, 1861-10-19
Tine NEW BANK BILL.

sKoT1na 1. Be- Il enacted BY Tho Epp21ofkae
6ate q Mtnois, rtpyssen:ad |" he Ge,ierd ~
established bonk, with 80 many branches as
shAN be organized under this charter, to. b |
Known and styled The Union Bank Of Ini-
noIe," which ehal continue as such for the
term Of twenty I'VE years, rom the date OF ies
Thereafter as shall be necessary promptly to
close tte business, IS heEelnatter provided.
So That s. stasts Taylor, Maurice B.Brown.
James Mi1, Thomas a. Marshall, J. Young
els 4. Hoffman, Theron .. Brewster, William
BraWn Of Jacksonyllle, James ". Singleton,
Lev is Howell aud Thomas J. Turner are here
by appointed commissioners, who, before en-.
tering upon their duties, shall take IN oath I
diligently, faithfully and fmp2rtlally to per-
form the dutles assigned them by this act. |
Thcy shall keep true record Of al their pro
cs e1irgs; which, together with all the books I
ant reEefs Tertzining thereto: they shall de- t
ahen the same Is Organized.
l. IS -Se1d commissioners shall meet at the !
cry, of Springfield, within ninety days after |
the ratification OF this act BY the people and |
shall die or Tcsign, they shal fill such vacancy |
CT vacancies by the appointment Of some suit-
ahle persoDs thereto; and they, or majority !
Of them, are authorized, and it shall be their |
6uty, TO divide the State into not less than |
ten nor more than thirty bank districts, and to |
lncate one branch Of said bank in each Of said |
dstriets, ct such place as they shall desiguate:
Rosided, ard districts shall be made as equal
as practicable, having reference to the popnlR-
tion and business Of the s Fate and they shall
appoint two commissioners for each Of !
sud districts, Tho ehal1 be residents theTeln,
to receive subscriptions OF stock and perform
euch other dulles as may be required oy ta1s
act. If eaid commissioners do not make the |
whole number Of districts authorized by this
act the board Of directors Of the bank may, at
any time after being organized, Lay of, from
time to time, additional districts, and locate
branches therein FYouidad, that the whole
number established shall not exceed the nun
ber herein authorized.
81. should any Of the branehes herain es-
tablished tail to organize, as herein contempla-
ted, it shall be the duty Of the directors Of the
by any number Of citizens, resident IN such
district, who will be responsible for the e4-
| pense, to open books Of subscription within
such districts, and locate and organize branch
therein, at such place as they may select, if
the amount Of stock herein required shall be
taken and paid for underline provisions Of this
| act
| SIS. The said bark shall keep an office At
| the city OF Springfield and the directors
thereof shall meet and hold their sessions at
least once in three months. It shall be body
corporate and polite, with power to sue snd
be sued, PLEAD and be implicated in any court
Of law or equity having Jurisdiction, and to
transact all other lawful business herein per
mitted them to do; and shall have power,b ,bY and
through her branches, and not otherwise, to
loan money, buy, sell and negotiate bills Of ex-
change, cheeks, ,promissery notes and other
evidences OF debt; to discount, on banking
principles and usages, bills Of exchange, post
notes, promtssory notes, and other negotiable
paper or obligations for the payment OF money;
to receive deposits, to bny and sell gold, sill
yer, bullion and foreign coins: to draW, Issue
and pnt in circulation bills, notes, post notes,
bills Of exchange, and other evidences Of debt,
payable to order or bearer, and not otherwise;
oHd all such notea and hills put in circulation
J. as money, except post notes and bills Of ex-
change, shall be Eade payable on demand; to
: make and use common seal, and to alter the
same st pleasure +; to make such by. LAWS As
they may choose, not inconsistent with the
constitution Of the United States and the con-
stitution and Laws Of this State; and to e1er.
else such other Incidental powers as shall be
necessary to carry on such business.
Sc. The real estate which it shall be lawful
for sald hank to purchase, hold snd convey,
shall be: First, such as shall be required for
| Its INN mediate accommodation in the couve-
bient Transaction Of its business or, second,
such as shall have been mortgaged to it, in
| good faith, BY way OF security for stock, loans
previously contracted OF for moneys due; or,
third, EnCh as shall have been conveyed to It
in sasistaction Of debts previously contracted
! aR shall have been purchased at sales Rpon
! Judgments, DEGREES or mortgages, rendered,
! obtained OF made for such debts !; and the said
{ bunk ehal cot purchase, hold or convey res]
pose and al such real estate, not absolutely
il beeessa7y for the convenient discharge Of it,
: bnsiDesE, shall he offered at least once q ysaz
st public sale, describing the property to bs
= eolG in at least one IeEapsper in the dlstr1c
/ wheze said bank is situate, and posting thrst
:. W1itten notices IL Tic most public places il
u | tie town where the bEnk il located, sud shal
:, be eoId, if tie same will bring the amount 0
q tie debt, interest. and costs, for which tn
3 same mny have been bought, received @
d ter ceGuctiug all profits received therelrom
Le Ii such real estate cannot be sold at the rate
6 and IN the manner prescribed, after being s.
y offered for two consecutive years, then suc
1t bank shall be authorized to sell, dispose c
5, aId convey the game at private sale, on tn
4 bsst terms it may be able to obtain therefor.
