Columbia Democrat and Bloomsburg general advertiser. [volume] (Bloomsburg, Pa.) 1850-1866, 1860-04-21
COLUMBIA COUNTY, PA, SATURDAY, APRIL 2l, 1860

appolh'en snail hold MS place until the
next annual election; and it. from any
cause, an election of directors should not
be made at tue time appointed, the bank
shall not for that cause be dissolved. but
an election may be held on any subsequent
day, thirty days notice thereof having been
given III newspaper printed in the coun-
ty where the bank is located.
SEc. ID. That in all elections for di,ec-
tors, and in deciding all question. at meet
lngs Of the stockholders, each share shall
entitle the holder thereof to one VOTE
Stockholders, may vote by proxy, duly
authorized in writing, if dated within thr-
ty days; but no officer, clerk, teller, or
book keeper Of the bank, shall act as proxy
and no stockholder, whose liability to the
bank is past due and unpaid, shall be al,
lowed to vote.
Sec. IS. That no bank shall be permit.
ted to commence to carry on the business
Of banking under this act unless at least
twenty per ccntum Of the capital stock Of
such bank shall be paid in gold and silver
coin or bullion, and shall be in the actual
possession and bona iide the property Of
Of Its banking business, and at the place
designated for carrying on such business.
Sc. H. That the capital stock of each
bank shall be divided into shares OF fifty
dollars each, aud shall be assirnable
OH the books si the bank in such manner
as the bylaws shall prescribe; but no
shareholder shall have power to transfer
any shares held in his own light. so lonras
be shall be liable either as principle. debt
or, surety or otherwise. to th. bank for any
debt, without the consent Of a majority Of
the directors nor shall such share holder
when liable to tn. bank for any debt that
is overdue and unpaid, be entitled to re-
ccive any dividend, interest, or profit on
such shares a. long Is such liabilities shall
en- inue: but all such divida lends interests,
or profits. shall be retained Dy the bank
and applied TO the discharge Of such LA
biiitics,
Sc. lS. That il any shareholder, or
his assignee's, shall fail to pay any install
ment on hi stock, when the same shall be
required to be paid, the bank may sell
such stock at public auction having given
three weeks previous notice thereof, in two
newspapers. in the county wh.rc the bank
is located, iftwo are publ he'd. and il two
are not publ he'd, then in one, t, the hi RI
ct and best bidder for the same, anl tn"
excess, if any, after paying tn. expan'tS
oi the SAL, shall be refuuHel to the dcin-
quent stockholle
SEJ. ~. That if any bank, authorized
BIZ the provisions o, tuis act shall rttr.,e
h piy it not.y Of circulation or ANY Of
tlrm, in go,d or silver coin Of the lawful
currency ot the United States. on which
payment shall be lawfully demanded at
ankiug house or customary place OF doing
banking business, during u-ual bankin..
hours, the holders Of sucA protested notes
may cause the same t2 be protested Tor
non.p iSm.ut by notary public under his
oilrid seal, il the usual manner. and the
Auditor General, on receiving and finv
in his otlic. such protest. shall forthwith
give notice irt writing to the maker Of such
note or notes, to my the same, and if they
refuse t. pay the same with interest, costs.
and protest, for (twenty) days after such
notice, the Auditor General shall thcreup-
on declare such bank II have committed
an act of insolvency.
Sc -. That the Auditor General up
on receiving rehaEl. information that any
bank has committed IN act of insolvency
.hall forthwith aup)int a committee, of
three iuaicous and discreet citizen. Of this
Commonwealth, who shall receive five dol
lars per day each, aul their travelling and
. n. .c.,s1t.y rvu.l.rS all of which Tn hn