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

note or notes as aforesaid, shall forthwith give
notice in writing to the maker or makers Of
such note or notes TO pay the same, and il
they shall omit 10 do 50 Tor forty days after
such notice, the bank comptroller shall i'm.
mediately thereupon. unless he shall be sat
isfed there is good and legal defense against
the payment OF such note or notes, give
notice that all the circulating notes OF
such person or association Of persons, and
countersigned and registered, as aforesaid,
will be redeemed out of the trust funds in
his hands for that purpose, which notice
shall be given by publishing the same in
some newspaper printed in the county where
the business Of such bank is established, and
in some newspaper printed at the seat Of gov
eminent Of this state, and the comptroller
shall be required to apply the said trust
funds belonging TO the maker or makers Of
such protested note or notes. to the payment
of all circulating notes, whether protested or
not put in circulation by the maker or
makers of such protested note or notes. pur.
suant TO the provisions of this act, and 10
adopt such measures for the payment OF such
notes, as will in his opinion most eilcctually
prevent loss 10 the holders of such notes
and to this end the bank comptroller may af
ter the expiration of the said forty days, and
after giving thirty days notice by pubhca.
ton in newspaper printed at the seat Of
government OF this state, and in a daily news
paper printed in the city of New York, pro.
coed TO sell, at the Merchants Exchange in
the city of New York, at public auction,
the securities so pledged and out of the
proceeds of such sale, shall pay and cancel oil
bills and notes which have been issued and
put in circulation by such bank under the
provisions of this act 10 he applied pro rata
TO the payment Of all such circulating notes;
but nothing in this act contained shall I've
considered Us implying any pledge on the
part of the State for the paymcn, of such
bills or notes beyond the proper application
of the suretics pledged to the comptroller for
their redemption.
SEC. l6. Such bank or banking associ.
alton shall be liable to pay the holder Of ey'
cry bill or note put in circulation rs money,
the payment Of which shall have been dc.
manded and refused at the banking house or
usual place of business Of such association
or bankers, damages for non-payment there
of, in lie Of interest at and after the rate of
twelve per cent. per annum from the time of
such refusal until the payment of such c,i.
dence of debt and damages thereon.
SIC. H. 1t shall not be lawful for the
comptroller, or his deputy, to countcrsign
bills or notes for any association or banker,
TO an amount in the aggregate exceeding
the securities at their value as before pro-
vided in this act, deposited with him in bis
trust by such association or banker. or to
use or dispose OF such securities in any man.
ner other than provided for in this act, and
any comptroller or deputy, who shall violate
the provisions OF this section. shall upon
conviction, be deemed guilty misdemcanor,
aud be punished by fine not less than five
thousand dollars, or be imprisoned not less
than five Yeas in the State prison. or by
both such fine and imprisonment.
SEc. IL. 1t shall he lawful for any per.
son or association Of persons organized I'M
der the provisions Of this act, by bis or their
articles of association TO provide for an in
crease Of their capital. and Of the numbers of
such association from time TO time, M they
may think proper.
SEC. 10. Contracts made by any bank
or banking association, established under
the provisions Of this act, and all notes and
bills thereby Issued and put in circulation AZ
money, shall b. signed by the Presiden or
Vice President and cashier thereof, and all
suits, actions and proceedings brought or
prosecuted by on behalf Of such bank OF
banking association, shall be brought and
prosecuted in the corporate name mentioned
in the certificate made and filed NJ hereinbe-
fore required.
SIC. 20. II shall be lawful for such
bank or banking association 10 purchase
hold, and convey real estate for the following
purPoss
First Such NJ shall be necessary for It's
immediate accommodation in the convenient
transaction Of it, business
Second-Such a. shall he mor,gaged to
it in good faith by way Of security Tor loans
made by, or money due to such bank.
Third--Such ~ shall he conveyed 10 j, in
satisfaction OF debts previously contracted in
the course Of is dealings.
Fourth--Such IA it shall acquire by sale
on execution or decree Of any court IN it,
favor. The said bank shall not purchase,
hold or convey real estate in any other case,
or for any other purpose whatever, and all
c0nveyanoes Of such real estate shall be
made TO the corporation, and which real o.
tate the president and cashier may cell, AZ
sign, grant. or convey under the direction Of
thu association free from any claim thereon,
IN favor Of or against the shareholders, or
any person claiming under them.
SIC. a. The president and cashier Of
every bank formed pursuant to the provis-
iors Of this act, shall at all times keep II
true and correct lit Of the names Of all the
shareholders Of such bank, with the amour,
Of stock held BY each, the time Of transfer,
and to whom transferred, and hall file q
copy Of such list 10 the Office Of the register
Of deeds d the county wherein such bank
may be located and also in the Office u the
bank comptroller, On the first Monday 10
January and July in each year, and the