~ 81 AL eonEeyances OF real estate shall 3
y signed by tho president Of the bans, undf
ic' the seal Of said bank
N SIS. The said bank shall not at any time sui
"a psnd or refuse payment, in gold or silver, I
In any Of it's notes, bills, or obligations, due {
~ pa; able, nor Of any moneys received uPo
'ts dtposit; and If said bank at any time refuse
re neglect to pay any bill note o. obligation
" usual banking hours, at the proper brane
ID where the same Is payable, according to Il
Bt contract, promise or undertaking therein e
~ pressed, Or shall neglect or refuse to pay, {
OF demand, as Aforesaid, any moneys received {
5e- receive The same, then. and In every sReh cas-
lp' the holder Of any such bill, note or o5Ggatio
IN CT the person or pezsJns entitled to demss
sfa Cr receive sRch money, as aforesaid, shall
o1 electire1y be entitled to receive and u recov
1e. shall be fully paid aua satief3Gd, ut the rate
I'd Twelve per centIm per annum, from the tiI
he Of such demand, IS aforesaid !; and any bran
ny 60 falling to meet its engagements may
8 / closed az IN case Of Insolvency, as specified
we section thi1ty.fye.
les So. The said bark, and each and every bran
her thereof, shall mutually be responsible for
~ the debts, notes and engagements OF ca
Mole M other; aud the stcckholders Of each a7d evt
9tn branch shall be held and bound to an aIaoI
n over and above their stock, equal to their
til epectiye shares Of stock, for all the debts q
be, liabilities Of said bark or any Of her branch
[es~ Such Liability shall continue upon all sto
esa holders for all debts and engagements MI
tn" during the time they hold such stock, u
are withdrawing the transfer Of the aane, for t
Rad period Of six months after such transfer.
MI" $40. AL suits or actions against said ba,
on aDy contract or engagement made Or
l. bility incurred b; the board Of directors
tie bank, OF on my contract or engagen
u ade OF liability incurred BY the board Of
par rectors Of amy branch, OF any bsnk bill Or nc
yes q al be brought against "The Unioa BAnf
Illinois,"
49,. s11. The process in such case shall be a 81
tne mobs, and shall be served on the presiden
ing Stat,;i;t ~ ;e1s ,1aS e.. 6 aS,i hapa <
ant made by the board Of directors Of said ba'
n os ard in all cases where the contract, eng
~ ~ nlent or liability eued Oh, has been ma1t
~. oe incurred BY branch, the process shall
~, served on the president Of such branch;
"a Sc, also, Hhere the suit shall be brought
- ~ any bank bill or note, the process eha1l
~, served en- the pre8tdent Of the branch at VT
~. snch bill or note Ehall have been made paya
= ~ or, in all such cases, copy Of the process
-ars be left at the banking house or plac& OF dc
20 business Of the bank, or Of the proper btas
~ as the case may be, during the usual hour
1e7 business, which shall be good service.
- :, S12. 1t is hereby made the duty of
=, PretAdent or any other officer Of any bra
: 81 - knowing Of any Buch service, forthwith
.,.T rotify the president and directors Of the
"a1 thereof In all suits brought against said
1of | On aly note, engagement or liability Of
~ .at* b1anch, such suit shall be brought in
- | County where such branch may be stu
ftoa and all suits brought against the bank on
.5se .;ss note, engagement OF Inability Of the b1
5aT. shall be brought Ia the county Of sapgau
aI4o a5 S13. Said bank ehal1 be entitled to ch
al. ard receive, for moneys loaned, any rat
,na1 interest not exceeding seven per centum
49, annum, and to discount According to
KS uEages; and, In computation of tiMe, Il
~ - days Bhan be q month, and tWeaTa mont
tan5 year; bu! It ehau not, directly nor tndire
S5th' place any money Ia the hands OF any br
st,nn or any person, to be loaned to others
,hich charge, take or receive my interest, CON
then sation or benefit whatever, from any
a. ~ made by any ether person Or party, whs
cSaJ such loan be made from its Own fund
t1.4- | otherwise.