The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1861-11-02
AN ACT


SECTION l. That it is hereby made the duty of
the Auditor OF State, on application of any per
son or association ofpersons wishing TO organize
under this act, Ito cause to be engraved and print
4 in the best manner to guard against counter
titrg, such quantity of circulating notes in the
Gnitude of bank notes, in blank, of the differ
srt denomi nations hereinafter authorized to be
i.,ued Us uIay from time to time be needed to
meet the demands of those organizations for the
purpose of banking; and oil necessary expenses
IN procuring such circulating notes, in blank,
shah be charged to, and paid by, the banker or
banking association at whose solicitation and for
Sbchythe same are furnished. Il
SEC. 2 Such bank notes, in blank, so procured
rs aforesaid, shall be of the determinations usually
issued by banks, from one dollar to one hundred
dollars but such notes shall not be of any inter
mediate den nomination. between one and two, two
and three three and five, five and ten dollars, ten
and twenty. twenty and fifty or fifty and one
SEC 3 Such blank circulating notes shall be
eeuntersigned by such Auditor of State, and num-
lersd and registered in proper books, to be kept
for that purpose, in his offic. and under his di
recdon by the Auditor himself or such person or
persons ms the Auditor shall appoint so that each
denomination of such circulating notes shall be
Of the same siuliiitude and all bear the uniform
signature of such Auditor of State and Register.
SEC. t. Whenever any person or association of
persons, formed for the purpose of banking under
the yisions of this act, shall duly assign or
transfer, IN trust, to the Auditor of this State, any
portion Of the public stocks issued, or to be Issued
Is the United States or the stocks of the State of
Kansas said stocks to be valued at 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
.,eeiye from the Auditor amount OF such eircu-
Iating notes of different denominations, registered
and countersigned, equal to and not exceeding
the amount of public stocks assigned and trans
af saiI nj such nublIc atoeks shall
in all cases be, or be made to be, equal to stock
producing six per cent per annum, and 1t shall
not be lawful for the Auditor of State to take such
stock above its par value, nor above It's current
market value in the city of New York, on the
stock exchange, at the time of deposit by such
person association Of persons. If at any time
the stocks assigned and trd nsferred to the Audi
of State for circulating notes, any part
thereof, shall depreciate in value in the New
q York market. the Auditor of State shall reduce
g the rate at which the same shall be continued to
be held as securities, and require such banking
association or banker owning such stocks. to
make up the deficiency with such additional
stocks. asrequired by this act, to be transferred
and assened,- as afor~saids or sueh-banking asso-
citation or banker may make good such deficiency
by returning to hfvAuditor of State sIlch amount
oil bank bills, apret ious yissued to him them.
as shall be equal to the deficiency of securities
created or caused by the depreciation of said
stocks held as security as aforesaid z PrOohsd,
t'Thatif 4 n the opinion Of the Auditor and Gov
STOCKS Snail ne USSiAGu lnSS-
cure they shall not be ceived such sec urites
under the provisions OF this act! ID or
SIC. 5. Before any bank shall receive from the
Auditor Of State any circulating notes, ms provid
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
file with the auditor a certificate, to be attested
by the oaths of the pre- ,ident and cashier of such
banking association. that ten per cent of .he cap
Itai stock OF such ban is paid in sFecie5and on
deposit, and shall remain in the vaults OF said
baEk as an additional security to indemnify the
bIll-hoders against any loss that may, be slIs-
tained in ease the other securities deposited with
the Auditor of State shall be insufficient to re-
deem F F bin. notes % 70 s.
signed and registered, the payment of which
shall be secured by the transfer Of public stocks
q, shall have engraved upon their face the words:
Secured by pledge OF public Stocks" and the
place where the same were issued.
SEC. 7. The Ahditorma give to any person or
association Eof persons, transferring securities
in pursuance of the provisions of this act, power
Of attorney to receive Interest or dividends there
on which said interest or 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 ushransfsrrsd securities IN trust, may in hi
discretion change or transfer the same for other
seceritiee of the kind specified before in this act
may transfer the said securites.or any part
8 shsreSf, apun "reseiying and canceEfng an egpal
amount 81 Such cifcuiafihg notes deiiSefsd to Tim
by such person or association of persons, in such
manner that ting notes shall always be
secured in fun, as in this act provided.
SEC, g. The notesahds bills discounted or pur-
chased, moneys loaned, and all other property.
effects dues, of every description, of all banks
banking ASSOCIATIONS, .organized under the pro
visions of this oct. shall beassessedand 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 [sueh bank
or banking association, to the same extent and
under the revenue laws, the same as the property
ofindiS iduals. ~ p b 30 z-Fl1 Z rl -.. =
SEC 81 ANY person or association of person:
may establish offices of discount, deposit aud cir
eulation, and become Incorporated upon the term.
and condsiens;and sub ect TO the liabilities, pre-
Snoed IN tins act; but the aggregate OF the cap
nal stock of such establishments shall not be ies:
than twenty-five thousand dollars: PToRded, Tha
no such office shall be established in any towI
containing less than 2O0inhabitants. l.fii 55r=
sc 10. Such person or associationof persons
under their hands and seals, shall make q cert
cate which shall specify, first, the name assum ed
70 distinguish the bank to be established purAu
ant TO this act, and to be used in all its dealings
winch namo shall not be that of any other bani
IN this Stste; second, the place where the bust
ness of discount or deposit of such bank Is to b,
carried on, designating the particular city, town
z uiaSe and county; third, the amount of capita
s'9ek of such bank, and the number Of shares int
which the same shall be divided fourth tn,
name and place ofresidenee OF. the Shareholder o.
shareheiderszin such bank. and the number o
thares held by them respectively; fifth. the peroC
1t which such bank shall conr1ence-w Ger
uhcate shalt be acknowledged, and recorded il
Inc otflce of the register of deeds of the count,
where the Office of such bank may be es cabIi she'd
and copy thereof shall be filed in the o flee Q
Inc AUDITOR OF State; and upon the recording @
sucli Certificate. the person or persons aforesai,
shall become . BODY polite aud corporrte by tn
name assumed as Aforesaid, and By such nam
shall have power to contract and be contraete,
with, sue aud be sued, aud shall have all othe
b Lovers privileges aud ifnrluhitiss Incident t
corporations, and applicable % The. end OF sue
estabshmenis, subject to the PFosisi1offIs ahd Re
- Sc H. 4 COPY ii the certificate altel ,
The next preceding ssStion, duly certified by u
regster ~ dessfs n ne county, az by the Au1ite
Of Stats MAJ, 14sd rs svi4saee L al coltrtst,
OF against such bank or any person or persons f