White Cloud Kansas chief. [volume] (White Cloud, Kan.) 1857-1872, 1861-10-03

ing and selling gold and silver bullion, foreign
coin and foreign aud inland bills of exchange,
BY loaning money and personal securities, and
by exercising such incidental powers q may be
neceaary to carry on such business; may choose
one Of their number a. president and appoint
q cashier and such other officers as their bust
ness may require, and to remove such president,
cashier, officers, and agents at pleasure, and to
appoint others in their places; but no such asso-
citation or banker shall commence the business
| Of banking under this act, until such nssocia-
ton or banker shall have deposited with the
Auditor of State the securities required BY this
act.
SEc. -. The shares in such bank shall be
deemed personal property, and shall be trans
ferable on the books Of the bank in such man
ner a. may be agreed upon in the article organ
izing such bank, and every person becoming q
stockhoader therein, shall in proportion 70 bis
interest, succeed to all the rights and be subject
to oil the liabilities Of prior shareholder or share
holders; no change shall be made in the arti-
cles organizing such bank, whereby the
rights, remedies or securities Of existing credi-
tors shall be in any manner impaired, and any
association constructing such bank shall not be
dissolved BY the death or insanity Of any one Of
the shareholders therein.
SEC. IA. If the maker or makers of any such
circulating note or notes, c0untersigned and reg
stered as aforesaid, shall, at any time hereafter
on lawful demand, during the usual hours Of
business, at the place where such note or notes
Is or are made payable, fail or refuse TO redeem
such note or notes, in the lawful money of the
United States, the holders of such note or
vnnkinD asrnh nd he
same 10 be protested, for non payment, by no
tary public under his Official seal, but the ma
ker or makers of such note or notes shall not
be liable for the expense Of 30 protesting the
same, unless, on such demand and refusal 50 to
redeem the same, he or they shall refuse to
waive protest and notice of protest thereon, and
such waiver Of protest shall. in all cases be
deemed equivalent to the regularprotest thereof;
and such notary shall, on protesting the same,
forthwith forward notice ofsuch protestto the Au-
ditor Of State; the notary making such protest
shall certify in bis notice of protest the number
of notes on which said paying was refused, and
describe them by their numbers and letters, and
shall also certify to the aggregate amount of
said notes; the Auditor Of state on receiving
and filing in his Office such protest, together
with such note or notes aforesaid, shall forth
with give notice, in writing, to the maker OF ma
kers Of such note or notes to pay the same; and
if they shall omit to do so for twenty days af
ter such notice, the Auditor shall Immediately
therupon, unless he shall be satisfied there is a
good and legal defense against the payment of
such note or notes, give notice that all the cir
culating notes Of such person or association of
persons and countersigned and registered as
will be redeemed out of the trust |
funds in his hands for that purpose, which no.
tice shall be given by publishing the same in |
some newspaper printed in the County where |
the business of such bank is established, and in |
some newspaper printed at the seat of govern |
ment of this State; and the Auditor of State
shall be required to apply the said trust funds
belonging to the maker or makers of such pro-
tested note or notes, to the payment of all cir
rulating notes, whether protested Or not, put in
by the maker or makers of such pro-
'ested note or notes, pursuant to the provisions
Of this act, and to adopt such measures for the
payment OF such notes as will, in his opinion,
most effectually prevent loss to the holder of
such notes: and, to this end, the Auditor of
state may, after the expiration of said twenty
lays, and after giving thirty days notice by pub.
ication in newspaper printed at the seat of +
government of this State and in a daily news
'aper printed in the city of New York, proceed
o cell, at the Merchants Exchange, in the city
It New York, at public auction. the securities
o pledged, and, out of the proceeds of such
so SHosA P"y Pto anu CuuCct UltiB 1UU IL
otes which have been issued and put in circu.
alton BY such bank under the provisions of this
ct; but nothing in this act contained shall be ;
onsidered as implying any pledge on the part ,
this State, for the payment of such bills or
otes beyond the proper application of the Sc ,
urities pledged to the Auditor of State for their
exemption.
SEC. Is. Such bank or banking association l.
hall be liable to pay the holder of every bill or
ote put IN circulation as money the payment
which shall have been demanded and refused, {;
the banking house or usual place of business
such association or banker, damage for nom +.
ayment thereof, from the time of such refusal !
it'll the payment of such evidence of debt, and !
amages thereon.
SEC. l6. 1t shall not be lawful for the Auditor 3
State or his deputy, to countersign bills or Q
,tes for any association or banker to an amount !.
the aggregate, exceeding the securities at
eir value, as before provided in this act, de- =
'slted with him in trust by such association or :,
mixer, or to use or dispose of such securities in
y manner other than provided for in this act;
ID any Auditor Of State, or deputy, who shall :
olate :he provisions Of this section shall, up
! conviction, be deemed guilty OF INSIDE =
eanor, and be punished by fine not less than :,
e thousand dollars, or be imprisoned not less :.
an i've years in the States prison. or BY both :,
Oh fine and Imprisonment 17 eos. i'fi 81
SEC. IL. 1t shall be lawful for any person or y =.
ISOLATION OF persons organized under the pro- ;.
sions of this act, BY his or their articles of as ~
citation to provide for an increase of their =. a.
pital stock and of their numbers Of associa- w
m, from time to time, as they may think prop :,
SEC. 10. Contracts made by any bank or bank y
association established under the provisions 4.
this act, and all notes or bills issued and put us
circulation yn0nov chsIl ha hv he | W
esident and cashier thereof, and all suits, &C. "a
ms and proceedings brought or prosecuted by ~ =.
in behalf of such bank or banking aseocia- y.
n shall be brought and prosecuted in the cor. =
rate name mentioned in the certificate made ~ u.
4 filed as hereinbefore required. w ~
SEQ -. It shall be lawful for such bank or os
liking association to purchase, hold and convey =:
i estate, for the following purposes: First ~ ~
Oh as shall be necessary for its immediate ac- %
in the convenient transaction Of w -,
business. Secoud--Such as shall be mort s s
god to it in good faith by way of security for ~
ms made by, or meney due To-, such bank. n .,s
IS shall be conveyed TO it in salts =,
tion OF debts previously contracted in the ~ ~.
lrse OF its dealings. Fourth-Such as it %
III acquire by sale on execution or decree Of ~.
7 court in its favor. The said bank shall ul'
purchase, hold or convey real estate in any ~
Ter case or for any other purpose whatever, -
all conveyances of such real estate shall be s,.
de to the corporations, and which real estate =
president and cashier may sell, assign, grant r
!. free f,,n, an. .,s;.. ,ha. ~: c.s dit
against the shareholders or any person claim IS.
under them. 10 .st COZ
nc. 90. The president and cashier of every III
X formed pursuant to the provisions Of this ~,
, shall, at all times, keep true and correct me-
Of the names of all the shareholdara of euch N :