, 1861-10-19

Hee IN two q more nexspapess, published In
such h6nk district, shall cau8e book h. be
pointed for that purpose, for the subscription
Of the requisite amount Of stock, ut such
places within the district aforesatd a. ahal1 have
been designated for the locztion Of branches;
which books sh.ll be kept open between The
and at the place specified IN such notice; aud
If the regulate amount Of stock shall not be
sooner sub8cribed, said books may be kept !
open between the same hou-s each day for tie
amount fixed for said capital stock shall be
subscribed, the excess shall be reduced to the |
amount fixed, by striking of, first, the amount |
subscribed for By corporations second, the |
amount subscribed for by non. .residsnts Of the |
OF the largest subscriptions; and no sub
ec11phon shall be reduced while any one tors I
larger sum shall be rataired.
: 70. Il sufficient amount Of stock shall
pc subscribed by responsible persons, at any
b7zheh, 1t shall be the duty o1 the eubcon-
m1ss'oners to notify the commissioners thsre.
Of, Who shall give notice to the subscribers Of |
tee time when the first payment On their stocx
shnil be made; which notice shall be By pub |
Hcalioa In one OF more newspapers published
In the proper ba1k district, sixty days before !
such Faym ent is to be made; and they shall al
80 give notice, in like manner, that an election
VIII be held, on the day succeeding that ap-
pafnted fcr the payment Of such iusta,lnent.
between the hours Of ten q. n and two O'Clock
P. n, at come specific place, at the point
W1ere such branch is to be located, for tbs |
election of five or more directors on the part
OF the stockholders Of such branch- At such !
g;me and place the stockholders present shall |
appoint two 6uitab1e persons, who are not |
stockholders, to act a Judges and one 10 act |
So clerk, who shall, after Icing duly sworH |
faithfn1ly 10 perform TIL cir duties, receive the
ballots tor directors. and certify that those re-
eeivlDg majority OF the votes cast were duly |
ELECTED; and the directors so elected shall |
constitute the board Of dfrectora OF such
and until the bcafd Of directors Of stThe
Union Bank OF Illinois - shall be organized
and appoint directors on the part Of said board;
and the directors so appointed shall then be
added TO such branch board.
f9. Said first inatallInent 5h2il be Two dol
lars On each share Of stock subscribed, and
shall be paid to sub commissioners By whom
the books were opened; and who shall attend
Tor that purpose; and In case of the failure Of
any subscriber to pay sneh fIat installu1eat,
from the books, and immediately reopen said
tocSs-to receive Subscriptions, to make up
the deficiency, from any persons who will pay
such iustallu eut As soon as branch is Or
ganizsd, said 1uh-conmiEsloners shall pay over
thereto all the money received from
! euch eub-commissionere, and all books
| end papers appe.taining IheEeto-Hhieh,
with the returns Of election for direc-
-to1s- and the, certificates thereof, SHALL
be entered Or copied into the r. cord books
| contsining the proceedings OF the board Of
! dirsctors.; which entries slau be prinm Jack
evidence Of the fact therein stated Il any
| sub commissioner shall, from any cause, fail
| to perform any Of tie dntie= required Of him,
the SAME may be performed By any other per-
] sen appointed b the commissioners to sup
ply bis place. The residne Of said stock shal!
b. paid in such lnstalluents as the board of
directors Of the proper branch shall require,
from time to time.
$ SO. The beard of directors Of each branch
| sha lnest,as Eoon as conveniently msy bc, AFTER
| their elsctit u; aid, after being duly sworn to
/ EupEo1t The Constitution and laws Of the State
OF Illinois, and If the United States, and faith.
fully and honestly to perform the duties Of
their cthee, shall proceed to elect the proper
officers OF sueh branch, and also one Of their
number as q member Of The board Of directors
OF $. The Union Bank OF niincis." And when
ret less than ten branches have thus organized,
the members elected to the: board Of directors
Of tbs bank shau meat, at the city Of Spring
fela, at such time as shall beagseed upon, aud
organize said board; and whenever, from time
to time, members of said board elsll be e1ee
ted by the branches that may be subsequently
orgarized, euch members shall be admitted to
the,r seat at said beard.
