The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1859-03-15
Bank of North Carolina.
AN ACT TO ESTABLISH THE BANK OF NORTI
CAROLINA.


Section l. Be it enacted by the General Assembly of
the State of North Carolina and it is hereby enacted by
the authority of the same, That Bank shall be estab
shed, the capital stock whereof shall not exceed
millions FIVE hundred thousand dollars: divided into
shares of 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 1890, with capacity possess
and hold real and personal estate to amount not
ceeding millions and half million of dollars
including the capital stock.
Sec. q Be it further enacted, That the State shall be
entitled subscribe the of the literary fund
invested in the Bank of the State part of the capital
stock and the Trustees of the University of North Caro-
lima also, part thereof, not exceeding two
hundred thousand dollars; and individuals shall be
titled subscribe the residue of the stock and books
shall be opened in the City of Raleigh on the first day
of Apr one thousand light hundred and fifty nine,
der the direction of the Governor the Treasurer and
Comptroller commissioners to receive subscriptions
Of stock the City of Raleigh and at the time at
other places and under the direction of such persons
may be designated by the commissioners aforesaid,
majority of whom may do the duties herein prescribed
for them and if the whole number of shares other than
those reserved for the State and the Trustees of the
University, shall be subscribed within sixty days.
they may keep the books open for six months hereaf
ter for the purpose of receiving subscriptions.
Sec. g. Be it further enacted, That if greater sum
than the allowed should be subscribed by in
dviduas, the commissioners at Raleigh shall reduce
the subscriptions according scale to be established
by them for that purpose, to such amount: Provided
scaled until all larger subscr ptons shall be first re-
duced with equality with them: And provided fur
ther, That in scaling subscriptions, any subscriber
shall make affidavit before some justice OF the peace, II
demanded by other subscriber that each and every
subscription in his name made for himself and not
for the of another and if the shall have been
made for another and the agency do not appear in the
subscription, if the subscriber refuse make the
affidavit, the subscription of such subscriber shall be
rejected.
Sec T. Be it further enacted That the public treasu-
rer of H.
rectors of the literary fund for amount 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
shares subscribed by the State others, shall be in
gold silver coins of the United States Spanish
med dollars, and shall be made follows, to wit:
twenty-five dollars each share at the time appointed
for the first general meeting Of the stockholders to be
paid the commissioners appointed to receive sub
scriptons at the city of Raleigh; twenty-five dollars,
ninety days thereafter twenty dollars, one hundred
and twenty days after the time for paying the I'd in
stalment; and the remaining twenty-five dollars,
hundred and twenty days after the third instalnent:
Provided That after sufficient number of shares shall
have been subscribed and payments made thereon for
the bank to 60 into operation, as hereafter provided,
the remaining payments may be made BY the subScri-
bers at the said bank of its branches 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 paying in advance shall have
discount at the rate of six per cent per such
advances, computing the same from the time when pay
made the time when it is required be made.
Sec 6. Be 1t further enacted, That the bank may 60
into operation whenever million of stock shall have
been subscribed and two hundred and fifty thousand
dollars shall have been paid in.
But dividends of profits shall be declared until the
whole CT the capital stock subscribed shall have
been realized to the bank in gold or silver
Sec 7. BE it further enacted, That the State for the
purpose of raising the to be subscribed behalf
of the literary fund.- may the stock in the bank
of the State of North Carolina appropriated to that fund
and borrow the money the pledge of that stock
to be repaid with the proceeds of the stock shall
be returned to the State the expiration of the char
and the hereby authorized effect the
negotiation and to receive and apply the stock as here
in provided.
be made by the bank any paper to which subscri
bers shall be- either principal surety, until
the whole of such subscribers stock shall have been
paid.
Sec Q. Be it further enacted, That if any subscriber
shall fail pay his stock, any part thereof the
required of him. the entire residue of his stock
shall be deemed to be due and be recovered in the
of the bank either by motion to the court of the
county where the delinquent may reside, upon giving
him ten days notice of the motion, or by action of
sumpst the entire stock be sold by order of the
directors for cash. at the banking house in Raleigh a
ter advertisement of sale for twenty days in two
pers published in the city And if such sale the price
should not be sufficient to discharge the amount
paid, with all the attending the sale, the subscr
Sumpsit.
Sec TO- Be it further enacted That if any subscriber
Slall
assignee and all subsequent assignees thereof shall be
liable for its payment and may be sued jointly
rally by motion aforesaid, or in assumpsit.
Sec H. BE it further enacted, That in every case of
in subscriber others, the subscription
shall be deemed promssory payable the bank
as well in respect to the remedy for recovering the
in the distribution of the of any deceas
ed subscriber.
Sec. II. Be it 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 treasurer in office being always one
of Them shall bear the proportion to the number
which the other stockholders may appoint the stock
then held by the State shall bear that held by other
Stockholders and in acertanng such relative number
if there be fractions of stock, the State individual
whichever have the largest fraction
shall be entitled to the director, and if there be tie
the State shall appoint the director.
Sec. l3. Be it further enacted, That every director
the proprietor of at least ten shares of stock and shall
not be director in any other bank, unless allowed by
three fourths of the stockholders
Sec. IA. Be it further enacted, That the governor
secretary of State and comptroller shall appoint drec
tors for the State until otherwise provided by the egs
lature.
Sec. Is. Be it further enacted That the president of
the bank shall be chosen the board of directors
and by majority of that body, and shall have an an
nual salary to be allowed by the stockholders in gen.
eral meeting.
Sec. l6. BE it further enacted That branches or
agencies of the bank be established such times
and places the stockholders in general meeting NAV
with such of capital the directors
of the bank may assign and all branches or agencies
shall be removable at the pleasure of the president
directors after years notice shall have been given
Of such intended removal and shall be subject to such
rules and regulations be prescribed by the pres
dent and directors OF the bank
Re fprt horo