The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1858-10-12
An Act 70 Authorize the BusIness Of Bank.

Mschtgdn eHdcf, That any person or mum
Der OF persons may associate to establish
offices Of discount, deposit and circulation,
upou the terms and conditions, and subject
to the liabilities prescribed in this act; but
the aggregate amount of the capital stock
Of any such association shall not be less
than fifty thousand dollars. Thrce- -fourlhs
Of tho capital stock Of any bank may be in
vested in public stocks, a, security for its
circulating notes. No bank shall take, as
security for any loan or discount, lien
on any part of its capital stock, but the
same security, both in kind and amonnt,
shall be required of shareholders and OF
persons not shareholders; and no bank shall
be the holder or purchaser or any portion
OF its capital stock, or Of Tho capital stock
of any other Incorporated company, unless
such purchase shall be necessary to prevent
loss upon dsbt previously contracted in
good faith, on security which at the time
was deemed adequate to insure the pay
ment of such debt, independent Of any lien
upon such stock; and stock SO purchased
shall in no case be held by the bank so
purchasing for longer period Of time than
six months, if tho came can be sold for what
the stock cost, or at par.
Sec. 2. Such person or persons, under
their hands and seals, shall mako ccrtifi-
cate in writing, which shall specify:
/. The name assumed 10 distinguish
such association, and to be used in all its
dealings:
2. The place where tho operations Of dis
count and deposit Of such association are
to be carried on, designating tho particular
country, city, town or village, at which
place such person Or association shall keep
an office for the transaction of its business
and for the redemption of its circulating
notes.
8. The amount Of tho capital stock of
such person or association, and the number
Of shares into which the Same is divided
4. The name and place of residence Of
the shareholders, and tho number of shares
held and owned by each Of them respective
lly:
8. The period at which such association
shall commence and terminate, and which
period shall not exceed thirty years:
6. The names and place Of residence of
dc several directors and officers, and the
number of shares Of the capital stock Of
sech association owned and held 10y each of
such directors and officers; which ccrtifi
etc shall be proved or acknowledged and
Heordcd ia tho office of the Register of
d1ds Of tho county where any office Of
sueh association shall bc established, and q
copy thereof filed in the office of the Sec.
leasry Of State.
Sec. 3. The certificate required by the
last preceding section, to be recorded in
the office of the register of deeds of tho
county, and filed in the Office Of the Sec
rotary Of State, rs aforesaid, or copies
thereof duly certified 10y either of said off
cors may be uscd us evidence in all courts
nnlplaces, for and against such person or
association.
Sec. 4. Slch association, when so Or
gained, shall have power to carry on the
busiu ucss Of banking by discounting bills,
notes and other evidences Of debt; by re-
cciNag deposits; by buying and selling
gold iInd silver bullion, foreign coins and
bills of exchange; by loaning money on
personal security, and 10y exercising such
ncidehtal powers rs may DO necessary to
carry on such association or business: Pro
riled That it sh-ll not be lawful for any
sncl association to tako or receive more
than the legal rate of interest, in advance
on lis loans and discounts; to elect from
their nalpber board of directors not cx.
ccedngninc, who may choose out Of their
numbein president and vice president, and
appointa cashier, teller, and such Other
officers and agents as their business may
require, and remove such president, vice,
president cashiers, tellcrs, officers and agents
at pleasure, and appoint others in theil
place. The directors first elected shall hold
their Offices till the first Monday of June
next after their election and until their sue
ccssors arc elected; and all subsequen,
elections shall be held annually on the frs
Monday d' June, and the directors then
elected shah hold their offices until thoi
successors are elected. Any vacancies il
the board may be filled by the remaining
directors; and il, from any cause, an elect
ion for directors should not be held on thu
day appoiutsd, tho bank for that cause
shall not be dissolved, but an election maj
be held on any subsequent day, thirty
days notice having been given in a news
paper printed in the county where the banl
is located, and in paper printed in De
troit Each share shall entitle the owne
TO one vote, but he shall have no vote whil
. any Of his papef or liabilities ale past du
and unpaid. Stockholders may vote b,
proxy, duly aaborized in writing.
, Sec. 8. bslshareholders of such asso
citation shall b deemed personal property
t and shall be transferable on the books O
the association b such manner as the by
laws thereof nay direct; but no transfe
Of stock shall b. valid against the bank s.
long as the rcGstered holders thereof shal
: be liable eitheras principal, dobtor, suret,
or otherwise to tho company, for any deb
which shall bejpe and unpaid; nor in sue
case shall any dividend, interest or profit
be paid on such shares so long as such i
abilities continse, but all such dividend,
! interests or prsib shall be retained by th
: bank, and applsd to the discharge of sue
o liabilities; and % stock shall be transfere
unon thu hooks Al any hank without th