The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1855-04-19


director Of branch. by the stockholders,
who shall be in arrear to such branch. nor
unless such person shall be citizen of the
State and stakeholder, owning in his own
right, and not in trust, at least five shares in
such branch. But in case there Should not
be a sufficient number of stockholders own
ing five shares. to constitute the directory
they may be elected out of those having the
highest number o! shares.
SEC. 81. II during his term of Office, any
director shall become In arrear, or fail in
business, remove from the State, or cease tC
own the requisite amount of stock, or o'her-
wise become disqualified, it shall be the duty
of the said Board of Directors forthwith to
vacate his seat, and appoin. another IN his
place.
SEC 6S. No person shall be director in
more than one branch al the same time; nor shall
two or more partners be at the same time; direc
tors of the same branch, or of the Bank and a
branch thereof; nor shall director of any MONEY
ed corporation, having power TO discount and
receive deposits, be director OF any branch.
SEC &C. The board of directors of each branch
shall! have power to require such security f&On
their officers and agents for the performance o
their duties as they may deem necessary.
SEC. 20. 1t shall be their duty 10 make report
of their business and condition of their board IL
the directors of he Bank, once in each month, anC
oftener if thereto required by said board, setting
forth all the particulars required in their reports
to the Legislature and shall also send copies o.
their monthly iepors 10 each branch.
! Sgc IL. The board OF directors of each branch
shall keep a book or books in which shall he
entered and faithfully recorded Journal OF al
their procee ings, which book shall be open IL
the inspection of all the Stockholders, al all reg
a.,I ole ~.
the inspec ion, holding of any three stockholde RS
in their own together right, twenty shares o
stock ON application by them made to the Presi
dent or Cashier.
SEC. -. All elections by the several board.
OF directors shall be cira rocc and recorded
SEC 73 The directors of each branch sha.
have power to make and prescribe such by laws
rules, and regulations rs they shall deem need
| full, touching,
| FIRST. The Government OF the respective
branches and the management and disposition
OF its stock, business, porperty, estate and ef
| fecis.
Second The time. manner and terms. upon
which discounts, and deposits shall be made anC
received in, and by the same.
THIRD. The duties and cuduct Of the off
GERS, clerks, and servants employed by the same
and
FOURTH. All such matters as may apper,ain iC
the concerns OF said branch; subject TO the con
troll of the directors of the Bank in the cases anC
according TO the powers herein given to the di
! recrois of The said Bank.
SEC. "a. In the management of their bushes:
the board of directors shall observe the following
| rules:
FIRsr No branch shall loan money on thu
security of its own stock.
SECOND. No person shall be accommodated
with loan while in arrear for stock, for ineres
or for loans had either on his own account or al
security Tor Others and their due. unlt SIS VA,
sums so due be retained and first paid out of sucl
loan.
THRD-In the renewal CT notes the securities
shall never be lessened.
FOURTH No director shall be allowed TO Dor
row out of Bank on any other than the usua
banking terms.
Firm The president, cashier, and director
for The time being of any branch or of the BAN
shall not be permitted to endorse for each other
nor shall they vote on questions I'm which The
are interested.
SIXTH On all applications Tor loans of 6v
hundred dollars or upwards there shall be nv
concurring votes out of seven, and on in pro
portion If any greater or less lumber is present
and if any such application is granted. the aye
and noes shall be entered in the minutes O
the board
SEVENTH. M corporation of any description
shall al any one time. be permitted to be indebi
ed, al one branch. in greater sum than fiv
thousand dollars for moneys loaned unless b.
permission Of the board of directors of tn
Bank.
EIGHTH 1t shall be the duty of the board q
directors of each branch, as often once in TIRE
, months, to cause a strict examination 10 be mad
of the accounts of the cashier and full and com
, plete settlement thereof and full Statement
thereof snail be entered on the Jourals o. tn
pl cceedings Of said board.
NINTH No person shall be entitled TO receiv
any dividend of profits on stock owned. while in
debted to said Bank for any debt or demand tn
. due nd payable, but the same shall be placed I
, his credit until such debt or demand is paid
TENTH. Five members shall be necessary {
constitute board for The transaction OF busi
ness.
SEC. 80. Every officer, agent or clerk of al
Bank or branches who shall wilfuly and know
ingly subscribe or make false statements, or 'as
entries in the books of such Bank or any branch
or shall wilIully and knowing subscribe or ex
hlbit false papers with tie intent TO deceive an
person authorized to examiner enquire as 10 tn
condition Ct said corporation, or shall wilful
and Knowingly subscribe and make false report,
shall be deemed guilty of felony, and shall b
subj CT TO Imprisonment at hard labor IN The Stat
Prison, for such term of years as the Jury ryin
the case may think proper, and like wise any com
missioner or examiner wiiiully and knowing
/, SUBSCRIBING or making any false ports, snail
deemed guilty OF felony and subjected to lik
penalties.
SEC. rs. Any officer, agent or clerk employ
ed in said bank any branch, who shall embez
zle or appropriated the property or funds Of sal
, bank or any branch. with the intent TO cheat an
defraud the same shall be deemed guilty of fel
J ony and punished in like manner
SEc. II. That the president and directors c
The said Bank may empower any ofthc branche
al their own expense, TO open books for the trans
fer of their stock in any of the cities The Uni
ted States; and any such branch may aulhoriz
transfers ofany portion If fits stock without lier
or restriction, on which the Stale has no lien, o
said books; which books shall be kept open fO
public inspection conformity to be provisions
! the 18th section of this act, and such transfer
\ shall be regularly certified to the Bank.