Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1857-04-01
DIGEST
OF THE
Act to Re.charter the Bank Of the State
NORTH-CAROLlNA.


SEC. l. Increases the capital to So 600, OOO-ex-
te; d. the time TO January l. 1885. and authorises
the holding Of property (ncludlng the captaD to the
amount of 50 600 00O
SEC. 2. OF the 81, 500 600 additional stock, one
million may be taken by ySindviduas, and any part
thereof not subscribed by individuals within twelve
months. may be taken bv the State upon the same
terms as the half million hereinafter provided
SEC 3. The State shall subscribe fr five thousand
shares. and rot more than $I25, 900 shall be paid in
any one year. Sinking fund pledged for the pay
mant Of the bonds subscribed by the State ut par
vai.e, and State SubScriE Etion not to be scaled.
SEC. 4 If more than 81 500, 600 subscribed, sub.
scrip'ions Except that of the Statr) be scaled.
Subscriptions Of two shares less not to be scaled,
until large ones reduced to two shares. New-sub-
scrihcrS 10 be preferred 10 present stockholders.
Sec. B. Payments shares subscribed by the
State to be made in bonds of the State bearing six
per cent. interest, payable semi annually at -,
with coupons" (which bonds may he hypo.hecated
sold. if the interest of the Bank shall require it."
All payments on shares subscribed by individuals
or corporations to be in gold silver coin or the
notes of spccicpaying banks of other States" one
fourth at the time of subscribing, and one.fourth
every ninety days thereafter, until the whole is
pail.
SEC 6. Any subscriber (State not ercepted) may
pay the whole or any greater part than fourth,
in advance, and shall tie entitled to interest on such
advance. al the rate Of six per cent
SEC. 2. Bank to be managed by eleven directors
four thc Public Treasurer being always one) on
the part Of the State; seven selected by individual
stockholders. In general meetings, State entitled
to cast one fourth of the votes which individual
stockholders are entitled TO cast
Sec. s. Each director of principal Bank Except
the IrcaSurcr) to at least ten shares Directors
in the branches tn be stockholders
Sec Q. President to be ont Of the board,
and by a majority of that body. Salary to be al
lowed by the stockholders
tn bp SfoI,l hed
by stockholders capital to be assigned by direcorS
may be removed by directors after years notice
Sec. H. President and directors may appoint, re-
movable at pleasure five directors for each branch,
their compensation.
SEC. H. President and directors shall govern and
regulate the affairs of the Bank
SEC 49, Dividends to he declared semi-annually
NJ d vi end on new stock until all is paid in.
Sec. Ia Returns of the condition of the Bank to
be made bef,rc 18th of April and October in
each year, to the Public Treasurer be laid before
the General Assembly.
Sec 10. Bank shall at all times, when required
by the General Assembly, or by any person by them
authorised, lend money to the State: Irosided,
That it shall not be required to lend, at any
time, sum exceeding 5000. 900 Sixty days previ-
Gus notice to he given. Each share owned by ndi
viduals subject to an annual tax Of thirty cents,
which may be increased to one dollar: " Irorided
That the tax shall not be greater than that imposed
a, this some other succeeding General Assembly"
Dividends belonging 10 individuals corporations.
may he taxed 80 as " not TO exceed the tax which
may he 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 by
Treasurer or such person as the Governor may ap-
point.
SEC. Is. Al stockholders (being citizens of the
United State>) may vote in person or by proxy.
Sec. 49, PreScr,bS the number of votes to which
stock shall be entitled. "Vo,e 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 resident in the
State snail be Il director; nor any person (cXcept
the Trea>urer) who is a: the time director Of
another bank.
SEC. 81 No emoument to be allowed except by
stockholders or directors Of principal Bank
SEC. o. A majority o: the directors of the prin.
cipal hank, any three of those of the branches,
to constitute b"ard. President to be one of them
Sec. 23 Provides for called meetings.
SEC. 24 Cashiers to give bond in the sum Of $25,-
OOO
Sec. 25 and &C. Prescribes punishment of such
officers arc deiaulterS
SEC. p. journal of proceedings of directors to be
kept by Cashier under oath.
SEC. 20. Directors part of the State to be al'-
pointed by the Governor, Secretary of State and
Comptroller.
SEC. 29 Bank only to hold such real estate as
may be necessary Tor its accommodation and
ton nf its 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
ha'f its 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 32 No note to be issued for less than one
dollar, and certificate of deposte &C. for less
than twenty dollars. Legislature may restrict the
issuing of notes of less denomination than five dol
lars
SEC. 33. Crcu'a ton not to exceed twice the
amount of capital actually paid in.
SEC. 81 Bank shall M: take more than six Der
cent. per on loans or discounts
Sec. IS. On failure redeem its notes bank TO
pay a, the rate of II per cent. from the time of de-
mand. When branch is discontinued, notes Of that
branch TO he payable at principa bank.
Sec 36. Bank to receive depo<iteS of the public
Treasurer in such funds it receives from otf er
depo>torS.
SEC. 81. Bank liable to be prosecuted fer viola
ton of its charter whenever the Legislature shall
direct
SEC. 3s. Any committee appointed by the Legis.
laiure may inspect the books.
Sec. 80. Forty days notice to be given 70, the
stockholders TO convene for the purpose OF aScer.
Ia ming whether they will accept a renewal of the
charter If a maturity of holders representing one.
half the stock shall agree to accept the Presid, mt
shall notify the Governor thereof within thirty days
aftrr >u' h meeting.
S c. 40 Act to take effect Immediately after the
s"kh lIers agree thereto, and signify their
to the Governor.
Sec. Al. Repeats much Of the present charter
aS IS IL nsiSent with the provisions of this act