Plymouth banner. (Plymouth, Marshall County, Ind.) 1852-1855, 1855-05-03

fdiTS OF each branch. when ard as Otten
as 10 them shall seem necessary; and ii
shall be their duty TO make such e1amni-
alton at least once in six months. and
also a,suy other time when thereto re-
quired BY the directors Of any brauch.-
No director shall be appointed BY the
bark 10 examine. visit aud inspect the
condition and affairs Of any bsonch from
which re has received his appointment.
Sec 81. The person or persons SO ex-
aiming shall have power TO examine on
cath or aifirms,ion. (Which they are here
BY authorized 20 adminis,er,) all the Off
GERS. servants or agents Of any branch.
or any other person. in relation TO the at,
fsifs and condition Of such branch. aud
they shall have power TO examine all the
books, papers. notes, bonds and other evil
deuces of debt ofsDy branch TO compare
the Books. funds aud property OF said
branch with their returns and state ents
made thereof; TO ascertain the amount OF
money and available funds on hand. and
gensrolly To make every other enquiry and
examination necessary to ascertain thu
rctual CONDITION of such brsnch.
SEC. 80. The Board Of Directors OF
the bank shall have power 10 require OF
The Boz I'd of. Directors Of each branch. re
ports of their business and condition. as
often as shall be expedient. aud not less
than once each month.
SEC. 80. They sh.li have power
whenever they hall ascertain in any man
ner that any branch is insolvent. or is
mismauaging its affairs. whereby the In.
lerests OF ,he ether branches is endanger-
ed or tina, branch hath violated any OF
ihe provisions Of this Act, or any other
Act binding upon them. OF sh'' any
branch Ia ia neglected or refused to com
ply with any legal order or direction OF
the Board of Directors ofthe bank. and IL
is hereby made the duty of said Board
forthwith to suspend the business oil
such branch. and the power Of the branch
directors over the same. and II the utter
ests of the State or The safety OF the OH
er BRANCHES requires it, TO close up the
affairs and business Of said branch en-
lire!y; aud TO effect the same, they ore
hereby vested with power 10 appoint
receiver or receivers who shall. und~I
their direction and control. collect aud re
ceive the rights. credits aud effects due
such branch. and turn them into avai'a-
bic funds. 20 settle. adjust aud compound
the same; 80 settle. adjust and pay off the
bebts due By SUCH branch; and II any por'
ton Of the capital stock OF such branch.
or stock notes given therefor. shall be un'
paid. 10 sue for and coliect the same. ms
also ell contributions required from stock
holders under the PROVISIONS OF the
ninety fifth section Of this ACT. or 60
much as shall Dr. necessary 10 meet the
demands against such branch.
Sec. 40. That copy Of such order
suspendiug or closing any branch. and APP
pointing receiver or RECEIVERS. 10 inke
change os The same. signed by the Pres
llent and aues,sd by the clerk OF said
Board and the seal Of said Bank. shall be
sufficlen, ID authorize such receiver &c
seize aud take charge Of the same; aud al
officers. stockholders. servants aud agents
of such branch shall be required 30 obey
aud submit 10 the same. and IN deiaul
may be indicted for misdemeanor. ant
fined and imprisoned at The discretion o
The Jury trying The same; and any person
frsudrlunlly holding oi concealing any o
the property or effects OF such brnncl
from such receiver shall. u1on conviction
thereof. upon presentment or indictment
be fined in any sum not exceeding on
thousand dollars. and confined al har
lubur in the Slate PRISON for any term
time not less Than one year nor more thai
ten years.
Sec. al. IL shall be the duty OF the D'rec
tnrs ol HE B INK IN provide for the pay
ment OF all the debts of = failing branct
that shall remain due after oil the proper
", real and personal, rights. credits an
effects. end all the stock Of such fnilu
brahch, aud The contributions of IFS sock
holders, shall have been first applet; an
for that purpose they are hereby author
lied 10 cail on the otter branches 10
their respective proportions; arrangin
the time ut making such cu;!s SO IN"
the whole amoun, of such debts shall
paid within one year after such iailin
branch shall! have been suspended.
Sec. AZ. Aho ii il stall SO happe
tina, The property. stock. contributions %
effects of said failing brunch shall not B.
that time have been turned into availubl
means. the same shall be collected an
distributed among the several branches
TO NEE, the advances by them mace
pay the debts of such falling branch.
Sec. 40. After pa!men OF all de
. ,nands against a failing branch. 1t an
residue remains. IL shall be paid TO IN
stockholders in due proportion.
!, Sec. A. ANY order Of the Board q
Directors to suspend or close branch
ST all be carried by a. leas, the votes o
Two thirds of the members present q
some meeting. 10 attend which all I'll
members Of the Board shall have berl
noufied; aud the question shall be take
by aves and nays. and the same recorde
on the minutes Of the Bonrd.
Sec. As. The order OF the Board
Directors Of :he Bank suspending an
branch. shall likewise have The effect :
suspend all suits. judgements. orders. DE
crees, and executions. for any claim or de
mnnd which said branch should have paid
nor shall any suit be progressed in unit
the mn,,er in controversy shall have bee
n