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

! or association of persons in such manner
that the circulating notes shall always be
secured in full, as in this act provided.
SKC. 3. The capital stock and real
property of every bank and banking asso-
citation organized under the provisions of
this act, shall be assessed and taxed in the
city, ward, village or town where the same is
located, for all state county, town. school
and corporation purposes, in the name OF
such bank or banking association: Provided,
/ that the owner or holder Of shares of stock
| in any bank or banking association, shall
not BIZ taxed as an individual for such shares
! Of stock.
SEC. 10. Any person or association OF
persons may establish Offices of discount,
deposit, and circulation, and become incor-
porated upon the terms and conditions, and
subject to the liabilities prescribed in this
act; but the aggregate OF the capital stock
OF such establishment shall not be less than
! twenty five thousand dollars: Provided. that
no such Office shall he established in any
| town containing less than three hundred in.
habitants.
SIC. IL. Such person or association OF
persons under their hands and seals, shall
make certificate which shall specify:
First-The name assumed TO distinguish
the bank to be established pursuant to this
act, and to be used in all its dealings, which
name shall not be that Of any other bank in
! this state.
Second-'lhe place where the business Of
discount or deposit of such bank is to he
carried on, designating the particular city,
town or village.
Third-The amount of capital stock of
such bank, and the number Of shares into
which the same shall be divided.
| F0urth-Ihe name and place OF resi-
deuce of the shareholder or shareholders in
such bank, and the number of shares held
by them respectively.
Fiith-rhe period at which such bank shall
commence and terminate; which certificate
shall be acknowledged and recorded in the
Office of the register Of deeds of the county
where any Office of such bank may be es-
tablished, and copy thereof shall be filed
in the Office Of the bank comptroller; and
upon the recording of such certificate, the
person or persons Aforesaid shall become
body polite and corporate by the name as-
sumed as aforesaid, for and during the time
fixed in such certificate, and by such name
shall have power to contract and be con
tracted with, sue and be sued, and shall
have all other powers, privileges and immu-
mites incident to corporations, and applica-
BILE to the ends of such establishments, sub
ject to the provisions and restrictions Of this
act.
SEC. H. A copy of the certificate re-
quired by the next preceding sections, duly
certified by the register of deeds of the
county, or by the bank comptroller may be
used as evidence in all courts for or against
any such bank, or any person or persons for
or against whom any such evidence may be
necessary, whether on civil or criminal trial
SEC. IL. Such person or association Of
persons shall have power TO carry on the
business Of banking by discounting bills,
notes and other evidences of debt, by re-
ceiving deposits, by buying and selling gold
and silver bullion, foreign coin, and foreign
and inland bills OF exchange, by loaning
money on real and personal securities, and
by exercising such incidental powers as may
be necessary TO carry on such business may
choose one Of their number as president, and
appoint cashier, and such other Off
GERS as their business may require, and
to remove such president, cashier, officers
and agents at pleasure and appoint Others
in their place; but no such association or
banker shall commence the business Of bank
ing under this act until such association or
banker shall have deposited with the bank
comptroller the securities required by this
act, TO the amount Of at least twenty-five
thousand dollars.
SEC. IA. The shares in such bank shall
be deemed personal property, and shall be
transferable on the books Of the bank in
such manner ~ may he agreed upon in the
articles organizing such bank, and every
person becoming stakeholder therein shall,
in proportion to his interest, succeed to oil
the rights and be subject TO all the liabili'
ties of prior shareholder or shareholders.
No change shall be made in the articles or
ganiziDg such bank, whereby the rights,
remedies or securities Of existing creditors
shall be in any manner impaired, and any
association constituting such bank shall not
be dissolved by the death or insanity OF any
one Of the shareholders therein.
SEC Is. II the maker or makers Of any
| uVtI VI utbSns
registered a. Aforesaid, shall at any tine
hereafter, on lawful demand, during the usu.
al hours Of business, at the p ace where such
note or notes is or are payable, fail or refuse
TO redeem such note or notes in the lawful
money Of the United States. the holder Of
such note or notes making such demand,
may cause the same TO b. protested for non
payment, by notary public, under his Off
cial seal. But the maker or makers Of
such note or note shall not BE- liable for the
expense Of 80 protesting the same unless On
such demand and refusal so to redeem the
same, he or they shall refuse TO waive pro
test, and notice Of protest thereon, and such
waver Of protest shall in all cass be deemed
equivalent to the regular protest thereof /;
and such notary shall on protesting the same
forthwith forward notice Of such protest TO
the bank comptroller and after such protest
suffered it shall not b. lawful for the bank