The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1864-12-23

shall he compelled 70 take his share Of
stock in such bank formed under the
provisions of section one but if lch
stockholder declines to enter into such
association he shall be paid the valuo
# his stock by The new organization,
the amount uf such stock end value to
be determined by an appraisal ty the
bank commissioner, as it was on Tho
day of the vote of such stockholders to
surrender their charter.
Sec 3. 1t shall be duty OF the bank
commissioner, during the time of his
annual examination, and at any other
time in his discretion, to examine all
banks who may reorganize under the
provisions of this act, until the entire
circulation issued by such associ-
alton as State bank, shall have
been redeemed and destroyed, Sc lar
as to enable said commissioner to
certify III his annual report, that said
bank has given good and sufficient
bonds for all its liabilities, and how
many and what amount Of bills are in
circulation, of the ssue OF the bank
while oronnized rs a State bank
/ Sec. 4. Such bank shall give bond
to the treasurer Of the State of Yer
mont, subject to the satisfaction and
approval of the bank commissioner for
the full and prompt redemption ON de-
mand, of all the bills of the bank issued
before becoming such association.
The bond to be changed or reduced
from time to time, as the bills of the
bank may be destroyed by consent Of
the bank commissioner.
Sec. 5, When bank furnishes to
the bank commissioner satisfactory
evidence by the oath OF it's officers,
that all the requirements of this act
have been complied with in relation TO
such bank, and that it has become a
banking association under the laws of
the United States, the commissioner
shall notify the facts to the governor,
who shall cause notice thereof to be
published in some newspaper pub
hshed in the county whore such bank
is located. for three successive weeks,
and the character of the bank shall
tbereupon be deemed to be surrend-
cred, subject to the provision of this
act.
Sec. G. Nothing in this act shall be
construed as releasing such State bank
or association from its obligations to
pay and discharge all the liabilities in
Cured by the bank before becoming
such national association
See. T. This act shall take effect
from its passage
Approved, Nov % 1864.
1 AN ACT to amend section sixty-stx
of chapter eighty-nine Of the gen
oral Statutes.
70 is hereby enacted dc.
Sec. |. Section sixty-fve and six
ty-six of chapter eighty-nine of the
general statutes is hereby amended so
as to read as follows:
The cashiers Of the several banks in
this State, shall, on or before the first
day of August, of each and every year,
deduct from the dividends upon the
shares hereafter mentioned, and pay
over to the treasurer of this State,
two per centum on each and every
share owned by any person residing
without this State, or which may here
after be owned by any such person on
the first day Of April of each year.
Sec 3 Section sixty-six of said
chapter is amended 50 as to read as
follows:
II shall be the duty of the cashiers
of the several banks of this State, to
certify to the treasurer of this State,
on or before the first day of August
annually, the name Of the person or
persons, and the amount of stock, or
number of shares such person or per-
sons, if any, may own in such banks
on the first day of April in each year,
who live or reside without this State.
Approved, Nov. %. 1864.
AN ACT addition to chapter twenty
eight Of the general statutes. entitl-
ed "Of railroads and railroad COM
missioners."
II is hereby endcted &C.
Sec. l. Any association having
been formed into q company as di-
rected in section one bundled and
four, chapter twenty eight Of the gen
eral statutes, may at any time after
the formation of said company, at any
meeting of the stockholders, legally
called for that purpose, increase the
capital stock of said company to any
amount, not to exceed double the
amount, of principal and interest, Of
the bonds foreclosed and designated,
in their articles of assertion.
Sec. ?. This act shall take effect
from its passage
Approved, Oct. Ii, 1864.
AN ACT regulating rail road corpora
tons in certain cases.
II Is hereby enacted dc.
, Sec. / If any corporation shall
hereafter be formed under the provis-
ions of section one hundred and four
Of chapter twenty eight of the general
/, statutes, where the trustees of the
mortgages have already foreclosed
and shall have leased the road prior
: to the organization by the bondhold-
: ers of the corporation under said act,
the lessees shall pay the rent that may
accrue after such organization to the
!. treasurer OF said corporation.