, that the whole number
tablished shall not exceed the number herein author
/ lied.
SEC L. Should any of the branches herein established
fail org9nze herein contemplated. it shall be the
duty the Directors Of the Bank in each there
after if required by any number Of the citizens who will
be responsible for the expense open books of sub
seripton within sueh district and locate and organize
branch therein, at such place they may select II the
of stock herein required shall be taken and paid
/ for under the provisions of this Act.
SEC. J. The said Bank shall keep Office at the city
of indianapolis and the Directors thereof shall meet and
hold their sessions at least once in three months II shall
be body corporate and polite with power to sue and
be sued plead and be mpleaded, in any court OF law or
equity, having anu 20 , o a a.i S a
power by and through her branches and not oteTWse
to loan money. buy, sell aud negotiate bills oil exchange
checks promssOry notes. and other evidences of debt,
90 discount, banking principles and usges, bills OF
exchange post notes, promssoy notes. and other nego-
table paper or Obligations Tor the payment OF money! 10
receive deposits TO buy and sell gold silver bullion and
foreign coins; 20 draw issue and put IN circulation bills
post notes, bills Of exchange, and other evidences
deb payable to order or bearer, and not otherwise
and all such and bills put in circulation money.
xent nst notes and bills of exchange shall be made
PAYABLE demand; and to exercise such other ineiden-
tai powers shall be necessary 10 carry ON such busl-
ness.
said Bank 10 purchase. hold and convey, shall befrst
such as shall be required for its Immediate aeccmmoda-
ton i'm the convenient transaction Of its business
Ond, such shall have been morgaged TO IT IN good
faith security for stock loans previously con-
tracted or for moneys due third such shall have
been conveyed 10 II 10 s@sas hon OF debt previously
contracted in the offs dealings or. fourth, such
as shall have been purchased at sales upon judgments
DEGREES mortgages. obtained OF made or such debts;
and the said bank shall not purchase. hold convey
real estate In any other ease for any other purpose
ad ali such real estate not absolutely necessary for the
convenient discharge Of its business. shall be set up.
least once YEAR at public SALE AFTER having given thir-
ty lays notice Of such sale. describing the properly
10 be Sold and the OF the morgager, in at least
one newspaper in the district where said bank Is situate
and placing three written notices in the most public
places in the where the bank il located, and shall
be sold IL the will bring the amount of the debt
interest and for which the same may have been
! bought. received or taken by the Bank and which
shall remain aer deducting all profits received there
SEC = All eonveyances of real estate shall be signed
by the President of the Bank and have affixed the seal
| thereof.
sTc 2 That said Bank shall not at any time suspend
or refuse payment in gold silver, ofany Of its notes
bills, obligations due payable, of any money:
received upon deposit; and if said Bank at any time
refuse or neglect to PAY any 9 n9Ie or oegaiGn IS
ing hours, the proper branch where the is paya
BILE according TO the contract, promise, or undertaking
therein expressed, shall neglect or refuse 10 pay
demand rs aforesaid any moneys received on deposit
TO the person persons entitled TO receive the
them and in every such case, the holder of any sucf
bill, note obligation, or the person rpersOns entitled
to demand receive such moneys, aforesaid shall
respectively be entitled to receive and recover interes
on their said demands, until the shall be fully paid
and satisfied. al the rate Of twelve per cenum per
mum, from the time OF such demand as aforesaid; and
any branch 50 falling to meet It's engagements may be
SEC. O. The said Bank, and each and every branch
thereof shall mutually be responsible for all the debts
notes and MS of each other; and the stOekhO
1ers of each and every 6anch shall be held and bound
to an amount and above their stock equal the
respective shares Of stock for all the debts and liabilities
of said bank any of her branches.
SEC 10. All suits actions against said Bank,
engagement made. liability incurred bN
the Board Of Directors of Bank or on any contract
engagement made or liability incurred by the Board
Directors Of any branch. or on any bank bill note
shall be brought against the Bank of the State of In
diana.
