The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1863-04-15

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equal amount; ard sch Worn-out or mliztsd notes
After mem0ranllul sla- have 5eea entered IL t1l
proper tCcAs. II sccorc4lce III such regulations a.
may Dc estAosnel oy the Iotnp tro er as ~et- As a
Circulating which ~L4l- have been pal-
cered % Be cancelled saa De burned ashes a. pres
ence Of three persoas - zpFo.aIea by ge
tary o. the Treasury ~ The Con q " er - The
Currency anc by the Treasurer o the United states
under such regulations TIE Secretary o. the IT sry
nay pres-ee all IN such loies shall 1av oee q
delivered - tie Comptroller by orcer or a. III u
sch assoc-tou thea L. tne presence -sa % such o.
ncer or agent al- certificate Of such burning slgned
y TIE P4rtss s. 2ppontea shat be maze IA lAr oe-ss
OF The Comptroller. an duplicate thereof given 60
such of1cer or agent
Sc o. And j> a furrksr ena.toI That IL shall be
unAw!a for any officer sctlg ur -r tne Provisions OF
tbs act 10 counters "a deliver q any such assoc
tio1 or u any othc- company person, A1y tIrcua
ting notes clnte plated b. this act except herein
before provicel aut n accordance wiki Tie T1s intent
snt II ann ct this act an any officer wis sla- VIC
late the prCvons of this section shall be deemed guilty
Of igA ulist- Ad c0uY4ct-l ter eot
Be pu1 shed by ene not exceeding d1ub tie
com tersgneG and delivered ana imprsoI meuI not &
esecins Teen years, A. The discretion d Tie eosrt Il
Sec. s. 1R5 b Il fl4rtArr enactsd That al fees for
protesting The notes issued y any such 1Ank ug AsSc
Citation shall DC pa1 by The person procuring The protest
70 DC MAZE, and such banking assoc alton shall be liable
therefor but part n the gel by such bank
ing association aforesaid shall be applied 90 the pay
nent Of such fees and ali expenses Oi any pre nary
lion shall De paid by such association and al expenses
Of any ree-ivershp shall be psd Of tie assets u
I thereof
Sec So And Be st fur1ASr enacted That the stock
holders collectively OF any such association shall A. no
time be liable TO such association, either as pr A
debtors suretles both amount greater than
threehths Of the capital stock actually paid IN and re-
naming unOlrn shed by otherwise nor s1aA
the directors be liable except 70 such amount ani in
SHch manner as shall be prescribed By the bylaws Of
such association adopted BY its stockholders 10
such Liabilities
Sec %. and be /. furtAer enacted That the capital
stock Of any association formed under lhs act sLa be
divided into shares Of one hundred dollars each, ard
shall be assgnabls the books Of the ASSOCIATION ~
such manner as lis BY laws shall prescribe but no
shareholder IL any association under this act shall have
power sell or transfer any share held bis right
long he shall be liable either principal debtor,
surety otherwise 10 the ASSOCIATION for any debt
which shall have become due and remain unpaid
any shall such shareholder be entitled 70 receive
any dividend interest profit such shares so long
such liabilities shall continue but all such dividends
interests and profits shall be retained by the assoea
tion, and applied 70 the discharge OF such liabilities
and stock shall be transferred without the q
majority OF the directors while the holder thereof is
thus indebted 10 tie association.
Sec g.. And b Il further enacted, That no banking
association shall take security for any loan or
coUnt lien upon any part Of It's capital stock but the
security both 10 kind and amount shall be required
OF shareholders as Of other persons and no such banA
ing association shall be the purchaser holder of any
portion OF its capital stock Of the capital stock Of
other Incorporated unless shall be
necessary 10 prevent loss upon debt previously
contracted in good faith security which at the time
was deemed adequate TO insure the pay ment OF such
OF forfeiture Of stock for the payment Of install
ments due thereon ana stock purchased acquired
shall IN be held by such association parcha
sing for longer period Of time than months The
same within that time be sold for what tie stock
| cost.
Sec IS And Be Il father enacted That ID all elections
Of directors AMI iecng all questions meetings Of
shareholders. each shareholder shall be emitted
vote each share Of stock held by him; Shareholders
may vote by proxies duly authorized in writing bu
officer clerk teller, boOkkeepsr u sach association
shall act as proxy and no siockholder whose liability Is
pSst due and unpaid shall be allowed vote.