81, When net less than ten members oi
the board Of directors Of tTht Union Bank oi
lipois" shall meet, as Eforesaid, and ahall have
been daly sWorn to support the Constitution
: and laws Of the United States, aud OF the statk
Of n.iG oiE, ard faithfully and honestly perform
the duties Of their Office, the commissioner
ehall deliver to them all the books, papers and
property in their possession appertaining tt
eaid bsnk, together with full report Of III
: the proceedings II the premises; which repot
, sha1i be entered on the REGARD of said board
aud When go entered such record shall be prinat
Jdcie tTioence Of the contents thereof Sai,
e buald ahall proceed to e1ect their proper off
8 GERS; and, when thus organized, said boar
shah cause written etatemert Of oil The Pre-
ceed1rgs OF the organization Of the said bank
!, ard of esch branch to be made aud filed i
q the Office OF tne Secretary Of State; Halc
+ Etate ment shall be accompanied by the affd,
e wits Of the president aud cashier that, to til
G best Of their knowledge and belief, said stat
ment is correct, and tnat said bank and branc3
I; ea have been Organized IN good faith and Wit
/ | ter fairly and honestly. And thereupon th
d ssid bark shall be duly organized, for al! th
: purposes contemplated by this act, except tn:
r It eGalt issue no bills OF notes intended to ci
until the sum Of fifty Thousand dollarg shall t
n actually paid In az capital and held by sal
n branch, Whtn it may issue as provided in Sc
,e tiop 1if.3-fve
r Bank Of Ilinois'' is authorized to increase Il
n capital btocR Of any Of the branches, By eI
ln poWe1isg them 10 receive additional subscri
"a I tiou thereto, to such an amount IS eau
n prodtabIy employed; but the aggregate capt.
e, ct the bark and all It's branches shall not e
e. ceed ten millions Of dollars.
S63. Should any subscriber for stock in al
"a Of the branches fal to make payment Of tt
De first or any subsequent instsllment, Che par
OF falling shall forfeit the first nstallment, to
n. recovered By said bank, IN an action at LAY
be Inst instaiIment, u e t the % board 81 directors Ire q
ID proper branch may sell and transfer sry su
It, share OF shares Of stock, st public auction,
by ter ten days notice, in writing, put up ct t
e door Of eafd branch bank, or SO much there
failing party; aud If the same amount be so
We for sufficient to pay all the jnsts!luents dt
Ess, the same thau be forfeited and become t
e. property Of the proper branch; aad wheucy
elT any stakeholder shall be indebted to =
M branch, and such branch ahal1 hold Ii
e. upon his stock, to secureaach indebtedness,
ieF By reason OF insolvency or other CAUSE,
1t2 ehan be unable to pay such indebtedness, 81
1e. branch shall have power to purchase and he
r. 60 much Of said stock as may be necessary
er- 81. The board OF directors ct * The Uni
TO Bank Of Illinois u may, from time to tin
the auth rize the several branches, or any
7en them, 70 extend their discounts to an amoul
the average Of which, for the fiscal year, sh
es5 not exceed two and a-hslf times the capi
FOL stock actually paid in, and oue.haH th=lr
,an posirs-the power being still reserved, by
ck, board Of directors Of the b7nk, to restrict t
ted branches in their discounts, to twice
ia' amount Of capital actually paid in, a: its
&C. cretion and, in case Of excess, the directc
ue, nndtr whose administration it shal happ
rt shall be liable for the same, in their indi7id
val capacity, in al action for debt against them
led- auy Of them, in any court competent to
TOW the same, By aDy OF the creditors Of said b.
M, CT the baEk itself, and may be prosecuted
and Judgment and executlo1-aay condih
j, OF eovenant OF agreement to the contrary 4
orse withstauding; but this shall not constri
ues- to exempt said bank, or the lands, teneme1
ON goods, chattels, moneys OF effects Of the Sal
dol. from being also liable for and chargeab1e y
d OF such exces7. Audany director or directors y
Eio1 may be absent when such excess is created
ered | contracted ,or who may have di5se1ted from
No | resolution or act whereby the same WAS CT
any ed or contracted, may, respectively, e2onsI
one themselves from being SO liable, by causing
'ano | requesting, in writing, at the tine, hls
mis- their dissent to be entered on the minutes
ank. the board. a1d by forthwith giving notice
Oh his CT their absence or dissent to the Cover
e IN OF the State and to the stockholders, by
u irg notice thereof In some newspaper, T
anu sished near said bank OF branches.
3enl S s.. Every director not present at tne N
pe ing when such excess shall be created OF {
g Of tracted, shall, nevertheless, be deemed to
ttso been concerned thtreln, II the same shali
:ock pear on the books Of the board, and ne re1
any director for six months thereafter, and
tue not within that time give notice Of the sa
such as REQUIRED ia the preceding secEion-
bera esf5 The insolTsncy Of said bank or
the hranct, shal1 be- deemsd fraudulent, un1est
affairs shall appear, upon Investigation,
1anA 1anA have been fairly and legally administered,
aoN- gen1rally with the game care and dlttgg'
4 U ! that agents receiving compensation fuE