The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-08-05

iutcicSt VI uiNiucueS tuctVon, WuiCh PSiSou
OF association of persons may receive and
apply to their own use, but such pow CT
may be revoked upon such person or asso-
citation Of persons failing TO redeem the cir
culating notes so issued, and the auditor Of
State upon application of the owners Of such
transferred securities in trust, may in his
discretion change or transfer the same for
other securities Of the kind specified before
in this act, or may transfer the said securi.
ties or any part thereof, upon receiving and
canceliDg an equal amount of such circula.
ting notes delivered to him by such person
or association of persons, in such manner
that the circulating notes shall always be ST.
cured in full as in this act provided.
SEC. .. The notes and bills dis.
counted or purchased, moneys loaned,
and oil other property, effects or dues,
of every description, of all banks and
banking associations organized under the
provisions OF this act, shall be assessed and
taxed in the city, ward, village or town
where the same is located, for all State,
county, town, school and corporation pur.
poses, in the name Of such bank or banking
the revenue laws, the same as the property
of individuals.
SIC. 10. Any person or association Of
persons may establish offices OF discount, dc.
post and circulation, and become inc0rpor-
ated upon the terms and conditions and sub
ject to the liabilities prescribed in this act,
but the aggregate Of the capital stock Of
such establishment shall not be less than
twenty-five thousand dollars Provided,
that no such Office shall be established in any
town containing less than two hundred in.
habitants.
SEC. IL. Such persons or association of
persons under their hands and seals, shall
make certificate which shall specify:
Frs-The name assumed 10 distinguish the
bank to be established pursuant to this act,
and to be used in all its dealings, which name
shall not be that Of any other bank in this
State.
Seomd-The place where the business OF
discount or deposit Of such bank is TO be
carried on, designating the particular city,
town or village, and county.
Mrd-1he amount Of capital stock OF
such bank, and the number Of shares into
which the same shall be divided.
Fourth-Tbe name and place Of residence
of the shareholder or shareholders in such
bank, and the number Of shares held by
them respectively.
Ffh-The period at which said bank
shall commence and terminate, which certi-
fcate shall be acknowledged and recorded in
the Office Of the Register Of Deeds Of the
county where any Office Of such bank may
be established and copy thereof shall be filel
in the Office Of Auditor of State; and upon the
recording Of such certificate, the person or
persons Aforesaid shall become body poll
tic and corporate by the name assumed ~
aforesaid for and during the time fixed in
such certificate, and by such name shall
have power to contract and he contracted
with, sue and be sued, and shall have all
other powers, privileges and immunti's in
cident to corporations, and applicable TO the
ends Of such establishments, subject to the
provisions and restrictions II thir act.
SEC. II. a copy Of the certificate re-
quired by the next preceding sections, duly
certified by the Register Of Deeds Of the
county, or by the Auditor Of State. may be
used a. evidence in all court Tor or against
such bank /; or any person or persons tor or
against whom any such evidence may be
necessary, whether on civil or criminal
trial.
SIC. l3. Such person or association Of
persons shall have power 10 carry 90 the
business OF banking by discounting bills,
notes and other evidences Of debt, by receiy-
ing deposits, by buying and selling gold and
silver ullion,foreign coin and foreign and in
land bills Of exchange, by Gaming mon,y on
real and personal securities, and by exercising
such Incidental powers as may be necessary
10 carry on snch business may choose one
OF their number as President and appoint q
Cashier and such other officers a. their bust
ness may require, and remove such presi-
dent, cashier, officers and agents at pleasure
and to appoint others in their places but
no such association or banker shall com
mence the business Of banking under this
act until such association W tanker shall
have deposited with the Auditor Of State
the securities required by this act.
SIC. IA. The shares in such bank shall
Ire deemed personal property. and shall he
transferable on the books Of the hank, in
such manner a. may be sgreed upon 10
the articles organizing .Ich banks. and
every person becoming a stockho!der there
in, shall, IN proportion To his interest. nc
cesd To oil the rights and be subiec, ~ all
the libilties Of prior shareholder or share.
holders, no change shall he mad in the art
cles organizing such bank whereby the righ,s,
rerne-lies o. securities Of existing creditors
shall b. 10 any manner impaired, and any
association Constituting such bank shall not
be- dlssolved by the death or insanity Of any
one Of the Shareholders therein.
SIC. -. Ifthe maker 90 maker q any cir
clIlating note OF bOtes oountr.igDoi aDd regis
tered - AFORESAID Jsha.l, a, any time bereaitr.
on awful demand during the usaA hours 81
busioszs, a. the place where such potss is %
ary paysble, fail or refue 70 reCism snch