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

banking, by diseounting bills, notes, and other
evidences OF debt, by receiving deposits, by buy
ing and selling gold and silver bullion, foreign
coin and foreign and inland bills of exchange, BY
losning money on real or personal securities, and
by exercising such incidental powers may be
necessary to carry on such business may choose
one OF their number as president, and appoint
cashier and such other officers as their business
may require, and to remove such president, cash
Ter, officers and agents at pleasure, and to appoint
others in their places; but such association or
under this act, until such association or banker
shall have deposited with the Auditor of State the
securities required by this act.
See. b. The shares in such bank shall be
deemed personal property, and shall be transfer
able on the books of the bank in such man ner as
may be agreed upon in the article organizing such
bank, and every person becoming stakeholder
therein shall, in proportion to his interest, sue
coed to all the rights and be subject to all the liza
bilities of prior shareholder shareholders;
change shall be made in the articles organizing
such bank, whereby the rights, remedies Sc
curities Of existing creditors shSff be in any
ner impaired, and any ASSOCIATION constituting
such bank shall not be dissolved by the death
or insanity Of any one of the shareholders there
SEC IA. If the maker makers of any such
circulating note notes. countersigned and regis
tered aforesaid, shall any time hereafter, on
lawful demand, during the usual hours of bust
ness, 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 holder or holders of such note notes
making such demand may cause the same to be
protested, for non payment, by notary public
under his official SEAL but the maker maker of
such note notes shall not be liable for the ex-
pense of SO protesting the same, unless. such
demand and refusal so 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 regular
protest thereof; and such notary shall, on pro-
protest to the Auditor Of State the notary max
ing such protest shall certify in his notice of pro-
test the number of notes which said paving
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, to-
gether with such note or notes aforesaid, shall
forthwith give notice in writing to the maker or
makers of such note notes, to pay the same; and
if they shall omit to do SO for twenty days after
such notice, the Auditor shall Immediately there
upon, unless he shall be satisfied Tia re is a good
and legal defense against the payment of such
note or notes, give notice that all the circulating
notes of such person or association of persons
and countersigned and registered as aforesaid
will be redeemed out of the trust funds in his
hands for that purpose, which notice shall be
given by publishing the same in some newspaper
printed in the county " here the business of such
bank is established, and in some newspaper
printed at the seat of government Of this State;
and the Auditor of State shall be required to ap-
ply the sSld trust funds belonging to the maker
or makers OF such protested note notes, to the
payment of all circulating notes, whether pro-
tested or not, put in circulation by the maker
makers of such protested note or notes. pursuant
to the provisions of this act, and to adopt such
measures for the payment of such notes 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 sd id
twenty days, and after giving thirty days notice,
by publication in newspaper printed at the seat
OF government of this State and in daily news
paper printed in the city of New York, proceed
TO sell. at the Merchants Exchange, in the city of
New York, at public auction, the securities go
pledged, and out of the proceeds of such sale shall
pay pro rata and cancel all bills and notes which
have been issued and put in circulation by such
bank under the provisions of this act; but moth
ing in this act contained shall be considered as
implying any pledge on the part of this State, for
the payment of such bills or notes, beyond the
proper application of the securities pledged to the
Auditor of State for their redemption.
SEC. Is. Such bank or banking association shall
be liable to pay the holder of every bill or note
put IN circulation as money, the payment of which
shall have been demanded and refused, at the
banking house usual place of business of such
association or bankers, damage for non payment
thereof, from the time of such refusal until the
payment of such evidence of debt, and damages
thereon. >.
SEC 16 1t shall not be lawful for the Auditor
of State or his deputy, to countersign bills or
notes for any association or banker TO an amount
IN the aggregate exceeding the securities at their
value, as before provided in this act, deposited
with him in trust by such association banker,
or to use or dispose of such securities in any man
ner other than provided for in this act; and any
Auditor of State. deputy who shall violate the
provisions of this section, shall upon conviction.
be deemed guilty of misdemeanor, and be pun
ished by fine not less than five thousand dol
lars, or be imprisoned not less than five years in
the States prison, or by both such fine and i'm
prisonment. .
SEC, II. 1t shall be lawful for any person or
association OF persons organized under the pro-
visions of this by his or their articles of asso
ciation to provide for increase of their capital
stock and of the numbers of the association, from
time to time. as they may think proper.
SEC Is. Contracts made by any bank or bank
ing associations established by the provisions of
this act. and all notes or bills issued and put in
circulation as money, shall be signed by the pres
ident and cashier thereof, and all suits, actions
and proceedings brought or prosecuted by and in
behalf OF such bank or banking association, shall
be brought and prosecuted In the corporate name
mentioned in the certificate made and fled as
hereinbefore required. OF Errr"s vi.
SEo 10. 1t shall be lawful Cor such bank or
backing association to purchase, hold and con-
vey real estate for the following purposes: First
Such as shall lie necessary for its immediate
accommodation in the convenient transactions of
its business Seeond-Such "a shall be mortgag
ed to It III good faith by way of security for loans
made by, or money due to. such bank. Third
Such as shall be conveyed to it in satisfaction of
debts previously contracted in the course of its
rOuTtu-0ucu as IL shall acquire by
sale execution decree of any court in its ia
vor Tho said bank shall not purchase, hold or
convey real estate in any other case or for any
other purpose whatever, and all conferences of
such real estate shall be made to the corporations
aud which real estate the president and cashier
may sell. assign, grant or convey, under the di-
reeton of the association, free from any claim
thereon IN laSor of or against the shareholders
or any person claiming under them. -s sa--
SIC ~. The president and cashier OF every
bank formed pursuant to the provisions of this
act, shall. at all times. keep true and correct
list of the names of all the shareholders of such
bank. with the amount of stock held by each
the times of transfer and to whom transferred.
and shall file copy Of such list in the Office of
the register of deeds of the county wherein such
bank may be located and also. in the office OF the
Auditor of Stat, ON the first Monday ia January
and July in each year, and the stockholders in
each bank shall be Individually liable in amount
equal TO double the amount OF stock owned by
them. for all the debts of such bank. and such
individual liability shall continue for one year
n l.. q