The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-04-01

shall be made payable On demand and with
out interest.
SEC. "a. When the owner or owners Of
any bank DESTROYS Of rclinquishng the bank.
ing business shall have redeemed at least
ninety per cent. of their circulating notes,
and shall have returned cancelled the said
notes to the comptroller, and shall produce
ito the comptroller certificate OF deposi, Of
his credit in such bank Us he shall approve,
to an equal amount with the circulating
notes OF such bank unrcieemoi, il shall be
lawful for him 10 receive the same aud give
up all the securities heretofore deposited by
such banking association or banker for the
redemption of circulating notes issued.
SIC. %, Such banking association or
banker after having complied with the pro
visions OF the last preceding section shall
give notice for two years IN some newspaper
printed in the county where such bank shall
have been located. and in n paper printed
at the seat vt government Of the state. that
all circulating notes issued by such banking
association or banker, must be presented NJ
the comptrollers office within two years
from the date Of such notice, or that the
funds deposited for the redemption OF the
notes will be given up 10 the banking asso-
citation or banker. and on receiving saiisiac.
tory proof Of the giving of such notice for
the time aforesaid the comptroller shall sur.
render 10 the order Of such banking associa
ton or banker any securities which he may
hold for the payment Of any unrelecmed
notes OF the said banking association or
bankers,
SEc. &c. Any banking association or
banker wishing TO withdraw any Of the socuri.
ties by them deposited with the comptroller,
may do 40 by dcpositing an equal amount,
OF the circulating notes which may have been
issued to said association or banker by the
comptroller in sums Of no, less than one
thousand dollars: Provided. that the amount
of securities thus Withdrawn by deposi,
Of said circulating notes shall not reduce
the amount Of securities remaining IN the
hands Of the comptroller 10 les than twenty.
five thousand dollars
SEc. -. The securities 10 he deposited
with the comptroller-nirnst by any associ-
alton or baker shall be held by him exclu-
sively for the redemption of the bills or notes
Of such bank, put in circulation as money
until the same are paid and returned Ia the
comptroller. a. provided in this act, but the
comptroller may assign said securities 10 said
association or banker, transferring the same
upon receiving therefor equivalent securities
or an equivalent amount IN circulating notes
issued by such bank, as provided In section
twcniy-six Of this act.
SIC. -, All circulating notes OF banks
or banking associations returned 10 the
comptroller, shall be destroyed by him after
he shall have made record Of the same,
which record shall specify the number Of
each note, its date, and by whom il was
countersignei, and shall be made in the
books TO be kept by himself for registering
circulating notes.
SEc. 70. II shall be the duty Of the
comptroller TO receive mutilatod circulating
notes issued by him, and after making re.
cord Of them, their denomination AMI amount
TO deliver in lieu thereof circulating notes
TO the same amount.
SIC. 30. All Of the bills and notes OF
any bank or banking association, shall be at
all tim~ received by the same in payment Of
all debts due 10 such bank or banking ALSO
citation.
Src. 81. II any portion Of the original
capital Of any banking association shall bc
withdrawn for any purpose whatever while
any debts Of the association shall remain
unsatis1cd, no dividend or profits in the shares
Of the capital stock Of the association shall
thereafter have been made until the detici,
Of the capital shall be made good, either by
subscription of the shareholders, or out Of
the subsequent accruing profits Of the asso
citation and il II shall appear that any snch
dividends have been made, il shall be- the
duty Of any judge Of the dis,ric, court Of
the county In which said bank may be- oca
ted. on application Of any person in ntercs,
TO make the necessary orders and DEGREES for
the closing OF the affairs Of the association
and distribute its property and effects among
i,s creditors and shareholders
SIC 49, The officers or agents OF any
banking association or banker, who shall
pay out, 10 Ne put in circulation M money
in this State, any bill note, certificate Of de-
pos,, or other paper, having the simiitude
Of bank note, knowing The same 10 have
been issued otherwise than by the authority
Of this or any other State Of the United
States u the Congress Of the United States
OF Of the British Possessions shall, for each
offence, upon conviction thereof, he adjudged
guilty of a misdemeaDor, and shall be- pun
shed by a fine not I'ss than one hundred dol
lary. or by not less than three, nor more than
twelve months imprisonment, or both by hne
and imprisonment.
SIC. 49, Such banks or banking associ-
ations may demand and receive ior loans On
real and personal ecurities, or for notes,
bilIs, or other evidences Of debt disc~n,ed.a
rate Of interest or discount not exceeding
twelve per cent pr annum, and II shall he
lawful % receive the interest In advance, nc
cording TO the ordinary Usage Of banking ip-
s,i,utions, and 10 charge for collecting for
eign or inland bills or other evidence Of
deb,, the usual current rate u exchange; and
10 the computation Of time, thirty days shall
be a month, and twelve months year, and
4, gerefal ia al ttiuvz spI have ali the