The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1857-03-24
DIGEST OF THE ACT
TO RE CHARTER
The Bank of the State of NJ
Carolina.

C6FOAAN6s
SECTION l. Increases the capital to So
O00, 0O0-extends the time to January l,
1885. and authorises the holding of proper
ty (including the eapital) to the amount of
$9,0O0,000.
Sec 2. OF the 81 100000 additional
stock, one million may be taken by indi-
viduals, and any part thereof not subscrib-
cd by individuals within twelve months, may
be taken by the State, upon the same terms
as the half million hereinafter provided.
SEC. 3. The State shall subscribe for
five thousand shares, and not more than
S125.0o9 shall be paid in any one year
Sinking fund pledged for the payment of
the bonds subscribed by the State at par
yalue and State subscription not to be scaled.
SEC. Ifmore than 81 500, 900 is subscrib-
ed. subscriptions Except that of the State)
TO be scaled. Subscriptions of two shares
or less not to be scaled, until larger ones
reduced to two shares. New subscribers
TO be preferred to present stockholders.
SEC. S. Payments OH shares subscribed
by the State to be ''made in bonds of the
State, bearing six per cent interest, paya-
BILE semi -annually at --, with coup
ons," (which bonds may be hypOthecated
or sold, if the interest of the Bank shall re-
quire it." All payments on shares sub
scribed by individuals or corporations, Ito
be gold or silver coin, or the notes OF
specie paving banks of other States" one
fourth at the time of subscribing. and ono
fourth every ninety days thereafter, until
the whole is paid.
SEC. q Any subscriber Estate not ercept-
edJ may pay the whole or any greater part
than fourth, in advance, and shall be
entitled to interest Oh such advance, at the
rate of six per cent.
SEC z. Bank to be managed by eleven
directors-four 1.-THE Public Treasurer be-
ing always one) on the part of the State :;
seven selected by individual stockholders.
I'm general meetings, State entitled to cast
one fourth of the votes which individual
stockholders are entitled to cast"
SEC. 8. Each director of principal Bank
Except the Treasurer) to own at least ten
shares Directors in the branches to be
stockholders.
SEC. 9. President to be chosen out of
the board, and by majority of that body.
Salary to be allowed by the stockholders.
SEC. 10. Branches or agencies to be
established by stockholders; capital to be
assigned by directors may be removed by
directors after one years notice.
SEC. IL. President and directors may
appoint. removable at pleasure, five di-
rectors for each branch, and such other
officers a. may be necessary, and fix their
compensation.
SEC. - President and directors shall
govern and regulate the affairs of the Bank.
SEC. ID. Dividends to be declared semi
annually. No dividend on new stock until
all is paid in.
SEC. ii. 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: PrOrided, That it shall not
be required to lend, at any one time, a sum
exceeding S2OO.OOO Sixty days previous
notice to be given. Each share owned by
individuals subject to an annual tax of thir-
ty cents, which may be increased to one
dollar: "Prorided, 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 AS
sembly." Dividends belong to individuals
or corporations. may be taxed so as mot
to exceed the tax which NAV be imposed on
interest received on money loaned"
SEC. l6. Provides for annual meeting Of
stockholders.
SEC. IL. Stock of the State to be repre-
scented by Treasurer or such person as the
Governor may appoint.
SEC. IL. All stockholders (being citizens
of the United States) may vote in person or
by proxy.
SEC. 10. Prescribes the number of votes
to which stock shall be entitled. Vote Of
the State to be in the same ratio compared
with the votes of other stockholders. present,
as is the stock of the State compared with
the stock held by other stockholders"
SEC. 20. None but citizen and resi-
dent 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 cmolument to be allowed
except by stockholders or directors of prin-
cipal Bank.
SEC. %. A majority of the directors of
the principal bank, or any three of those of
the branches, TO constitute board. Presi-
dent to be one of them.
SEC. 90. Provides for called meetings.
SEC. "a. Cashiers to give bond in the
sum of $4,000.
Secs. 25 and %. Prescribes punishment
of such officers as are defaulters.
SEC. "a. Journal of proceedings of d.
rectors to oe kept By Cashier under oath.
SEC. %. Directors on part of the State