Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-02-26
Report Of the Bank Committee.

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ing are some Of the leading features:
No bank can be incorporated with less
than one million dollars capital stock, in
shares Of one hundred dollars.
No bank can issue bills Of less denomi-
nation than five dollars. Not permitted TO
receive or pay out the bills Of any foreign
bank-but may pay out tie bills of Missou-
ri banks provided they are received in
payment Of debts due the bank paying them
out.
Banks 10 make quarterly publications Of
their conditiun-and their books TO be open
for the inspection Of the Bank Commission
er, or any other person or persons empow-
cred by law to examine their condition. If
found wrong, may be closed, and placed in
the hands Of a trustee.
In default of paying ell demands, in gold
and silver. the person holding the note, GER
tifcate of deposte, or otheE demand, to re-
ceve interest at the rate Of 20 per cent. per
annum. IT, for the space of ten days, spe-
Gle payment is refused, the charter is forfeit
ed, and trustees close the concern, paying,
first, bill holders, and then pro rata 10 de-
positors and other creditors, and lastly,
stoc Sholders.
Officers TO give bond, be sworn, and pun
ished for failure to do their duty, or acting
lrauddlently.
Books to be opened for stock where the
bank is located, for ten days, after which an
election Of Directors takes place; books
again opened, for six months, or until the
stock is taken. Unsubscrbed stock, if any,
reverts back 10 the banking capital author
lied by the constitution the bank pro-
ceeds to do business on the amount sub
scribed, if it amount to five hundred thousand
dollars; if less than that sum, after six years,
the Legislature may declare its capital in
sufficient, and provide for the closing of its
business.
No bank 10 go into operation until one
tenth Of its chartered capital stock is paid,
in gold and silver.
Twelve months after going into opera
ton, ten per cent. Of the capital stock
paid in shall be invested in State bonds, if
they can be purchased below par, to be kept
as bills receivable; also two per cent. of the
nett earnings of the bank, are 10 be similar
ly invested. II the State bonds are above
par, the sum in money is 10 be set aside.
When the bonds are above par, the bank
may sell them.
In subscribing for stock, the "scaling''
process is soapplied that no one person shall
get controlling influence.
Stockholders vote according 10 the num-
Der ofshares, viz: for each and every share
not exceeding fifty, one vote; for every five
shares above fifty, and under one hundred,
one vote; and for every ten shares over one
hundred, one vote. Stockholders must have
owned the stock three months before an cleo
ton, 10 be entitled 10 vote. No one pers on
canown over FIVE hundred shares.
Ten per cent. of stock to be paid at the
time OF subscribing, and the whole amount
in twelve months.
No bank can, at any time, employ more
than fve-eighths Of its capital, in dealing
in exchange.
Branch Banks 10 have nine Directors
four appointed by the parent bank, and five
by the stockholders, one of the latter to be
President.
One per cent. on the amount of capital
stock paid in. TO 60 to the State annually, 10
be in full Of all bonus, taxes &c.-said a.
mount TO be placed 10 the Safe interest
fund. -
Six per cent. per annum on paper having
Iphs Hundred and twenty days to run, and
seven per cent. on paper having six months
to ruin, admissible; and reasonable" pre-.
MUM on exchange.
Bank allowed to declare sem.annual divi-
dends, but no such dividends shall impair
the Capital Stock.
For the first year, two dollars for one may
be issued; second year, two fifyj third year,
three dollars.
The following are the entire provisions Of
the bill relative to the establishment OF
Branches:-
SEC. Livery Parent Bank, of a capt.
tai stock Of one million dollars, shall have
not less than two Brrnches, each with cap
ital of not less than one hundred thousand
dollars, and the aggregate of the same, not
to exceed two-ftths of the capital Of the
Parent Bank; and every Parent Bank with
a capital stock gilmore than one million dol
lars, shall have not less than three bran.
ches, each witllac capital of not less than
one hundred thousand, nor in the aggregate,
of more than two-fiflhs Of the whole capital.
Sec. Books for subscription to the
capital stock of the Parent Bank shall be
opened at the place where Branch Banks
are located, within six months after the
Parent Bank shall commence business, I'm