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


or notes, making such demand, may cause
tho same to bc protested in one packages
for non payment by notary public, in
tho usual manner; and the treasurer on
receiving and filling such protest, shall
forthwith give notice in writing to the ma.
ker or makers Of such note or notes to pay
the same; and if he or they shall omit to
do SO after such notice, the treasurer shall
Immediately thcrcupon (unlcss he shall be
satisfied that there is good and legal de-
fence against tho payment Of such note or
notes,) gives twenty days notice in some
newspaper published in the county whore
such person or association keeps an office,
il there be one, that all the circulating
notes issued by such person or association
will be redeemed out Of tho trust funds in
his hands for that purpose.
/. Tho State Treasurer is authorized
and required to sell at pul lie sale in New
York city or at privatessalc, within twenty
days. so much Of any stock deposited with
him, as may be necessary to redeem any
notes of said bank, whether protested or
not.
2. And tho treasurer shall be required
to apply the proceeds of the sales of said
trust funds, belonging to the maker or ma
kcrs of such protested notes to the pay.
ment, pro rata, of all such circulating
notes, whether protested or not, put in
circulation by the maker or makers of such
protested note or notes, pursuant to tho
provisions Of this act, and to adopt such
measures for the payment Of such notes as
will, in his opinion, most effectually PIE
vent loss in the holders thereof.
8. No stock shall be sold at private sale
for less than par value thereof, nor for less
than the market valuo in the city Of New
York, at the time of such sale, nor shall
the stock be sold on credit; and for any
deficiency in the sale of said stocks to pay
the holders of its notes, whether the samo
are secured by the pledge of stock or other
wise, the directors and stockholders shall
be individually liable.
Sec. l5. The reasurcr may give TO any
person or association of persons SO transfer
ring stock in pursuance of the provisions
of this act, powers Of attorney to receive
interest of dividends thereon, which such
person OF association may receive and ap-
ply to his or their own use; but such pow
ers may be revoked upon such person or
association failing to redeem the circulating
notes so issued, or whenever, in the opin-
ion of the Treasurer, the principal OF such
stock shall become an insufficient security !;
and the said Treasurer, upon the applica-
of the owner or owners of such transferred
stock, in trust, may, in his discretion,
change or transfer tho same TO other stocks
Of the kind before specified in this act, or
may transfer (rc-tranSfer) the stock, or any
part thereof, upon receiving and cancel
ling an eqaal amount of such circulating
notes delivered by him to such person or
association, in such manner that the crcu-
lating notes shall always be secured in full
by such stocks so transferred, as in this act
psovided, SO that there shall not at any
time be in circulation, and in the posses
sion or under the control Of any such ban
er or association, moro than an equal a..
mount of such circulating notes, OH tho a.
mount of the stock transferred TO and in the
hands of such treasurer: Provided, That
said treasurer shall at all times keep an
accurate account Of the stocks, both a. to
kind and amount, thus changed, taansfer-
red or re- trans .ercd, and of tho dates of all
such transactions, and shall also register all
circulating notes, returned, cancelled or
destroyed, SO far as the sane can be done,
and all tho circulating notes Of such asso-
citation, issued by him in cxcl2nge for mu-
tilated or worn out notes of such asscoia.
ton.
Soc. 10. 1t shall bo the duty of the
treasurer to received mutilatcd circulating
bills or notes issued by him, and to deliver
in lieu thereof other circulating notes 10
the same amount; such mutilatcd notes
shall thereupon be destroyed: Provided
That all mutilated bills or notes be de
stroyed by said treasurer, in the presence
Of the Secretary of State, and an agent
Of the bank whose notcr are burned, tefore
auy other circulating notes shall be deliv.
cred in lieu thereof by him.
Sec. II. The pnblic debt or stocks de-
posted by any person or as ociation of per
sons under the provisions of this act, shal
be held by the treasurer exclusively for tho
redemption Of the bills or notes of such per
son or association, put in circulation AZ
money, until the same are paid or returned
Sec. 1s. The directors OF each bank shal
semi-annually, on the first Monday in July
and December, declare dividend Of Sc
much of the net profits of the bank as they
shall deem expedient, and on each of sale
days the president or cashier shall mako ;
full, clear and accurate statement to thu
State Treasurer, of the condition of tb'
bank rs it shall be on that day after dc
claring the dividend, il any DO declared
which shall be verified bp the oath Of til,
oanh Of the president or cashier, and shall
contain full abstract of the general nc
counts Of the bank, so as TO show plainly
its resources and liabilities, and the amoun
Of canh kind ther eof and the same shal
be published in some newspaper of the
county where such bank is located, or il
any paper published in Detroit.
Sec. 10. If such association shall neglcc
to make out and transmit the statemen
reqired in the preceding section, for on
month beyond the period when tho sam,
is required to be made, or shall willfull,
violate any of the provisions Of this act
| euob ocoooiofi.N,, ,,,ox La 1aau,aJ .nsoI,,opf