The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1861-05-16

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State.
SECTION /. Be 1t enacted by TIE SenGt
and House Of Representatives Of tie Cam
anonaceayth Of Pennsylvania ia Genera
assembly met. anil II as hcye5y enactd'Gz
tie auttority Of the same. That 30 uch o
any act Of assembly a. declares or author
ICES the forfeiture Of the charter of any
bank Of incorporation having bsnkiug
privileges, or iu3icts any penalties or re.
s,rictions, or authorizes any compusory
assignment, for or by reason Of the failure
or refusal Of any such bank or iucorpora.
ton to redeem its notes aud pay it, la-
bili!ies, in gold and silver coiD, since the
ninetceth day of Noscmber, Ammo Douli.
nj one thousand eight buDdEei and sixt7,
be and the same is hereby sa=Fended un
I'll the second Tuesday of October, An
no Domini one thou-snd eight hundred
end sixty oBe; ana all forfctures, penal
ties or liabilities, arising therefrom or in
Cured By reason of eDy failure to comply
with the provisions OF any o. all Ia IS reg
ulating the sane, or hereafter iUcarrcd
before the said second Tuesday OF Oeto-
Der, Auuo Domini ono thousand eight
hundred and sixty Que, be and the -ame
are hereby re'oitted; and the notes OF SOL
yeDt banks Of this Stste, which we're yay,
ing specie on the said niaetceD:b day Of
November, AnDo Domjnj one thoutand
eight hundred and sixty, shall be dee ned
tax and computed, for all purposes, as
the notes Of and balance due from specie
paTiog banks, FROM the said nineteenth
day Of Nogenter, Ammo DouiGi one thou
sand eight hundred AMI sixty, until the
second TUESDAY Of Osioter. o0e thousand
eight hundred and sixty one; and all for
FIXTURES or penalties incurred By any bank
or incorporation. for or byreason Of their
haviug used, treated or computed the
notes Of such suspended %aak> OF this
state as were paying specie Oh the niue.
teenth day OF Move mbcr, Anuo Dom:8i
one thou1ani eizat hUndred ana sixty, a7
the notes of specie paying banks, are
hereby remi,ted; and 50 much thereof as
prohibits aDy bank from making loans
and discounts, issuing its oSn notee or the
notes Of other banks incorporated under
the laws Of this comongealtb, though not
specie paying. or declaring digiiends gu
ring the suspension of ,pecie payments.
or from loauing or discoubtiBg withont
the requisite amount of sPccie or specie
funds as aforesaid. be sGd the same i.
hereby suspended until the year aforesaid:
Pr0Cicied, That no director Of any hank
sball be borrower in said bank. at any
one time, foE greater sriouut than fse
FER ceDtum on the capital stock paid in /;
and the gro-s amount loaned TO all the Gi-
rectors and ether officers Of said tauks.
and to the bouscs or firms 10 which tbeY
may he interested, directly or Indirectly.
.hall not exceed, at any one time, the sum
Of ten pei cebtum CD tie capital stock
paid in; sDd that article thirteen Of the
tenth section of the act, entitled "Ap Act
regulating banks. approved the sixteenth
Of April one thousand eight bandred aud
fifty, shall not be so construed a. TO pro
bibit the banks Of this CON oDwealth
from receiving the notes of banks Of 9TH
or States at sucb rates Of discount as may
enable them, without loss, to send the
same out Of the state for conversion or
redemption, aud for such purpose ouly {:
PrOrided. That the stockholders Of said
banks, at their annual meeting, as requir-
ed BY Law, uay fz the uuEster Of dlrec-
tors to &c elected, 10 conduct the affairs
OF said bank, at sycb uunher as they n =
then determine; said nuu.b ber shall not be
less than ire, roy more thar thirteen; and
when the number of said directors shall
be sereD, or any less number, majority
then shall be necessary to constitute a
auorun for business.
SEC. 2. That all meetings Of stockbol-
ders Of said banks Of thi. CON nonwealth,
and in conducting the elections for direc-
tors thereof, the stockholders shall BE- en-
titled to vote 10 proportion to the num-
Der Of shares held By them respectively,
as follows; that is to say: For every
share of stcek, not exceeding ten shares,
the holder shall be entitled to one vote;
for every two shares Of stock above ten,
and not exceeding twenty additional
the holder shall te entitled to one vote !;
and for eVerg~fVe shares Of stock above
thirty and not exceeding one hundred
the holder shall be entitled to one vote;
and for every ten shares above one hun
dred, one vote PrOU5ded, That the right
to vote by proxy at elections for direc-
tors, is hereby conferred upon the stock
holders of all banks Of this commonwealth,
subject to the provisions of the act of
twenty eighth of March, one thousand
eight hundred and sixty, relative thereto:
Provided, Such proxies shall not have
been obtained more then sixty days be-
fore such election: Provided further, That
the banks of this commonwealth may