The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1861-10-26
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To authorize the business of Banking. 4
,Ba enacted by the Legislature Of the State Of
SECTION l. That it is hereby made the duty of
be Auditor of State. on application of any per-
90 or association of persons wishing to- organize
under tn ia aet. to cause To be engraved and print
3D. in the best manner to guard against counter
citing such quantity of circulating notes, IN the
.niitude of bank notes, in blank. of the differ
snt denominations hereinafter authorized 10 be
issued .as may from tine to tine be needed to
meet the defnnnds Of those organizations for the
purpose Of banking and all necessary expenses
10 procuring such circulating notes, FinT blsn X,
shali be ebafged to- and paid by the banker or
banking association at whose solicitation and for
which the same are furnished. hti- o. y 10 Z
SEC 3 Such ihank notes, in blank, so procured
n. aforesaid, shall be of the denominations usually
issued by banks, from one dollar to one hundred
dolars but such notes shall not be of any in ter
mediate den onainaten between one and two, two
ana three three and five five and ten dollars, ten
and twenty, twenty and fifty or fifty and one
hundred dotiareso Al y =. n II
SIC ). Such blank circulating notes shall be
countersigned by such Auditor Of State and num-
berdand rsgisteFet III improper books, % be kept
fjr fat pufrose,Sih his officdan3 under his di-
rction, by the Auditor himself or such person or
persons as the Auditor shall appoint THAT each
discrimination of such circulating notes shall be
Of the same similitude and all bear the uniform
Signature of such Auditor of State and Register.
sEcJ4. Whenever any person or association of
PERSONS, formed for the purpose of banking under
tue provisions of this act, shall duly assign or
transfcr IN trust, tothe Auditor of this State any
portion of the public stocks issued, or to be issued
by the United States, the stocks Of the State of
Kansas said stocks TO be valued mt n rate to be
estimated and governed by the average rate at
which such stocks are sold in the city Of New
York. at the, tune when such stocks may be left
on deposit with the Auditor of State, such person
association OF persons shall be entitled tn re
IA al
latin notes of diff rent denominations, registered
and eountersignedi equal TO and not exceeding
the amount of public stocks assigned and trans
ferred aforesaid but such public stocks shall
in all be- he made to be, equal to stock
-prOdpejng six per cent. per annum, and it shall
not be lawful fos the AuitOrOf State TO take such
stock above its par value nor above Its current,
market value in the city of New York, on the
stock exchange, at the time of deposit by such
. person or association of persons. II at any time
the stocks assigned and tra nsierred to the Au Ii
tor Of State for circulating notes, or any part
thereof9 sball dsprecinte inrl value ipfthe New
York market, the Auditor ~ State shall reduce
the rate at which the same shall be CONTINUED to
be held as securities. and require suclI banking
association or banker owning such stocks. to
make up the d' ficiency with such Additional
stocks as required by this act, to be transferred
and assigned AS aforesaid, or such banking asso-
,ation or banker may maSe good such deficien cy
10y returning to the Auditor of State such amount
oil bank bills, previously issued to him or them.
shall be s0uaf UU Tie tSHcicHcN OF securities
created or caused by the depreciation of said
stocks held as security rs aforesaid PrOriied
That il, in the opinion Of the Auditor and Gov
eruor any stocks Offered shall be ideemedl inse-
cure they shall not be received such securities
under the provisions Of this act. O.! 20. .5--
Sac s. Before any bank shall receive from the
Auditor Of State any circulating not.s, as provd-
ed in Section of this act. the stockholders there
of shall give to the Auditor of State good and
sufficient bonds. to be approved by him, to the
amount Of one-fourth of the Totes that said bank
shall receive, and the stockholders thereof shall
hle with the Auditor Certificate to, be attested
by the oaths Of the president and cashier of such
banking association, that ten per cent of the cap
ital stock of such bank is paid in specie and on
deposit, and shall remain in the vaults of said
bank "a IN additional security to indemnify the
bill-holders against any loss that may be sus-
tained in the other securities Deposited with
the Auditor of State, shall be insufficient to re-
deem said bills .. . o..
SEC 6. The bills and notes so to be counter.
signed and registered, the payment of which
shall be secured by the transfer of public stocks
shall have engraved upon their face the words
Secured by pledge of public stocks,2 and the
place where the same wers issued. .yiI
SEC. I. The Auditor may give to any person or
association of persons SO transferring securities
III pursuance of the provisions Of this act, power
Nfattoruey TO receiN interest dividends there
on, which said Interest or dividend such person
association of persons may receive and apply to
their own use; but such power may be revoked
upon such person or association of persons failing
To redeem the banking notes so issued, and the
Auditor of State, upon application of the owners
Of such tran ferred securities trust, may in hi
discretion change or tran sfer the same for other
securities Of the kind specified before in this act,
or may transfer the said securities. or any part
thereof. upon receiving and caneeling an equal
amount Of such calculating notes delivered to him
by such person or association of persons, in such
manner that the circulating notes shall always be
secured in full, as in this act provided -
SIC. 8. The notes and bills discounted or pur-
chased. moneys loaned, and all other property,
effects dues of every description, of all banks
or thanking associations, organized under the pro-
visions Of thisact, shall be assessed aud taxed in
the city. ward village or town where the came is
located, for all State, county, town school and
corporation purposes. in the name of [such bank
or banking association, to the same extent and
under the revenue laws, the same as the property
OF Individuals. &. rsei -..-- p
SIC. 9. Any person or association of persons
may establish Offices of discount, deposit and cir
eu'stOn, and become Incorporated upon the terms
and eOnditioRs and subject TO the liabilities. pre-
.eti6ed in this act; but the aggregate of the cap
ltAi 'toek of such establishment shall not be less
uaAn twenty five thousand dollars: PfOEsded, That
no such Office shall be established in any tow n
containing less than 200 inhabitants.
SEo 10. Such person or assoeintionof persons,
under their hands and seals. shall make cert f.
cate which shall specify, first, the assum ed
20 distinguish the bank to be established pursu-
ant TO this act, and to be used in all its dealings
winch name shall not be that of any other bank
Ia This Stste; second. the place where the bust
ness OF discount or deposit Of such bank to be
afrIed on, designating the particular city, town.
Village and county; third, the amount of capital
stock of such bank, and the number of shares into
which the same shall be divided: fourth the
name and place of residence of the shareholder or
shareholders in such bank. and the number of
shares by them respectively: fifth the period
nj which such bank shall coInuence-whict, Ger.
nteate shalt be acknowledged. and recorded in
The office of the register of deeds of The county
where abe office of such bank may e-esi abli shed
and copy thereof shal-6e filed in the Office Of
the Auditor OF State; and upon the recording oi
fuch certificate, the person or persons aforesaid
shail become a bed Polisic and corporate: 10y tbs
name assumed as aforesaid. and by such aarn,
ahall have power TO contract and be contracted
With, sue and be sued, and shall have all "the
lowers, privileges and imInunlties Incident L
corporations, and applicable to the end of suci
establishments. subject to the provisions and rs
Atrictions of thiss .ct-,s = -s.tJ n r-s
Sell q cory Of the certificate required b,
the next preceding section, duly certified by tn
register OF deeds Of the county, or - the AuiitS