The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1861-10-12
AN ACT

Be- = eH0cteG ny eas 1SyISS1Su1c y 'te oISte " !
SECTION l. That it is hereby made the duty of
,bs Auditor of State, on application of any per-
sOn or association of persons wishing to organize
under this act. to cause to be engraved and print
"a. in the best maDner to guard against counter
tiGng such quantity of circulating notes, in the
Multitude Of bank notes, in blank, of the differ
sut denominations hereinafter auth orized 10 be
Issued. may from time to time be needed to
NEE; the demands of those organizations for the
purpose of banking; and all necessary expenses
10 procuring such circulating notes, in blank,
shall be charged to, and paid by, the banker or
banking association at whose solicitation and for
which the same are furnished.
SEC. 2. Such bank notes, in blank, so procured
a, aforesaid shall be of the denominations usually
issued by banks, from one dollar to one hundred
dollars but such notes shall not be of any inter
mediate denomination between one and two, two
and three, three and five, five and ten dollars, ten
and twenty, twenty and fifty fifty and one
hundred dollars. e.-..-
SIC. D. Such blank circulating notes shall be
,eountersigned by such Auditor of State, and num-
b4Fed and registered in proper books, TO be kept
ior that purpose, in his Office and under his di-
rreion by the, Auditor himself or such person or
PERSONS the Auditor shall appoint, that each
-denominstiou of such circulating notes shall be
Of the same similitude and all bear the uniform
signature of such Auditor of State and Register.
SEC A. Whenever any person or association Of
persons, formed for the purpose of banking under
The provisions of this act, shall duly assign or
transfer, in trust to the Auditor of this State any
norton 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 ut a rate to be
estimated and governed by the average rate at
which such stocks are sold in the city of New
York, at the time when such stocks may be left
on deposit with the Auditor of State, such person
or association Of persons shall be entitled To re
GeiHe from the Auditor an amount of such eircu-
laGig notes of different denominations, registered
and countersigned, equal to and not exceeding
A. Ill. h. \
ferred us aforesaid but such public stocks shall
in all cases be- be made to be, equal to stock
producing six per cent. per mum, and it shall
not be lawful for the Auditor Of State to take such
stock above its par value, nor above ats currehtt
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 Esferred to the Audi
tor of State for circulating notes, any part
thereof. shall depreciate in value III the New
York market. the Auditor Of State snail reduce
the rate at which the same shall be continued 10
be held as securities. and require such banking
association or banker owning such stocks. to
make up the deficiency with such additional
stocks as required by this act, to be transferred
and assigned, as aforesaid, or such banking asso-
citation or banker may make good such deficiency
hy returning to the Auditor of State such amount
OF bank bills, previously issued to him or them
created caused by the depreciation of said
stocks held security as aforesaid PrOUided,
That if in the opinion of the Auditor and Gov
ernor an stocks offered shall be deemed inse-
cure they shall not be received such securities
under the provisions of this act. . .f
SIC 5. Before any bank shall receive from the
Auditor Of State any circulating notes, as proyid-
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 notes that said bank |
shall receive, and the stockholders thereof shall
hie with the Auditor n certificate, to be attested
fla fha nff ANaN 4
banking association, that ten per cent of the cap
ita stock of such bank is paid in specie and on |
deposit, and shall remain in the vaults of said |
bank as an additional security to indemnify the
tanned in the other securities deposited with
the Auditor of State shall be insufficient to re
deem said bills .r ..sa
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" and the
place where the same were issu ed., a.,
SEC. 7. The Auditor may give to any person or
association Of persons, so transferring securities
in pursuance Of the provisions of this act, power
of attorney to receive interest dividends there
on, which said interest dividend such person or
association of persons may receive and apply to
their own use; but such power may be revoked
upon such person association of persons failing
TO redeem the banking notes so issued, and the
Auditor OF State, upon application of the owners
Of such transferred securities IN trust may in hi
discretion change or transfer the same for other
securities of the kind specified before in this act
or may transfer the said securities. or any mart
thereof, upon receiving and canceling an equal
amount of such circulating 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. s. The notes and bills discounted or pur-
chased, moneys loaned. and all other property,
effects dues, of every description, of all banks
or banki#g associations, organized under the pro-
visions Of this act, shall be assessed and taxed in
the city. ward village or town where the same is
located, for all State, county, town, school and
corporation purposes. in the name of (suchl bank
under the revenue laws, the same as the property
OF individuals. |- ~ sEf&F SD
SEC. 8. Any person or association of persons
may establish offices of discount deposit and cir
eulation, and become incorporated upon the terms
aud conditions, and subject to the liabilities pre-
se'lbed in sss act; but the aggregate of the cap
@I st eek VI such establishment shall not be less
UlaA twenty-five thousand dollars: Prorided That
no such office shall be established in any town
''SstAlAlng less than 900 Inhabitants.
&C. 10. Such person OF assOeiationof persons |
uef their hands and seals, shall make q cert f. /
- e which shall specify. first. the name assumed
~ usunguish the bank to be established pursu- |
sIt 70 this act, and to be used in all It's dealings
snieh name shall not be that Of any other bank
~ u'is St"te; second, the place where the bust
ss oi discount or deposit of such bank Is to be
particular city, town,
image and county; third, the amount IL capital
SIE OF such bank. and the number OF shares into
n. The same shall be divided; fourth the /
ne and place of residence of the shareholder or
q. 'Iaarehoiders in such bank. and the number of
held by them respectively; fifth, the period
= which such bank shall cummeuce-yhieh GER
=. iheate shall be acknowledged. and recorded in |
ue once OF the register of deeds of the county
sn me ONCE OF such bank may be estabii she'd.
ana copy thereof shall be filed in the Office OF
NE Auditor OF State; aud upon the recording Of
s t eeruhcate. the person persons aforesaid
snall become body polite and corporate. by the
name Ia assumed as aforesaid, and BY such name
etau have power to contract and be contracted |
win, sue and be sued, and shall have all other |
powers. privileges and immunities incident to |
Operations, and applicable to the end ct such |
s snniishments subject to the provisions and re-
eHletons of this act ~ Ec.-'f
=, SEC. IL. A copy Of the certificate required by
une next preceding section, duly certified by the
register of deeds Of tie county, by the Auditor
oil State, may be used evidences in ell courts for
CT against such bank, or any person o. persons for