Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1858-12-11
Approved Nov. %, 1858.
No. CAN Act Relating to Banks.

No eau Act Relating to Banks.
II is hereby e,,actcd, dc.
SEC. l. 1t shall be the duty of The Bank
Commissioner, during the time of MS annual
examination, and at any other time in his dis
cretion, to examine all Banks whose charters
have expired until the entire affairs Of the same
shall have been closed up, and embrace the same
in his annAal report.
SEC. .. 1t shall be the duty Of the Bank
Commissioner during bis annual examination,
to destroy the bills of all closing and closed
Banks which he shall discover and keep true
record of all be may so destroy.
SEC. 3. It shall be the duty of the Bank
Commissioner, during his annual examination,
to ascertain and report, if any of the officers Of
the banks of discount and savings banks are the
same, and Il the officers of either have inspec-
ton Of the books, papers, or business of the
other.
Sec. 4. 1t shall be the duty of the State
Treasurer to provide and keep a suitable book
upon which to record all certificates issued by
the Bank Commissioner, and to record the same
and arrange and keep plain and convenient
index Of said records and it shall be the duty
of said Treasurer to give duly certified copies of
such records which shall be the proper evidence
oil the facts therein contained.
SEC. 3. 1t shall be the duty of the Bank
commissioners ascertain from the State Treas
urcr what Banks have lodged in bis office the
proper certificates that the capital stock of such
Banks has been paid in agreeable to their sov-
eral chaaters, and in case any of such certificates
shall be lost, said Commissioner shall proceed
to enquire whether any were ever issued TO such
Bank and if from any evidence which such
Bank ear furnish, said Commissioner shall be
satisfied that said Bank had been duly certified,
he SHAH proceed to issue to such Bank new
certificate in proper form, the record of which
shall be the evidence of such finding, and shall
have the same effect as if the original had been
so recorded.
SEC. 6. Ifany Bank shall be unable to prove
to the satisfaction of said Commissioner that its
capital has been duly certified, said Commits
sioner shall proceed to make an examination OF
its affairs, and if he shall find, upon fair esti-
mate of its assets at their cash value for bank
ing purposes, that the capital of such Bank is
full, agreeable to the terms of lis charter, he
shall issue TO such Bank certificate in due
form; buff said Commissioner finds such Bank
short of capital, he shall decide how much the
deficiency is and shall make and file with the
officers of such Bank within the same his writ
ten order, directing the Directors to make an
assessment upon the stockholders thereof, in
such an amount as shall in his judgment make
said capital full, ordering the same to be paid
| III ana to become part OF the capital stock OF
I such Bank by given day specified i'll said or
der, which shall not exceed nine months from
the filing of such order with such Bank and il
such order is duly complied with, said Commits
sisner shall issue to such Bank certificate in
due form; but if said order is not complied with,
said Commissioner may, upon the request OF
such Bank, issue certificate for the amount OF
capital he shall find such Bank has, which shall
thereafter be deemed the capital Of such Bank.
provided the capital stock OF any Bank shall not
thereby be reduced below Fifty thousand dollars
and provide further that If any Bank shall fail
to comply with the provisions Of this act, it shall
be the duty of the Bank Commissioner to pro
coed against such Bank as in case of an insol
vent Bank.
SEC. I. 1t shall be the duty of the Bank
Commissioner, and he is hereby directed to pro
coed to inquire into the affairs of the Esse>
County Bank and to receive any and all fund
that may remain in the hands Of any party, ant
deposit the same with the Treasurer OF this State
SEC. s. Section twenty-one of chapter eigh
ty-tour Of the compiled statutes is hereby repeal
ed.
SEC 4. This act shall take effect from it
passage.
Approved Nov. %, 1855