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

no and selling gold and silver bullion, foreign
oin and foreign and inland bills Of exchange,
" loaning money and personal securities, ana
" exercising such incidental powers as may DC
,ecessary to carry OH such business; may choose
me of their number as president and appoint
, cashier and such other officers as their ou'i
,ess NAV require, and to remove such presioeht'
cashier, officers, and agents at pleasure, anu :"
,ppoint others in their places; but no seeh asso-
.iatiop or banker shall commence the business
# banking under this act, until sueh assoc,a-
ion or banker shall have deposited with the
nd;tor of State the securities required by this
act.
iecmed personal property, and shall be trans
Earable on the books of the bank in such man
,er a. may be agreed upon in the article organ
zing such bank, and every person becoming
,tockholder therein, shall in proportion 70 MS
interest. succeed to all the rights and be subject
70 all the liabilities Of prior shareholder or share
holders; no change shall be made in the arti-
cles organizing such bank, whereby tne
rights, remedies or securities OF existinS creoi-
tors shall be in any manner impaired, ana an!
constructing such bank shall not De
bv the death or insanity OF any one of
the shareholders therein.
Src. "a. If the maker or makers of any such
note or notes, couutersigned and reg
istered 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
sncb note or notes, in the lawful money of the
limited States, the holders Of such note or
notes making such demand may cause the
tame 10 be protested. for nom ayment, by no.
tary public under his official seal, but the ma
ker or makers of such note or notes shall not
he liable for The expense of SO protesting the
same unless IN snch 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 protesting the same,
forthwith forward notice of such protestto the Au-
d;tor of State: the notary making such protest
shaIl certify in his 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
.aid notes: the Auditor of State on receiving
and fling in his Office such protest. together
with such note or notes as aforesaid, shall forth
with give notice, in writing, to the maker or ma
kers of such note or notes to pay the same; and
;f they shall omit to do so for twenty days al
ter sucb notice. the Auditor shall Immediately
therupon. miles. he shall be satisfied there is q
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
parsons and countersigned and registered as
aforesaid, 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 covers
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
culating notes, whether protested or not, put In
circulation by the maker or makers of such pro-
tested 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 oil
such notes: and, to this end, the Auditor oil
State may, after the expiration Of said twenty
days, and after giving thirty days no tice by pub
LEGATION in q newspaper printed at the seat Of
government of this State and in daily news
paper printed in the city Of New York, proceed
to cell, at the Merchants Exchange, in the city
SO 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 circu
lation by such bank under the provisions OF this
act; but nothing in this act contained shall be
considered as implying any pledge on the part
of this State, for the payment of such bills Of
notes beyond the proper application OF the Sc
curities pledged to the Auditor OF state Iort nell
redemption.
Sec. Is. Such bank or banking association
shall be liable to pay the holder Of every bill OF
note put in circulation as money the payment
of which shall have been demanded and refused
at the banking house or usual place of bushes:
of such association or banker, damage for non
payment thereof, from the time Of such refusal
until the payment of such evidence of debt, and
damages thereon.
Sec. l6. 1t shall not be lawful for the Auditor
of State or his deputy, to countersign bills Oh
notes for any association or banker to an amount
in the aggregate, exceeding the securities Al
their value, as before provided in this act, de
posted with him in trust by such association o.
banker, or to use or dispose of such securities il
any manner other than provided for in this act
and any Auditor of State, or deputy, who shall
violate the provisions of this section shall, up
on conviction, be deemed guilty OF misde
meanor, and be punished by fine not less thar
five thousand dollars, or be imprisoned not les
than five years in the States prison. or by botf
such fine and Imprisonment.
SEC. IL. 1t shall be lawful for any perssn o.
association of persons organized under the pro
visions of this act by his or their articles Of as
ISOLATION to Irovide for an increase of thei
capital stock and of their numbers Of associa
ton, from time to time, as they may think prop
er.
SEC. IL. Contracts made by any bank OF oenk
ing association established under the PROVISION
OF this act, and all notes or 6iiis issued ana pu
in circulation as money, shall be signed oy TN
President and cashier thereof, and all SUITS, &C