Columbia Democrat and Bloomsburg general advertiser. [volume] (Bloomsburg, Pa.) 1850-1866, 1860-04-21

clalln mas DecD re1uSeu Wncn lawfully ue- /
,nanded and remain unpaid, apply to any
court Of competent jurisdiction, for its writ
commanding the Auditor General 50 to ,
proceed, &c.
SEC. %. That if any bank shall neglect
or refuse to comply with any order OF the
Auditor General, made in accordance with
the provisions of this act requiring such
bank to reduce its circulation, or to pro-
vide larger amount Of specie or other
means, OF to pay in its stock, or to do or
cease to do any other matter or thing which
said Auditor General may deem necessary
for the security OF the not3holdcrs and 9TH
er creditors, that the Auditor General may
apply to any Judge Of competent jurisdic-
ton, by petition in which the Auditor
General shall be made the petitioner, and
the bank implicated defendant, setting forth
the substance of each order or orders, and
such neglect or refusal on the part OF the
bank, its officers or agents, and the Audi
tor General having made affidavit Of such
neglect or refusal, that it shall be the duty
Of such Judge to allow an injunction, &c.
SEC. 20. That upon the allowance of any
such injunction, the property, creditors,
securities, licncd and assets of every de-
scription Of such bank, shall forthwith vest
i'll the Auditor General, who shall appoint
a receiver or receivers to take possession of
tho same, as is provided heretofore by this
| act &c.
SEC. 30. That no bank shall take Ms Sc
curity for any loan or discount a lien on
any part Of it, capital stock; but the same
security both in kind and amount, shall be
required Of shareholders as Of persons not
shareholders, and no bank shall be the
holder or purchaser Of any portion Of its
capital, or Of the capital stock of any other
Incorporated bank, unless such purchase
shall bc necessary to prevent loss upon
debt previously contracted in good faith, on
security which at the time was deemed
adequate to insure the payment Of such
debt, independent of any lien upon such
stock. or in case Of forfeiture Of stock for
nom payment of the nstalments due there's
Oh, as provided in this act and stock so
purchased shall in no case be held by the
banks so purchasing for longer period of
time than six months, if the same can be
sold for what the stock cost the said bank,
,r at par; nor shall any bank, either di-
rectIy or indirectly, pledge, hypothecate, or
exchange any Of its notes Of circulation for
the purpose Of securing IN oney to be pal in
On it. capital stock, nor pledge or hypohe-
cate, directly or indirectly, any such nCt9s
to BE- used in its ordinary business opera
tions.
;SEr. 81. That each bank shall at all
times have on hand in gold and silver coin,
or it, equivalent, in its vaults, an amount
equal to twenty per centum of all its circu-
lating not.s OF every description whatsoever,
and whatsoever the amount Of its outstand
ng circulating notes shall exceed the above
named proportion, no more Of its notes shall
be paid out or otherwise put in circulation
by such bank, nor shall such bank increase
its liabilities by making any new loans or
discounts, nor make any dividends of its
profits, until the required proportion be-
tween its outstanding circulating notes, and
gold and silver coin, or its equivalent, shall
be restored.
Sc. 81. That no bank shall, during the
time it shall continue its operations, with
draw, or permit to be Withdrawal, either in
form or dividends, loans to stockholders,
or in any other manner, any portion OF its
capital stock aud if losses shall at any
time have been sustained by the bank,
equal to or exceeding its undivided profits
then Oh hand, no dividends shall be made
and no dividends shall ever be made By a
bank while it shall continue it. banking
operations, to IN amount greater than its
net profits then on hand, dcducting there
from its losses aud bad and suspended
debts, and all debts due to the bank on
which Interest," are paid, due, and unpaid
for period OF six months, unlcs, the same
shall be in process of collection, shall be
considered bad and su u,pended debts within
the mcaning of this section,
Sc. 33 That no bank shall at any
, time issue, or have in circulation, any note,
draft, bill Of cxchang', acceptance, certlii-
cate Of dcpositc, or other evidence OF debts,
which from its character or appearance
shall be circulated, or intended to circu-
late as money, other than such notes Of
circulation as are by this act described,
, aud which such bank iShy thi, act author
lied to issue for the purpose Of being circu-
lated rs money.
SIC. 81. That each bank shall receive at
} par at the Office or banking house Of such
bank. in payment Of dues payable at such
| bank, for notes Of hand, bills Of exchange,
, or other evidences Of debt, discounted or
purchased by, or belonging to such bank,
, the notes Of circulatiouissucd by any other
solvent bank, incorporated under the pro-
visions of this act
fllnt hank t1lsp -