Evansville daily journal. (Evansville, Ind.) 1863-1866, 1864-07-18

I0e- EICI GIreGT0T o, :
at lsasttsn shares OF The capital sock Of the $50
citation Of which he fs direc Each director, |
when appointed elected, shall take an sath tha'
be will so far a. the duty deyolyes On nm, OH
gently and honestly administer the STAIRS Of s-ch
as ISOLATION, and will not knowingly riola.es OF
willingly permit 10 be violated anys Of tne
provisions u this act, and that ne 10 the Bona hds
owner, In his oya right Of The number o. SnaFss
~ sfortx raat1irsd v this act, subscribed BIZ him,
or stsnzinE H. his name on ths books OF the ssso-
ciarion, and that tbe same is not hypoihscateds
or 10 any way pledged, security for any loan o.
d-lt. which safh, subscribed By himself. and GER
fided b. the officer before whom It Is taken shall
BE- Immediately transmitted 20 the Comptroiisr d
fae Currency and BY him died and preserved ~
his Office.
- 10. Ind be Il further enacted, Tina. the
dlssetor- Il any as3oeiatisn frst elected or ap-
sHrs sAaI - elected and qualified. All sGbse- |
great elections shall 30 hsId annually on such
day IN the month q January 1ay b specified
In tbs articles Of azs1ciasiOa and tbs dire tors
30 secied shall hold their places for one yesr, and
until their SUCCESSORS sFs elected and qualified
But any director eeasiEg IL be the ownsr Of the
requisite amount Of stock OF having in any other
manner become disqualified, shRh thsrsby vaeais
his place. Any vacancy In the board shall be
fiisd by appointment by tie remaining directors,
aud any director 50 appointed shall hold his pla5e
until the next eiecfi0n. II from any cause az
election Of directors shsll not made 1t the tiBs
appointed, tbs association shall not fer that caase
be dissolved bat election Hnay be held on aay /
subsequent day, thirty dzys' notcs thereof in all |
cases uaFiHE Deen gwen Ia q Newspaper phDikEod |
10 tbs city town, or county Ia which the aocia-
ton il located and II no newspaper Is published in
such city, town or County sHch notice SHALL b. |
published in a newspaper Published nearest there
70. II the articles u association do not FIX the
day which the election shall be held, IL the
election should not be hsId the day fixed, the
day fer the sestion shall Be designated BY the
board Of directors ia thsir Oy-lawns or otherwise
Presided That IL the directors fail % TX the day,
Aforesaid, sbarehol eTs representing tHe-shirds
OF tho shares may.
Sec. IL AHd be further enacted. That 10 all cleo
tOns d difeeters, aud IN deciding all questions
pings Of shareholders. each shareholder shall
be entitled 10 one FOte o. each share Of stock 10
By him. Shareholders may vote By proxies du
authorized In writing but officer. clerk, tslisF.
Or bo0kkssIsr Of such association shall act a.
proxy aud no Eh2reholdsr whose liability is past
dus and unpaid shall BE- allowed 70 vote.
sec. ~ And b IL fsrtkesl easetsd, That iho capi-
tai stock Of any association formed undsr thi. act
snail be divided iuto shares Of one huadrsd dol
ars each, and be deemed psraogai property and
transferable on the books Of the association ia
such manner As may DO prescribed IN the bylaws
Or articles Of aSsociatisn and every person To-
coming Shareholder by such transfer shall, in
proportion to his shares succeed to all the rights
asa liabilities Of the prior holder Of such shares
and 30 change shall be made In the articles Of
ISOLATION By which the rights, remedies,
riv II tue existing creditors sf Iis association
shall be impaired. The Shareholders Of ca sssf-
.taslon formed under the provisions Of thia act
aud Of each existing bank or banking associate
that may sccspt tho prsvisions Of this act, sh ~ be
Held Individually equally and ratAhlN.
and bot one FOR aaothsr, for all contracts, dsblE
aud engagements Of Each assosiatfsn to the extent
Of the amount Of their stock therein at the par
gaiHs thereof, in addi4oa to the amount invested
| Ia such shares; except that shArehoi dsrs OF aBy
banking asFociation nov existing under State
laws, having let - than Ave millions Of dollars
Of capital actually paid In, and Surplus oftweaty
| per csntuz on hand, both TO DO determined by the
| Comptroller Of tie Currency, shall Do liable on
u the amount invested la ihsir shares and snch
surplus Of twenty per eentuIa shall be kept midi
| minishsd, and be in addition 10 the surplus pro.
| siied for IN this and If At aBy time there
shall be dehc eney In said surplus Of twenty per
eentum, the said banking association shall not pay
any divsdends 20 its shareholders until such de-
| &c sncy shall be made good and ia case Of such
| deficiency, the Comptroller Of tho Currency may
compel sad ban Ing as ociaton 90 close It's bust
| aess and wind up It's Affairs under the provisions
| Of this at. And the Comptroller shall have tho
authority TO withhold frou, association lie GER
! utcate authorizing the commencement Of basil
nas Whenever he shall have reason 10 supposs that
the shareholders thereof have formed tee same
for any other than tbs Legitimate CHESTS eonien-
plated by thisaet.
