Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-03-28
DIG EST \ \
t,st OF THE :y's.
Act to Re.charter the Bank Of the State
KoRTH-CAROLlNA.

te'us TUG tme 10 January l, 1850, and aauthof1Ses
amount of s.. 000, O00
Sec. 2. OF the 81, SOC, 600 additional stock, one
million may be taken by individuals, and any part
thereof not subscribed 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 rot more than 1925 900 shall, be paid in
any one year: Sinking fund pledged for the pay
mant of the bonds subscribed by the State at par
value, and State subscription not to be scaled.
Sec. f. If more than 81 SOC, 900 subscribed, sub
scrptons Except that of the State) to be- scaled.
Subscriptions of two shares or less not to be scaled
until large ones reduced to two shares. New SUBJ
scribers to be preferred to present stockholders.
Sec. B. Payments on 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 be hypothetical
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, the
notes of spece-payng banks Of other States, one
fourth at the time of subscribing, and ne-fourth
every ninety days thereafter, until the whole is
paid
Sec. 6. Any subscriber (Slate not ercepted) may
pay the whole or any greater part than fourth,
in advance, and shall be entitled to interest on such
advance. al the rate of six per cent.
SEC. z. Bank to be managed by eleven directors
-four (the Public Treasurer being always one)
stockholders. In general meetings. State entitled
to cast onefourth of the votes which individual
stockholders are entitled to cast
SEC. 8. Each director of principal Bank Except
the TreaSurer to at least ten shares. Directors
in the branches to be stockholders.
Sec. 0. President to be chosen out of the boarH
and by majority of that body. Salary to be a.
lowed by the stockholders.
Sec. TO- Branches agencies to be established
by stockholders capital to be assigned by directors;
hor h,,I
Sec. IL. President and directors may appoint re-
movable at pleasure, five directors for each branch,
and such other officers may be necessary, and fix
their compensation.
Sec. H. President and directors shall govern and
regulate the affairs of the Bank.
Sec. Is. Dividends to be declared scmannualy.
NJ 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: Prorided,
That it shall not be required to lend at any
time, sum exceeding $2Oo,ooo Sixty days previ-
Gus notice to he given. Each share owned by ind
vidualS subject to an annual tax of thirty cents,
which may be increased to dollar: Irorided,
That the tax shall not be greater than that imposed
on shares in such other banks as may be chartered
a, this other succeeding General Assembly"
Dividends belonging TO individuals corporations,
may be taxed SO mot to exceed the tax which
MAY be imposed on interest received on money
loaned"
Sec. Is. 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. All stockholders (beirg citizens of the
United States) may vote in person or by proxy.
SEC. 49, 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.: IS is the stock Of the State
compared with the stock held by other stockholders
SEC. 90 None but citizen and resident in The
State shall be a director; nor any person Except
the Trea>urer) who is a: the same time director of
another bank.
SEC. 81 No emoument to be allowed except by
stockholders directors CT principal Bank.
SEC. o. A majority o: the directors of the prin-
cipal bank, any three of those Of the branches,
to constitute board. President to be one of them
Sec. %. Provides for called meetings
SEC. "a. Cashiers to give bond in tine sum of $685.
600.
Sec. 25 and 90 Prescrbcs punishment of such
officers dcfaulterS.
Sec. 81. journal of proceedings of directors to be
kept by Cashier under oath.
SEC. %. Directors part of the State to be ap-
pointed by the Governor, Secretary of State and
Comptroller.
Sec 20. Bank only to hold such real estate as
may be necessary for its accommodation and transac-
ton Of its business, and securing its debts.
Sec. 80. Bank may deal in gold or silver coin or
bullion, bills of exchange. &C., and may invest one
half 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 80. 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 49, Circulation not to exceed twice the
amount of capital actually paid in.
Sec. 81. Bank shall no: take more than six per
cent. per annum on loans or discounts.
Sec IS. On failure to redeem its notes, bank to
pay the rate of IL per cent. from the time of de-
n,and. When branch is discontinued, notes of that
branch to be payable at principal bank.
Sec 36. Bank to receive deposes of the public
Treasurer in such funds as it receives from otter
depostors.
Sec 81. Bank liable to be prosecuted fer viola
ton of Its charter whenever the Legislature shall
direct
SEC 49, ANY committee appointed by the Legis-
la,ure may inspect the books
Sec. 49, Forty days notice to be given for the
Stockholders to convene for the purpose of ascer-
tanning whether they will accept a 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.
S C. 40 Act to take effect Immediately after the
s;ockh ers agree thereto, and signify their assent
to the Governor.
Sec. Al Repeats so much Of the present charter
as is i,c ns'stent with the provisions of this act.
SIC. AZ. All the property Of the present stock
holI, the bank over one hundred dollars to the
share, t. ba'ong to them, and may be withdrawn
and divided among them.
SECS 43 and Al. Prohibits directors other Of.
fcers from receiving any compensation for negotiat-
ing business with the bank, &C., or from discountng