The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1861-09-28
az ACT
To authorize the business Of Banking.
Be Il ersacted blythe Lssislatsre Of tie State Of

Kansas:
SECTION l. That it is hereby made the.dnty of
the Auditor of State, applieasios. of any per-
son or association of persons wishing to organize
under this act to cause TO be engraved and print
ed. in the brst manner TO guard against counter
feiing, such quantity of circulating notes, in the
siniiirude of bask notes. an blank. of the diffrT
ent denoninatiens hereinafter authorized to be
issued. as may from time TO time be needed t.
meet The demands of those organizations foF the
purpose of banking; and all necessary expenses
in procuring such circulating notes, in blank
shall be charged to, aad paid by, the banker or
han king association at whose solicitation and for
which the same are furnished. s,
SEC.2 Saeh bank notes, in blank, procured
Aforesaid shall be of the denominations usually
issued by banks, from dollar to one hundred
dollars but such notes shall not be any in,tr-
ms diate denOmi nation between one and two, two
and three, three and five, Eve and tensdoIlars. tn
and twenty, twenty and fifty or, fifty and one
hundred dollars.
SEC J. Such blank circulating notes shall be
countersigned by such Au itor of State, and num-
| bered and registered in proper books. to b., kept
for that purpose. in his offc, and under his di-
IT ctiOn by the utitor himself such person or
persons as the Auditor shall appoint that each
| denomination of such circulating not shall 10"
of the same similtude anu all bear the unio rm
! signature of such Auditor of State and X CUSTER
| SEC Whenever any person or association of
persons, forIned for the purpose uf banking under
/ the provisions of this act. shall duly assign or
transfer in trust, the Auditor of this State,
|
by tie United States s, the stocks Of the State Of
! Kansas said stocks to be valued at u rate to be
estimated and gov. rned by the average rate at
which such stacks are sold in the city of New
York, at the time when such stocks may be left
on deIpsit with the Auditor of State, such person
or association of persons shall be entitled to re
eeiye frum the Auditor an amount OF such rcu-
uting notes of different determinations registered
and countersgned, equal to and not exceeding
! the amount of public stocks assigned and trans
ferred as aforesaid but such public stocks shall
in all cases be, or be made to be, equal to stock
| producing six per cent. per annunr, and it shall
not be lawful for the Auditor of 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 10y such
| rCrson or association of persons 1t at any time
the stocks assigned and transferred to the Audi
| tor IF State for circulating notes, any j,art
thereof shall depreciate in valu. in the New
York market, the Auditor of State shall reduce
the rate at which the same shall be cont ued t.,
be held securities, and require such banking
! association or banker. owning such stocks, tu
tmake UP the Il, ticicEcy wltn such additional
stocks. as qured by this act, to be transferred
and assigned, aforesaid, or such banking assu-
station or banker In;iy make good such deficiency
hS returning to the Auditor of State such amruHt
EoI bank bills, previously issued to him or them
as shall be equal to the deficiency Of curIties
created caused by the depreciation of said
stocks held security as aforesaid PTOuiied
That If, in the opinion of the AuflUor and Gov
ernor any stocks offered shall be deemed ins..
cure they shall not be received such securities
under the provisions of this act
SEC. 5. Before any bank shall receive from the
Auditor of State any circulating as pruvid-
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 Lotcs that said ba k
shall receive, and the stockholders til, reuf shall
file with the Auditor certificate, to be attested
by the oaths of the pre- 'ident and cashier of such
banking association, that ten per cent. of the
itaI stock of such bank Is pad 10 s;ecie and on
deposit, and shall remain in the vaults Of said
bank as an additional security 10 indemnify the
bill holders against any loss that NAV be sus
tanned, in the other securities deposited will
the Auditor OF State shall be Insufficient to re-
deem said bills. .-.-...-
1 SIC g. The bills and notes SO to be counter
signed and registered, the payment Of which
shall be secuted by the transf of public at. cks
shall have engraved upon their face the words
S cured by pledge oil public Stocks and tht
place where the same were issued.
SEC 7. The Auditor inny give to any person Oh
association of persons. so transferring securItie,
in pursuance of the provisions of this act, power
lef attorney recei. interest dividends there
on, which said interest or diyiiend such person o.
association of persons may receive and apply I,
their own USE; but such power may be r,.vokeC
upon such person or citation If persons faiIina
| to redeem the bal KING HofI issued, and tn,
Auditor of State, upon apple t en- of the owner
of such transferred securities rust, may in hi
discretion change transfer the same for othe
securities of the kind specified bef0re in this act
OF may transfer the said securities. or any par
thereof, upon receiving and canceiing an squa
amou It of such CT cuiating notes delivered hin
by such person or association of perso IS, Ia sucl
manner that the circular ing notes shall always b
secured in full, as in this act provided
| Sac. 6. The notes and bills discounted or pur
chased. moneys loaned, and all o'h,r property
effects or dnes, of every description of all ban
or banking associations, organized uLder the pro
visions of this act, shall be d and taxed il
located, for all State, county, town. school an,
corporation purposes. in the nHnIe of [such ba n
or banking association, to the extent an,
a und, the revenue laws, the same as the propert
of individuals.
i SEC. 8. Any person or association of person
may establish offices Of discount, deposit and cir
= eulation and b, come Incorporated upon the term
and conditions, and subject 60 the liabilities pre-
scribed in this act; but the aggregate of the caI
ital st eek of such establishment shall not be les
than twenty five thousand dollars: Provided. Tha
c no such Office shall be established in any tow
containing less than 900 Inhabitants.
. SEC. 10. Such person associationof persons
4 under their hands aud seals, shall make cert
cate which shall specify, first, the name assume
ito distinguish the bank TO be established pursr
); ant 10 this act. and to be used in AL its dealing
e which name shall not be that of any other ban
. in this Stste; second, the place where the bus
!. ness Of discount or dcposit7of such bank Is to
carried on, desig- ating the particular city, towI
!, village and county; third, the usnount Of capt
E Ol SUCH Os1hh, OF shares
: which the same shall he div.d d: fourth, til
: name and place of residence of the SHAREHOLDER {
shareholders ia such bank, aud the number .
shares held BY them respectively: fifth the perio
e at Which such bans shall eummenee-wliehAee
= It6eate shall be acknowledged, and recorded
tue office Of the register Of deeds of the count
where the office Of such bank may be es abli she,
: aud q copy thereof shall be fled in the Office
9 the AudItor of State; and uron tiIe recording
Il such certificate. the person persons aforesai
shall beeOsne a body polite aud corporate by Il
name assumed as aforesaid, and by such nan
i shall have power 20 contract and Be contraete
e with, sue and be sued. aad shah have ali 9th,
. powers. privileges and immnnities iae;deE. !,
q corporations. and applicable to the end Of suc
! ESTABLISHMENTS. subject to the Provisions and =.
= SIC H. copy Of the certificate requires .
J. me next presiding section, duly eertifsd by q
register OF deeds Of ihe county. or by .e Aalais.
= Of STATE. nay De used as evidence in all courts
d. sgeinss sSeh bank.0r any p~rsUn q perpcus +
4sxL Il LII Skss