Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1859-03-09
The Stapoato.

The Stapoato. !
AN ACT TO ESTABLISH THE BANK OF
NORTHCAROLINA.
SECTION /. Be 1t enacted By General Asseanbly Of
tie State Of North Cafolna, and It Is herehy enact
ed By tie authority Of the sams, 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 1.-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
$780, with capacity to possess and hold real and per-
sUnal estate to amount not exceeding seven mil
lions and one half a million of dollars including
the capital stock.
Sec. q 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
IS 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 d.
rection Of the Governor, the Treasurer and Comp.
troller 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 he 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. 8. 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 a scale to be
established by them for that purpose to such
amount: Prorided That subscriptions of two shares
or under, shall not be scaled until all larger sub
scrptions shall first be reduced to equality with
them: Ind propided 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 bis
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 sub
scription or if the subscriber refuse to make the
affidavit the subscription of such subscriber shall
be rejected
SEC. f. Be it ytuther enacted, That the public
treasurer shall subscribe on behalf of the president
Of stock equal to that 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 mied dollars and shall be made as follows,
to wit twenty-five dollars on each share at the
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 Raj
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 twentyfi dollars, one hundred and
twenty days after the third instalment: Prorided,
That after sufficient number of shares shall have
been subscribed, and payments made thereon, tor
the bank to 60 into operation, hereinafter pro-
vided, the remaining payments may be made by the
subscribers at the said bank 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. 6. Be it further enacted, That the bank may
20 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 the bank in gold silver
SEC. z. Be 1t further enacted That the State, for
thepupose ofraising the sum to be subscribed on be-
half Of the literary fund may the stock now in the
bank Of the State of North Carolina appropriated to
that fund, and may borrow the money on the pledge
of that stock to be repaid with the proceeds of the
stock it shall be returned to the State on the ex-
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
subscribers name shall be, either as principal or
surety, until the whole of such subscribers stock
shall have been paid.
Sec 9. Be 1t further enacted That if any SUBJ
scriber shall fail to pay his STOCK or any part there
Of as the same is required of him. the entire residue
of his stock shall be deemed to be due and NAV 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
sumpsit
SEC. 10. Be it further enacted, That if any sub.
scrber shall assign his stock before its full nav
ment he and his assignee and all subsequent ~.
sgnees thereof shall be liable for its payment and
said, or in assumpsit ~'''~
SEC II. Be it further enacted. That in every
case OF delinquency in subscriber or others, the
subscription shall be deemed promissory note nav
able to the bank, as well in respect to the remedy
Tor recovering the same in the distribution of the
assets Of any deceased subscriber.
SEC IL. Be it further enacted. That the hank
shall be located in the city of Raleigh, and shall be
managed by ten directors and the number which
tne State may appoint the public treasursr in Office
oeng always one Of them, shall bear the same pro-
portion to the number which the other stockboders
may appoint as the stock then held by the Stats
snan bear to that held by other stockholders; and
~ a:cerainng such relative number, if there be
fractions Of STOCK the State or individual stockhold.
ers whichever may have the largest fraction shan
Se entitled to the director, and if there be tie the
State shall appoint the director.
SEC. Is. Be 1t further enacted. That every d.
rector whether appointed by the State or inividu-
G snau De the proprietor Of At least ten shares Of
STOCK and shall not be director in any other bank,
on1ess allowed by three ourtbs of the stockholders
DEC. Il BE It further ennetAd Th,t ~, .,r,.-