The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1858-10-12
HILLsDALE, MICH, TUESDAY, OCT Ia, 1858.


shall be signed by tho president or vice.
president and cashier thereof; every bank
authorized to carry on the business of bank.
ing under this act shall bo and continue q
body corporate, with Succession for tho pc.
riod provided by tho certificate Of associa
ton; and by its corporate name shall be
competent to contract, prosecute and do
fend suits and actions Of all kinds, in all
courts, and havo common seal, aud alter
it at pleasure, and by its corporate name
be capable of purchasing, holding and con-
vcying any estate, real or personal, subject
to the restrictions contained in this act
Process against such bank shall he served
on its president or cashier, or by leaving
an attested copy at its banking house du-
rim banking hours, with the teller or clerk,
or other officers Of the bank.
Sec. 8. 1t shall be lawful for any such
association to purchase, hold and convey
real estate for tho following purpose:
/. Such as shall be necessary for its i'm
mediate accommodation in the convenient
transactions Of its business.
2. Such as shall DO morgaged to it in
good faith, by way of security for loss pre-
viously made by, or moneys duo to such
association.
8. Such as shall be conveyed TO it in sat.
isfaction Of debts previously contracred in
the course Of its dealings.
4. Such as it shall purchase at sales un-
der Judgements, decreos or mortgages,
held BY such association, but such associa-
tion shall not bid at said sale larger
amount than is necessary TO satisfy their
debt at cost.
Sec. Q. The said association shall not
purchase, hold or convey real estate in any
other case or for any other purpose; and all
conveyances of real estate shall be made to
such association in tho name mentioned
in tho article of association; and such as
sociaiion may sell and convey the same
free from any claim thereon against any of
the shareholders, or any person claiming
under them, by an instrument under the
hand and ,seal of the president or vice
president and cashier o. said association,
duly acknowledged.
Sec. 10. Whenever any person or asso-
citation Of persons formed for the purpose
of banking under the provisions Of this act,
shall legally transfer to the State Treasurer
any portion of the public debt now created
by the United States, or the funded debt
of this State, or that may hereafter
be funded, or the public debt now created
or that may be created by the State Of
New York, either of the New England
Siatos, Pennsylvania, Indiana, Illinoise,
Ohio or Kentucky, bearing interest and
upon which interest Is pail, such person or
association OF persons, shall be entitled to
receive from the State Treasurer an amount
of circulating notes of different denomina.
tions or may be desired by such pc.son or
association, equal to ono hundred per
cent Of the securities thus Transferred, and
such securities or public debt shall in all
cases be or be made equal to stock Of
this State producing six per cent. interest
per annum; and it shall not he lawful for
the State Treasurer to take such stock
at q rate above ninoty-fvc per cent. Of its
par value, nor above ninety five per cent.
Of its current market value, to bo deter
mined by the average value Of such trust
funds at the stock exchange in the city of
New York, for four weeks next preceding
the time of the receipt thereof by said
treasurer.
Sec. IL. All persons and association Of
persons organized under this act intending
to commence the business of banking, shall
before commencing such business, cause TO
be engraved and printed in the best man
ncr to guard against counterfeitng, such
quantity Of circulating notes in the simil-
itudo of bank notes, in blank of the differ.
cnt denominations authorized by this act,
as he or they may require, and shall do
liver the same to tho State Treasurer, and
shall at tho same time deliver into tho Gus
tody of treasurer all the plates used in
printing such circulating notes, accompa.
nicd by affidavits of the cngraver and Of the
printer of such notes, aud of the person
delivering such circulating notes aud plates
showing that 10 other such circulating
notes have been printed from said plates
than those delivered to the said treasurer
and that all the plates used in printing
said circulating notes have been delivered
to the said Trcasurcrs; and any person who
shall IN any such affidavit swear or affirm
false, shall be liable to all the pains ard
penalties for wilfu and corrupt perjury
1t shall DO the duty Of such treasurer tt
receive and safely keep the plates thus
delivered to him, and shall from time tc
time cause TO be printed from said plates
at the expense Of such bank, association o.
banker, such notes in blank, and Of sucl
denomination as is by law allowed, ant
as the bank association or banker ownini
such plates may require, not exceeding The
amount authorized by this act. Sucl
blank circulating notes shall DO counter
signed, numbered and registered in prope
books to be provided and kept for tha
purpose in the Office Of said treasurer, un
der his direction, by such person or perSon
as said treasurer shall appoint for that pur
pose, so that each denomination Of sucl
circulating notes, shall bear the uniform
signature Of such register, or one Of them
Sec. IL. Such person or association o
persons, are duly authorized, after havin!
executed and signed such circulating note
in the manner required by law, to max
them obligatory promissory notes payabl
on demand, at tho place Of business with
/ in this Stafa of eucb noreop n, aeaoc;at ION