SEC. IL. The process in such case shall be summons
and shall be served the President of the Bank i'm al
cases where the contract, engagement or liability sued
for shall have been made by the Board of Directors
said Bank and in all cases where the contract, engage
ment liability sued has been made incurred
branch process shall be served the President
such braneh and also where the suit shall be brought
any bank bill nOte the process shall be served
the President of the branch at which such bill
shall have been made payable i'm all such cases,
copy ofthe process may be left the banking house.
place of doing business Of the bank, OF the proper
branch, as the may be, during the usual hours
business, which shall be good service. And it is hereby
made the duty ofthe President, other officer
any branch knowing OF such service, forthwith to notify
the President and directors of the Bank thereof In al
suits brought against said Bank any note, engage
ment liability of any branch such suit shall be brought
in the county where such branch may be situate and al
suits brought against the Bank on any note, engagement
liability Of the Bank, shall be brought in the county
Marion.
SEC 70. There shall be no stay of execution on an,
judgment against said Bank shall she be entitled
judgment execution against her to the benefit o
valuation or appraisement laws
SEC. 10. Said Bank shall be entitled to charge anC
receive for moneys loaned the legal of interest
abshed by law in this State and not and the
may according to bank rules be taken in advance
ofthe loaned and may be computed according &c
the standard and rate set forth i'm Rowets Tables,
reckoning the days for which note bill has in
clusively; but it shall not directly ndi recy, place
money i'm the hands of broker other person
be loaned to others, charge, take receive any in
terest compensation benefit whatever from any lOaI
made by any other person party, whether such Loan
be made from its own funds or otherwise.
SEC il. The profits arising, AFTER paying expenses
reservation for a contingent surplus fund, shall b.
divided among the stockholders according the
Of stock owned and paid in by each; and in making thi
calculation and division OF profits, each branch shall b.
independent of the others, and its own profits be divide,
) among its own stockholders.
SEC Is The capital stock of said Bank shall be sub
ject tothe rate of taxation for State and COUNTY
purposes the property stock of other moned eorpo
rations; and the real estate and other property Of s
bank and branches situated in any city town. shall
taxable for municipal purposes in the same
other property situated, hut the capital stock Of sa
bank branches shall not be taxable for municipal pur
) SEC. I6. The person administering the government
of this State Secretary Of State Treasurer Auditor
Public Accounts. Commissioner of the Canal Fund
Judge of the Supreme or any other inferior Court o
any person holding an office or appointment under IN
authority Of the General Government, shall while il
such Office hold the Office Of President of the Bank D
rector Of the Bank, or President Director Cashier
branch, nor that of member Of the General Assem-
bly, shall any President Cashier Director of an
branch the time hold the Office of President
Director Of the Bank on the part OF the state, or tn
: Office of President Director or Cashier of anothe
branch
r SEC. Il. The notes issued by said Bank shall b
signed by the President of the Bank and shall be mad
payable at the branch which shall issue the same an
g Shall be signed by the Cashier Of such branch.
SEC. H. II shall not be lawful for said Bank at an
time to use employ any part OF its capital stock
oter funds in the buying selling Of goods,
l is by this act authorized and permitted.
SEC. TO- II shall and may be lawful for said Bank o
any branch thereof 10 accept, receive, and become
= spOnsble for the deposits and public Of tn
Uuited States. upon such terms and conditions
be agreed upon by the agents Of the General Govern
ment and a majority of the Directors Of said Bank.
SEC. 90 That il shall be lawful for said Bank
ceive deposit Except above prohibited.) money,
bnOn, plate, and other articles OF value of small bulk
such terms and conditions may be agreed upon
5 the parties.
SEC 81 1t shall lawful for the Directors Of tn
said Bank to locate any other branch branches c
said Bank than is herein authorized.
SEC. % The capital stock of said Bank may be in
creased by individual subscriptions at any
branches, by and with the assent and IN
directors of the Bank.
SEC. o. The General Assembly may at any time ap
point agent to examine the state and condition Of
Bank and each and every branch hereOwhO shall hay
the same power and rights examiners appointed b
the Directors Of the Bank; and when any a0re
said shall find and report the Governor Of the Stat
shall have reason to believe that the charter has bee
violated il may be lawful for the Legislature direct
the Governor To order sere deiGs 10 be sued out Oft
Marion Circuit Court In the Of the State. (whc
shall be executed upon the Presidedt of the Bank
he helm bafo