See. IS AHa b. Il further enacted, That Il shall
bs lawful kir any association form under this
act, by s articles Of ASSOCIATE to provide ot an
| lncsoHs5 Of It's capital r. m time 10 time, N
BE- deemed ezpsdsnt subject TO the Limitations Of
| this act: Pf0rlded, That the maximum Of such In
Grease In the article Of association shall bs deter
mined by the Comptroller Of the Currency; and
40 Increase of capital shall b. valid until tho
| whole amount OF such Increase shall be- paid In
and notice thereof shall have been transmitted 10
the Comptroller VI he Currency, and his certin-
cate obtained specifying the azount Of sueh IN.
erease Of e8I itais stock with his approval thereof
| aud that It has been duly paid In part Of TIE
| capital Of sad association Aud every association
| shall havs power, by this vote Of sharsholders
owning two.thirds Of its capital stock, to reduce
the capital " Fuch asseei tion to any not be-
low he amount quired by this act, 81 the forma-
tiOus Of sssoos Ions Pforfded That BIZ no such
radaction shalt its capital brought eslow the
amoaut requ red b. this ect for lea outstanding
| REGULATION, nor shall any sneh reduction Be made
until the amount Of tho proposed reduction has
seon reported 70 he Comptroller OF the Currency
ind his app oval there cot aimed
SEQ. u lind - 4 further enacted. That at least
htF per cgiitum OF ths capital stock ct every a..
ISOLATION shsii paid Ia beiorst shall hs anihor-
i3sa t. eommeucs business. and tho remainder Of
tn capital stoCs OF such AssoeiAtion shall be- paid
IA instamrnta Of at least ten per csntum each on
she whole amount Of the capital a. frequently AZ
ons instalnent at the cad OF each sueesediuE
| month from the time IL shall be authorized by the
| comptroller to commence business and the nav
mont Of each instslment shall DO certified 70 the
COMPTROLLER. under oath by the president or cash.
| Ter 81 the association.
| Sec. IL. Ind 4 Is further enacted, That IL Any
STAKEHOLDER, hts assignee, shall fall 20 pay any
instalmant on the stock whsn tho same lie required
by the foregoing section 10 be paid the directors
auch association may sell the stock Of such delin-
queat shareholder az public auction, having klv.n
three weeks previous notice thereof IN newspaper
publ hsd and Of general circulation 10 the city
eluaty where tina association is located and III no
newspaper Is published In said city or county then
| In a newspaper Published nearest thereto, TO any
person who will pay the highest price therefor,
and not leaa than the amount then due thereon,
with tbs expenses Of advertisement and saie; aud
the excess, II any shall be paid ts the delinquent
shareholder. II no bidder can be found who will
paw for such stock the amount due thereon to the
asgoe alton. and the csst ofadvertisoent and sale
tn l4mouat previously paid shall be forfsited &c
the association, and such stock shall be sold the
ds,tsrs may order, within ak uonths from the
me OF said forfeiture, aud II not told II shalt be
canoe led and deducted from the capital stock OF
the association; aud II such cancellation and re.
duetion shall reduce the capital Of the associations
bsow the minimum of capital required by thi.
act the capital teek shall within thirty days from
thu date ofsuch cancellation bs increased 60 the re
quirements Of the act in default Of which re.
c. yer may Be appointed to close up the bpsines,
OF the association according TO the provisions Of
the M ieth section Of this act.
See Is. lad be e further sAacfed, That every as
ISOLATION, afser having complied with the provis
ions Of this act, preliminary to the commencement
of banking business under its provisions, add be-
, fore IL shall be authorized TO eommeace business
shall transfer aud deliver to the Treasurer Of ths
United States any United States registered bond,
bearing interest 10 net less than thirt,
4 | tho sand dollars nor less than enc third y
the capital stock paid In, which bonds shall be de
$ posted with the Treasurer ef the unitsd States
and by him SILLY kept in his oes uHtil the same
shall be otherwise disposed Of Ia pursuance Of tn,
= provisions Of this set and the Secretary Of th.
Treasury Is hereby authorized to receive and eau
: al any United States eorpon bond, and TO issRI
b | "a lieu thereof registered bonds OF like amount
;. bearing like tate Of interest, and having III,
: sam time to ran; and the deposit Of bonds shal
4 De, BY every association increased its capita
, may be paid mp or decreased 80 that every assocla
: tion shall At all times ave on d posit with III,
s Treasurer registered Ueited States bonds to III,
amount OF az lsSst third Of its CAPITAL stool
b actually paid IA Proridsa, That nothing in thi
& section shall prevent association that NAV de
sire to reduce It's capital to close Up us busi
nes and dissolve its organisation from taxing n,
its bonds by returning 10 the Comptroller its cir
enlating notes Ia tbs proportion her,innfte
named in this act. nor from tAkiAg up Any sxess
!, OF bouds beyond one third Of its capital stosl
!. AID upon which no circulating notss have bee,
: delivered.
' See II. Aad b. IL fartA@r sasetsd, That whsnsvs
: = eertihcats shall have been transmitted to tn
4 Comptroller Of the Currency, as provided in thi
!, act, and the association transmitting the sam
! shall notify the Comptroller that at lsast fit
Il per esntum Of its capital stock has been paid il
= as Aforesaid, and that such association has CEN
4 piled with all the provisions Of this act a. requir
! ed 70 be complied with before such association
{, | shall be authorized to commence the business Q
y banking, the Comptroller shall examine into th
! condition Of such association, ascertain especial
4 the amount Of money pad in on account CT il
70 capital, the same aud place Of residence OF each