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

affairs OF each branch, when and rs
often as TO them shall seem necessary;
and it shall be their duty to make such
examination Mt least once in six months.
and also at any other time when there
to required by the directors Of any
branch. No director shall be appoint
ed by the Bank to examine, visit and
inspect the condition and affairs Of any
branch from which he has received his
appointment.
Sec. 81. The person or persons so
examining shall have power to exam
inc on oath or affirmstion. (Which
they are hereby authorized to admin
ister, all the officers, servants or
agents Of any branch, or any other
person. in relation to the affairs and
condition Of such branch, and they
shall have power to axamine all the
books, papers. notes, bonds and other
evidences OF debt Of any branch; to
compare the books, funds and proper
ty OF said branch with their returns
and statepents made thereof; to as
certain the amount Of money and
available funds on hand, and general
ly to make every other inquiry and ex-
animation necessary TO ascertain the
actual condition Of such branch.
Sec. So. The Board Of Directors Of
the Bank shall have power TO require
of the Board Of Directors Of each
branch reports Of their business and
condition, as often as shall be expedi-
ent. and not less than cnce each month.
Sec. 80. They shall have power.
whenever they shall ascertain in any
manner that any branch is insolyent.
or is mismanaging its affairs. whereby
The interest OF the other branches is
endangered, or that q branch hath vi.
olated any of the provisions of this
Act. or any other Act binding upon
them. or that any branch hath neglec-
ted or refused to comply with any To-
gal order or direction of the Board Of
Directors Of the bank, and il is hereby
made the duty Of said board forth
with to suspend the business Of such
branch, and the power of the branch
directors over the same, and il the in
terests Of the State or the safety Of
the other branches requires it. to close
up the affairs and business of said
branch entirely: and to effect the same
they srehereby vested with power to
appoint u receiver or receivers who
shall, under their direction and control
collect and receive the rights, credits
and effects due such branch, and turn
them into available funds to settle.
adjust and compound the same; 10 set
tie, adjust any pay off the debts due
by such branch and il any portion
OF the capital stock of such branch.
or stock notes given therefor, shall be
unpaid, to sue and collect the same. as
also all contributions required from
stockholders under the provisions Of
the ninety-ffth section of this Act, of
so much as shall be necessary to meet
the demands agains. such branch.
Sec. 40. That copy of such order
suspending or closing any branch, and
appointing receiver, or receivers, to
take charge of the same. signed by the
President and attested by the clerk Of
said board and the seal OF said bank,
shall be sufficient TO authorize such
receiver to seize and take charge Of the
same; and all officers, stockholders,
servants and agents of such branch
shall be required to obey and submit
to the same. and in default may be in
dicted for misdemeanor, and fined and
imprisoned at tho discretion of the
jury trying the same; and any person
fraudulently holding or conccaling any
Of the property or effects OF such
branch from such receiver shall, upon
conviction thereof upon presentment
or Indictment, be fined in any sum not
exceeding one thousand dollars, and
confined at hard labor in the State
prison for any term Of time not less
than one year nor more than ten years.
Sec. 4l. II shall be the duty Of the
Directors Of the Bank TO provide for
the payment Of all the debts of a
failing branch that shall remain due
after all the property. real and person
! al, rights, credits and effects, and all
the stock Of such failing branch, and
the contributions Of its stockholders,
shall have been first applied and for
that purpose they are hereby authori.
zed TO call on the other branches for
their respective proportions arrang.
ing the time of making such calls SO
that the whole amount OF such debt
shall be paid within one year after
such failing branch shall have been
suspended.
Sec. AZ. And ii it shall so happen
that the property, stock, contribution
or effects Of said failing branch shall
not by that time have been turned into
available means. the same shall be
collected and distributed among the
several branches. 10 meet the advan.
ces by them made to pay the debts Of
such failing branch.
Sec. 43. After payment Of all de-
n'ands against failing branch. il
any residue remains. il shall be paid
TO the stockholders in due proportion
Ses. a.. Any order Of the board o.
Directors to suspend or close n branch
shall be carried by at least the votes
of two thirds OF the members presen,
ut some meeting. TO attend, which al
t the members OF the Board shall hav,
been noticed and the questions shall
be taken by ayes and noas, and the
same recorded on the minutes Of tn,
Board.
, Sec. as. The order of the Boart
, of Directors Of the Bank suspendlns
} any branch. shall likewise have the ei
: feet to suspend all suits. judgements
: orders decrees and executions. for an,
claim or demand which said brancl
: should have paid nor shall any sui
I, be progressed in until the matter il
I controversy shall been submitted t
s the Board Of Directors of the bank, o
: the persons by them entrusted wit
9 the affairs of said branch; and il, O
n such submission. the justice Of sue
Q claim shall not be admitted. anu tn
! same be agreed to pay on the closin