Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-04-03
Digest of the Act 10 Re-Charter tba R...- =
Afata MI c,.fA 80 AsoiiA OF tn

the amount OF 50 UUU, 600. "
Sec 2. Of the $1,000, 900 additional stock ~.
million may be taken by individuals, and anv nav,
thereof not subscribed by individuals within iwenn
months, may be taken by the State, upon the CO..
terms as the half million hereinafter provided. '''
Sec. 3. The State shall subscribe for five thousand
any one year. *Sinkng fund pledged for the nar :"
ment Of the bonds subscribed by the State at ~,
value and State subscription not to be scaled. r''
SEC 4. IF more than $1,500,00O subscribed. sinh
seriptions Except that OF the Sate) 10 be scaled
Subscriptions of two shares or less to be scaled
until large ones reduced to two shares. New subscr
bers to be preferred TO present stockholders
| SEC. 5. Payments shares subscribed bv III.
State TO be made in bonds of the State bearing sir
per cent. interest, payable semi.annually at -
with coupons" " which bonds may be Hypothetical
or Sold if the interest of the Bank shall reouira ~
All payments on shares subscribed by individuals a,
corporations /" to be in gold silver coin, or tho
notes of specie paying banks of other Sates,n ona'
fourth at the time of subscribing and fourth ev
cry ninety days thereafter, until the whole il na;d
SEC 6. Any subscriber Estate not excepteN NAV
pay the whole or any greater part than one fourth
in advance, and shall be entitled to interest on sucb
advance, at the rate of six per cent.
SEC - Bank 10 be managed by eleven directors
four (the Public Treasurer being ALWAYS one) on b
part of the State seven selected by individual stock
holders "In general meetings. State entitled to cast
fourth of the votes which individual stock boldsrs
are entitled to cast
DEC. B. Edcn UHeCtoT or principal Bank (eYcpnt
the Treasurer) TO own at least ten shares Drector.
! in the branches 10 be stockholders
SEC. 9. President to be chosen out of tn. hoorJ
and by majority of that body. Salary to be allowed
by the stockholders.
SEC. 10. Branches agencies 10 be established NV
stockholders capital to be assingned by directors
may be removed by directors after one years notice
| SEC. IL. President and directors may appoint, re-
movable at pleasure, five directors Tor each branch
| and such other officers may be necessary, and fix
| their compensation.
Sec. II. President and directors shall govern and
regulate the affairs of the Bank
| SEC. H. Dividends to be declared semi.annualv
No dividend on new stock until all is paid in.
Sec. Ia. Returns of the condition of the Bank to
be made on or before 18th OF April and October in
each year, TO the Public Treasurer TO be laid before
the General Assembly.
| SEC. Is. Bank shall at all times, when required
by the General Assembly, or by any person by them
authorised, lend money to The State: Provided,
That it shall not be required to lend at any one time
a sum exceeding 100000. Sixty days previous no.
tice to be given. Each share owned by individuals
subject to annual tax of thirty cents, which may
be increased TO dollar: &" Prov,ded That the
tax shall not be greater than that imposed on shares
in such other banks as may be chartered at this or
some other succeeding General Assembly" Div
dends belonging to individuals or corporations may
be taxed &c not to exceed the tax which may be
imposed on interest received on money loaned"
SEC 16. Provides for annual meeting of stock.
holders.
SEC. II. Stock of the State to be represented bv
Treasurer or such person as the Governor may ap-
point.
SEC. 18. ALI stockholders (beng citizens of the
United States) may vote in person or by proxy.
SEC. 49, Pfescribes the number of votes 10 which
stock shall be entitled Vote of the State to be in
The same ratio compared with the votes of other
stockholders present, is the stock of the State
compared with the stock held by other stockholders"
SEC. 20 None but citizen and resident in the
State shall be director nor any person Except
the Treasurer) who is at the same time director Of
| another bank.
SEC. 81. No emolument to be allowed except by
stockholders or directors of principal Bank.
SEC. ~. majority of the directors of the prin-
cpal bank, or any three of those of the branches,
to constitute board President to be of them
SEC 23. Provides for called meetings.
SEC. "a Cashiers to give bond in the sum of $685.
600.
SEC. Is and 26. Prescribes punishment of such
officers are defauters.
SEC. 27. Journal of proceedings of directors to be
! kept by Cashier under oath.
SEC: %. Directors on part of the State to be ap-
pointed by the Governor, Secretary of State and
Comptroller.
SEC. %. Bank only 10 hold such real estate as
may be necessary for its accommodation and transac-
ton of lis business and securing its debts
SEC 30. Bank may deal in gold or silver coin or
bullion, bills of exchange &C., and may invest one
half it's capital in the public debt of the United States
| or Of the State.
SEC 81. Provides the manner in which bills or
notes may be issued.
SEC. 80. No note to be issued for less than one
dollar and no certificate of deposite, &C.. for less
than twenty dollars. Legislature may restrict the
issuing of notes of less denomination than five dol
lars.
SEC 80. Circulation not to exceed twice the amount
of capital actually paid in.
SEC. 81. Bank shall not take more than six per
cent. per annum on loans discounts
SCf On fau m rode h.nl-
pay at the rate OF IL per cent from the time of de-
mand. When branch is discontinued, notes of that
branch TO be payable at principal bank.
SEC. Sc. Bank TO receive deposites of the public
Treasurer in such funds it receives from other de-
| positors.
SEC 81. Bank liable to DO prosecuted for violation
of its charter whenever the Legislature shall direct.
SEC. SO. Any committee appointed by the Legis.
lature may inspect the books.
i SEC 49, Forty days notice to be given for II e
stockhoId to for the purpose of ascertain
ing whether they will accept renewal of the charter
If majority of holders representing one.half the
stock shall agree to accept, the President shall notify
the Governor thereof within thirty days after such
meeting.
SEC. 40. Act to take effect Immediately after the
stockholders agree thereto, and signify their assent
10 the Governor.
SEC. Al. Repeats so much of the present charter
as is inconsistent with The provisions of this act.
} SEC. AZ. All the property of the presen, stock
holders in the bank over one hundred dollars to the
share, to belong to Them and may be withdrawn and
divided among them.
SEC. 43 and A. Prohibits directors or other off.
GERS from receiving any compensation for negotia-
ting business with the bank, &c, or from discount
ing notes. &C., purchased by them.
SEC as. Act to DO null unless accepted within Six
months after adjournment of the General Assembly.
Sec. 46. Provides for opening OF books in Con.
cord and when $3.50 900 shall have been subscribed
the books opened and the instruments paid in,