The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1858-10-12

oi circulating notes, 90 ocorntersigned, equal
TO the depreciation of such stock.
Sec. 81. 1t shall be the duty Of the
joint committee Of the Legislature chosen
to examine the treasurer's accounts, to ex-
anime such Of the securities deposited ia
the trcasurer's Office by banking associa.
tions and individual bankers; together with
the books and papers therein, relating to
the business Of banking, ns the said corl-
mittee may deem necessary, to enable
them 10 report tho true state and condition
Of the department to the legislature.
Sec. 80. All fees for protesting The cir
culating notes Issued by any banking rs.
soc alton or individual bankers shall be
paid by the person procuring the services
to bo performed for which such association
or banker shall he liable, hut NJ part of
the securities deposited by such association
or banker shall be applied to tho payment
Of such fees.
Sec. 33. Every banking association and
individual banker, carrying on l'anking
business under or by virtue OF tho piovis.
ions Of this act, shall at all times be sub
ject to the inspection and supervision Of tho
State Treasurer.
Sec. 81. In case any Of the associations
or individua! bankers shall refuse 10 sub
init its tooks and pspcrs to the inspection
Of said treasurer, or whose officcis shall re-
fuse to submit 10 DO examined upon oath
touching the concerns Of such association
or individual banker, or if any Of them
shall be found to have violated any law of
this State, binding upon such association
or ind:riiual banker he or they shall be
liable TO be proceeded against l,y sucl,
treasurer, in tho samc manner and with
like effect MS any incorporated bank may
be proceeded against fur violation Of its
charter.
Sec. 80. Any association (as,ociat,) or
shareholder in any such association may,
in respect Of any demand which he my
have, either solely or jointly with any
other p;rson against such association, com
nenco and prosecute, either solely or
jointly (as the case may be,) any action.
suit or proceeding in law or equity against
such association for tho recovery thereof; !;
an such association may commence AMI
prosecute any action, suit or other proceed
ing in law or equity, against any person
or persons who may be or who have been
all associate or shareholder of such nssocia
tion, either alone or jointly with any 9th
er person or persons against whom such as
sociaiion may have any demand whatever.
All such suits or proceedings by or against
such association shall be conducted and
have tue same legal effect as if such asso-
citation (associatc) or shareholder had never
been member Of such association. Nor
shall any action or suit be in way affected
by reason Of the plaintiffs or defendants,
or any other person wlo may be in any
way interested in said action, being or
having been Shareholder or associate Of
such association; nor shall il be necessary
in any process, pleading or proceeding, in
behalf Of or against any such association,
to name the individuals composing the
same.
Sc. 30. When any individual banker
or association. dcsirous o. relinquishing tho
banking business, shall have redeemed at
at least ninety per cent. Of their circulating
notes, and shall produce TO tn, treasurer
certificate Of deposit to his credi. in such
bank as lie shall approve. or shall pay to
said treasurer an amount equal to the cir
culating nptes Of such bank unreleemed,
it shall be lawful for said treasurer to r.
ccivo the same and To give and transfer all
the securities thcrctofore deposited 10y such
banker or ASSOCIATIONS, for tho redemption
Of circulating notes issued.
Sec. 81. Sucl. bank or association, after
having complied with the provisions of the
preceding section, MAJ give notice once in
each month, for two successive years, in
some newspaper Published OF printed in
tho city Of Detroit, aud also in at least
one news aper printed in the county, if
lhcro be one, where such association or
bank shall have been lNca,cd, that all cir
culatng notes Issued 10y such association
or bank must bc presented at the treasur-
cr's oifice within two years from the date
such notice, or that tho funds deposited
for the redemption OF tho nctcs will be
given up to the ban; or association; and
on rcceiying satisfactory proof of the CIV
ing such notice for the time aforesaid, the
treasurer shall surrender TO the order OF
the said association or bank, any securities
or moneys which he may ho for tho re-
dompiion or payment of any uurcdcencj
not,s Of such association or bank.
Sec. So. Nothing in thi. act contained
shall be SO construed as to prevent any as
socialion or individual BANKER, organized
under this act, from making, issuing, OF
putting in circulation, bills of exchange on
foreign countries, or places beyond tho ju.
risdicton or limits of the United States
which bills Of exchange may bc made pay
able at or with the customary usaucc, and
at or within ninety days sight; but no such
draft CT bill Of exchange shall 10 used oi
put in circulation as money 10y any sncl
bank or banking association.
Sac. 80. a book shall bo provided aud
kept by every association aud individual
banker, organized under the provisions oI
this act, in which shall he entered the
names aud re:iIcncss Of the stockholders
or shareholders iu such association, the
number Of shares he'd by each, the time
when each person became such stockholdc'
or sharehod z, every registered transfer OF
stock or shares upon the books Of tho as
sociation or band, the timc when any stock
| or sbato wns transfeire1 The name of the