Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-03-09
The StaQoato.
AN ACT TO ESTABLISH THE BANK OF
NORTH CAROLINA

AN ACT TO ESTABLISH The bANh VI
NORTH CAROLINA.
SECTION l. Be it enacted By General Assembly Of
the State of North Carolina and at is hereby enact
ed By the authority Of the same, That Bank shall
be established the capital stock whereof shall not
exceed two millions five hundred thousand dollars,
divided into shares of one hundred dollars each,
which shall be known and styled "The Bank OF
North Carolina" and the stockholders therein their
successors and assigns, shall be body corporate,
and shall so continue until the first day Of January
1890 with capacity to possess and hold real and per
sonal estate to an amount not exceeding seven mil
lions and one half million of dollars, including
the capital stock.
Sec 2 Be it further enacted, That the State
shall be entitled to subscribe the amount OF the
literary fund, now invested in the Bank of the State
as part of the capital Stock and the Trustees of the
University of North Carolina also, as part thereof
sum not exceeding two hundred thousand dollars;
and individuals shall be entitled to subscribe the
residue of the stock and books shall be opened IN
the City of Raleigh, on the first day of -, one
thousand eight hundred and fifty nine nnder the di-
recton of the Governor, the Treasurer and Comp
troller as commissioners to receive subscriptions OF
stock at the City or Raleigh and at the same time
at such other places and under the direction of such
persons as may be designated by the commissioners
aforesaid, majority of whom may do the duties
herein prescribed for them and if the whole num-
Der of shares other than those reserved for the State
and the Trustees of the University shall not be sub
scribed within sixty days. they may keep the books
open for six months thereafter for the purpose OF
receiving subscriptions.
Sec s. Be it further enacted, That if greater
sum than the amount allowed, shall be subscribed
by individuals, the commissioners at Raleigh shall
reduce the subscriptions according to scale to be
established by them for that purpose, to such
amount: Procided That subscriptions of two shares
or UNDER shall not be scaled, until all larger sub
scrptons shall first be reduced to an equality with
them: And prOuided FURTHER That in scaling sub
scrptions any subscriber shall make affidavit before
some justice Of the peace if demanded by any other
subscriber, that each and every subscription IN his
name, was made for himself and not for the use of
another, and if the same shall have been made for
another: and the agency do not appear In the SUBJ
scription, if the subscriber refuse to make the
affidavit, the subscription of such subscriber shall
be rejected.
Sec. 4. Be it .tuther enacted, That the public
treasurer shall subscribe on behalf of the president
and directors of the literary fund for an amount
of stock equal to that now held by the literary fund
in the Bank of the State of North-Carolina.
Sec. 5. Be it further enacted, That all payments
on shares subscribed by the State others, shall
be in gold or silver coins of the United States or
Spanish uilled dollars, and shall be made follows
time appointed for the first general meeting of the
stockholders, to be paid to the commissioners ap-
pointed to receive subscriptions at the city OF Hal
eigh; twenty-five dollars, ninety days thereafter;
twenty-five dollars one hundred and twenty days
after the time for paying the second instalment; and
the remaining twenty-five dollars, one hundred and
twenty days after the third instalment: Prorlded,
That after sufficient number of shares shall have
been subscribed, and payments made thereon for
boil 20 ;,,<o horni
vided, the remaining payments may be made by the
subscribers at the said bank or any of its branches
or agencies.
Any subscriber and the State as well, may pay
the whole Of his subscription or any greater part
than is hereby required before the time limited for
the same and every subscriber so paying in advance
shall have discount at the rate Of six per cent per
annum on such advances, computing the same from
the time when payment is made to the time when
it is required to be made.
Sec. g. Be it further enacted, That the bank may
60 into operation whenever one million of stock
shall have been subscribed, and two hundred and
fifty thousand dollars shall have been paid in.
But no dividends of profit shall be declared until
the whole amount of the capital stock subscribed
shall have been realized to theb bank in gold silver
Sec. Z. BE it further enacted, That the State, for
the purpose ofrasng the to be subscribed on be-
half of the literary fund may use the stock now in the
"
that fund and may borrow the money on the pledge
of that stock to be repaid with the proceeds of the
stock as it shall be returned to the State the
pration of the charter and the treasurer is hereby
authorized to effect the negotiation, and to receive
and apply the stock as herein provided.
Sec. 8. Be 1T further enacted, That no discount
shall be made by the bank on any paper to which a
subscribers name shall be, either as principal or
surety, until the whole of such subscribers stock
shall have been paid
SEC. 8. Be it further enacted That if any sub
scriber shall fail to pay his Stock any part there
Of the is required of him. the entire residue
of his stock shall be deemed to be DUE and may be
recovered in the name of the bank, either by mo-
ton to the court of the county where the delinquent
may reside, upon giving him ten days notice of the
motion, or by action of assumpsit or the entire
stock may be sold by order Of the directors for cash.
at the banking house in Raleigh after advertisement
of sale for twenty days in two newspapers published
in the city. And If at such sale the price should
not be sufficient to discharge the amount unpaid
with all the costs attending the SALE the subscriber
shall be liable for the deficiency in action of as
sumpst.
SEC. 10. Be 1t further enacted That if any SUBJ
scrber shall assign his stock before its full pay
ment, he and his assignee and all subsequent as
sgnces thereof shall be liable for its payment, and
may be sued jointly severally by motion as alore-
said, or in assumpst
Sec. II. Be 1t further enacted. That in every
case of delinquency in subscriber or others, the
subscription shall be deemed promssory note pay
able to the bank as we'll in respect to the remedy
for recovering the same in the distribution of the
assets of any deceased subscriber
Sec. H. Be 1t further enacted, That the bank
shall be located in the city of Raleigh, and shall be
managed by ten directors; and the number which
the State may appoint the public treasur>r in office
being always one of them, shall bear the same pro-
portion to the number which the other stockholders
may appoint the stock then held by the State
shall bear to that held by other stockholders; and
in ascertaining such relative number, if there be
fractions of stock, the State individual stockhod
ers, whichever may have the largest fraction, shall
be entitled to the director and if there be tie the
State shall appoint the director.
Sec. 10. Be 1t further enacted That every d.
rector whether appointed by the State or individu
ais shall be the proprietor of at least ten shares Of
stock and shall not be director in any other bank
unless allowed hY three-fn1rths Of the