Sec go. and Be further enacted, That the aairs Of
every such association shall be lnagec by not less than
Eve than directors OF whom shall be
presi ient 4 the assoc caon Every director shall, dU-
ring his whole term OF service be citizen Of the Uni
ted and resident Of the state IN which such
socation located At least three ourths Of the drec
tors shall have resided the state in which such
citation is located year nsxt preceding their election
| a. directors aRt each director shall his own
right at least one per cenu Of the capital stock Of such
association not exceeding Two hundred dollars
and the half Of PEI centum Of its capital II two
hundred thousand dollars Each director shall take an
cath that he will, far the duty devOlves on bm
diligently and honestly administer the aars Of such
association, and will not knowingly violate willing
permit 70 be violated, any Of the provisions of this
and that he Is the bona lie owner, his right OF
the shares Of stock standing IN his name on the
books Of The association and that the sane IS not hv
lohecated or IL any pledged security for any
obtained or debt oWlng 10 the association Of which he
director which oath, subscribei by himself and cert
det by the oncer before whom it taken shall be im
edistey transmitted 70 the Comptroller 4 tie Crren
cy. and by him fled and preserved n his Office.
Sec 90 And te further enacted That the directors
Of any such association first elected shall hold their ps
until their shall be elected and qualified
All suosequsn elections shall be held annually suct
day the month Of January the stockholders Of sal
association may prescribe and the directors elected
shall bold their places for year aud until their
cessors elected and qualified. But any director re
moving from the State, cs4sing be the owner @
the requisite amount OF stock shall thereby vacate h
place Any vacancy IN the board shall be nled by sp
pointnent by the remaining directors The director
appointed shall hold lis place until the next annual eiec
tion and IT, from any cause, an election Of drcctor
shall not be made at The time appointed the ASSOCIATION
shall for that be dissolved but an election
may be held any subsequent day. thirty days nouc
thereof having been gwen Ia Newspaper printed
general circustion IN the city county in whicl
the association - located; and Newspaper Is pub
shed in such city town county such notice shall b
| published II newspaper IN the county adjoining
sec Al. And be Il furthsT enacted. Tnal every sucl
association shall al all times have hand in awfu
money of the United states amount equal Al eas
twenty i've per cenium Of The aggregate amount Of Il
outstanding notes u circulation ana It's deposits an
whenever the amount Of its outstanding circu
alton and It's deposits shall exceed tie above
proportion for the space Of dsys OF whsneve
such lawful money Of the United shall at an
time isl below the amount Of twenty ave per oentUu
Of its circulation and deposits such association shsu
increase its liabilities by making any DIS
otherwise than " cscOurtng purchasing biz
Of exchange, payable al sight nor make any cividen
of us prOlts until the required proportion between 10
aggregate amount Of its outstanding circuato
: and deposits and lawful money OF the United state
C shall be restored Provided hOtceuer That clearing
house certificates representing specie lawful none
specially deposited for tie purpose Of any clearing hous
association shall be deemed 10 be Lawful money II ID
possession Of any association belonging such clearing
house holding aod owning such certificates and cOnsi.
cred TO be part OF the lawful money which such
ciAtion required 10 have under the foregoing provn
10 IONS Of this PROVIDED ker That any balarc
due any association organized under this otht
" places from any association n the Of Bstoi
J. Providence, New York, Philadelphia Baltimore Cinci
J. nati Chicago ST. LOUIS New Orleans il goOc credi
" subject be drawn for at sight, vaabe - rscee
their circulating notes and deposits may be deemed
70 be part Of the lawful money which such association
e other places than the cities Of Bslop Providence Ne
b York, Phi8dephis Baltimore. Cincinnati Chicago :
LOUIS and New Orleans, are required 10 have by Il
= foregoing provisions Of this Section the extent
y threefths Of the said amount u twenty FIVE per cenu
q required. And Il shall be peteDt FOR the CoptrOi
70 Of the Currency 70 notify any such association who
awful money reserve Aforesaid shall fal below
le proporen OF twenty i've per eentu make good
q reserve and sucn association shall fa FOR thirty
~ thereafter 70 make good lis CT Lawful
d o. the United States, the Comptroller nay with 4
concurrence Of the Secretary OF the Treasury appci
receiver wind up the business Of such assoc Alto
4 provided II this act
III Sec - And b Il further e-lred That DO assoc All
" shall any time be indebted. any way liable
be amount exceeding the amount Of us cApIal STOCK
o. losses or otherwise except on the
e. that is 70 say.
be FIRST On account Of its notes of circulation
ue second On account Of moneys deposited wlsh
Is !ectec by s1ct Association
O Thnc On account Of bills Of exchange or ors
81 drawn against money actually cepost e the ere
I'd Of such association. due thereto
&c Fourth. On account o. liabilities 70 lie siOckholce
FOR money pad IL OF captsl st0ck 2a1 d4Tidends the
rer on and reserved profits.
,or sec - 4nd bs fHrtASz sscce5 That 10 Assoc.at
ch shall either directly OF indirectly pledge Or hyPothe