The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1857-12-19
No. 4l.--AN ACT Relating to Banks.

1i-.A' ~ .tcIt!!!yr 10 EuNhS.
II IS herthy enccif4, g.:
SEC. l. Until The next session of the leg
islaturc. tie bail: commissioner may after
full examination of any bank. it's situation
and rs previous course. ac. as iii his opinion
the public good requires. as to when or how
soon proceedings Shall he instituted against
such bank. And the chancellor shall have.
OIL partial or full examination CT the case. a
Ike discretion as to when or how soon such
case may be disposed Of
SEC. =. This Act shall take effect from its
passage.
Approved, November II, 1857.
No. AN ACT in Relation 70 Savings
Banks.
H:s hereby enacted. &c.:
SEC. l. No president, vice president. treas
urer. secretary, trustee. or other officer Of any
savings bark or Institution for savings in this
State, shall hereafter at the same time hold
office Us president, director, cashier, or anv
other official capacity in any bank Of Discount
in this State.
SEC. >. This Act shall take effect OH the
first day Of April, 1888
Approved. November lO, 1871.
No. 43-AN ACT in Amendment to an Ac,
Approved November L., 1851, Entitled al
Act to Authorize the Business Of Bank
ing.
/: hsretg enccted. &c.
SEC. /. That Whenever PROCEEDINGS shall
&c or have been commenced for closing IN
any bank authorized bv the act aIp-oyc'l
November l.. ISL. entitled ";.n act to a1l-
thorize the business Of banking. it shall be
competent for any chancellor. on application
to fix a time. 10 be hot less than four nor
more than twelve months. for the prcserta-
'ion OF bills or notes against said bank. either
to the treasurer of the State or receiver of
such bank. for redemption and payment: no.
tice of which TING shall be publishe.! as >ucl.
chancellor may direct: and all bills or notes
not be entitled to consideration in tie dis
tr!Gu;:on OF the assets of said bank in the
hands OF SAID treasure: OF receiver. and Suc!,
published notice shai! 50 sta,c bat said assets
shall be distributed, ard a3portionc,i as
though all such bills or notes had been ore
sentcd 4: Ecrid"t. this act shall not he so
construed as to authorize the chancellor to
oluef an! po!!u executed under TIE provisions
OF section fifty OF IN act entitled, AN act to
authorize IL" business Of bank. q" apprcvcd
November l., 1851. into the hands of the
receiver of such bank
SEC. ,. On application of the treasurer
or any person il Interest il such bark. Tx.
chancellor shall have power TO order the
securities III the trcasurerS hands into the
receivers hands. on i: Ing with the
treasurer 4 good and >uf;. ',,"d. in s,.c!,
sum as Tie chancellor si.;., {, =. to the ac
ceptancc Of such treasurer or chancellor. and
to order, the application of The proceeds of
such securities according to law.
SEC. 3. Whcne.cr a>v banking assacio-
ton, organized under the general banking
law, shall be closed. either by the voluntary
act OF the association ly operation Of law.
and when any association partly organized.
shall abandon or fail to complete the sane,
the treasurer an'! secretary of the Stat, are
hereby empowered and directed to DESTROY all
such bills when redeemed. and the sheets.
bank notes and plates Of such organized or
unorganized association
SEC. 4. This act sha.! take effect from i,
passage.