Plymouth banner. (Plymouth, Marshall County, Ind.) 1852-1855, 1855-05-03
THE STATE BANK LAW
An ACT
An ACT
To establish O Bank with Brdncht

SEC. /. Be ii enacted by the General
Assembly OF the State Of Indiana, That
there shall be and is hereby. established
. Bank. with so many branches as shall
be organized under thus charter, 10 be
known and STYLED The Bank Of the
State of Indiana which shall continue
Is such for the period and term OF TWEEN
~ years from the date Of is, organisation.
and for such longer period thereafter as
shall be necessary promptly to close its
business. as hereinafter provided.
SEC. 2. That Thomas l. Smith An
drew l.. Orsborn. Jehu T. Elliott. Adj
s1n L. Rosche. and John ID. Defrees. are
hereby appointed Comm ssioners. who.
before entering upon their duties. shall
,aks an oath. diligently. faithfully md
impartia!Iy to perform the duties sssisn-
ed them by the act. They shall keep a
true accoun, OF all ihrir proceedings.
which, together with all the books and
papers pertaining thereto. they shall de-
liver so she Board Of Directors Of said
Bank when the same is organized.
SEC. Said Commissioners shall
NEE, q, ,he city OF Indianapolis. wi,hir
ninety da' after the passage of this act,
ani If any of ,hrir number shall refuse
80 serve, shall die CT resign. they shall
ill such Vacancy or vacancies by the sp-
pointment Of some suitable persons
thereto: aud they. OF a majOrilv of them.
.are authorized. and il shall be their du-
~ 10 divide the State into not less than
fifteen. nor more than twenty Bank dis
tricts, sE,s 20 locate one branch OF said
B.nk 10 each Of said districts. st such
place thy shall designate. selecting
where il can be done. other things bsimg
equal. in each district wherein branch
OF the present State Bank Of Indiana /
now located. the same county in which
such branch is located; and they shall
appoint two sub commissioners for eacf
of said districts, who shall be residents
therein. 30 receive subscriptions Of stocI
eDd perform such other duties rs may b'
required by this Act. II said Commits
sioners do not make me whole numbe
of districts rs required by this Act. M
Board Of Directors OF The Bank may. a
any time after being organized. .ay of
from time TO time additional districts
and lscate branches Therein: Prouidcd
that the whole number Established shal
not exceed the number herein authorized
SEC. 4. Should any Of the branche
herein established fail TO organize. o.
herein contemplated. it shall b. the du
~ of the Directors of the Bank. once il
each year thereafter. IL required by an!
number of the citizens who will be re
spensible for the expense. TO open book
Of subscription within such district. eli
locate and organize branch therein. G
ouch piNce IS they may select. 1t 'h
amour, Of stock herein required shall b
taken and paid for under the provision
of this Act
SEC. 5. The said Bank shall keep a,
offic. at the city OF India naFolls. and tn
Directors thereof shall meet aud hole
,heir sessions st least once iii thrr
months. 1t shall be a body corpHTa'
and polite. with power TO sue and b
sued. plead and be impleaded. in an
court of law or equity. having jurisdic
ton, and transact oil other lawful bust
ness herein permitted them 10 do: an
shall have power by and through he
branches. and not otherwise. TO ioo
money, buy. sell and negotiate bills o
exchange. checks. promissory notes. an
other evidences Of debt. to discount. o.
banking principles and ussges. bills {
exchange. post notes. promissory notes
and other negotiable paper or obligation
for the payment Of money: to rec'''
deposits. to buy and sell gold and silver
bullion and foreign coins; to draw. issue
and put in circulation bills. notes. pos
notes. bills Of exchange. and other evi
dences Of debt. payable tn order or bear
er. and not otherwise; snd all such note
and bills put in circulation rs money
except post notes and bills of exchange
shall be made payable on demand; an
TO exercise such other incidental power
IS shall be necessary 10 carry on sucl
business.
SEC. 6. The real estate which it shall
be lawful 70. said Bank to purchase
hold and convey. shall be-frst. such
bsrquirsd for its immediate accom- no