Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1864-12-28

have complied with the requirements of
this act provided, that every such bank
shall nevertheless be continued a body
corporate for the term of three years after
the time of such surrender for the pur-
pose of prosecuting and d Tending suits
by and against it, and of enabling it to
close its concerns, aud to dispose of and
convey it's property, but not for the pur-
p,se Of continuing, under the laws of the
state, the business for which it was es-
tablished. # .s..
Sec. 2. When bank, at a meeting Of
its stockholders, has voted to become
such assosciution, and its directors have
procured the written consent of the own.
ers of 2-3ds of the capital stock to make
the certificate required the, etor by the
laws of the T. s., the cashier shall pub
lsh notice thereof for so days in such
newspapers as may be published in the
county where the bank is located, not to
exceed in number. and send a like
printed notice by mail to each stockbold-
er; provided that no stockholdcr shall be
compelled to take his share of stock in
such bank formed under the provisions Of
sec. | but if such stakeholder decline to
enter into such assosciation he shall be
paid the value of his stock by the new
organization, the amount Of such stock
and the value to be determined by an ap.
praisal by the bauk commissioner, as it
was on the day of the of such stockhold-
ers to surrender their charter.
Sec. g. 1t shall be the duty Of the
the bank commissioner, during the time
of his annual examination. and at any
other time in his discretion. to examine
all banks who may reorganizc under the
provisions of this act, until the entire
circulation issued by such assosciation as
State bank shall have been redeemed
and destroyed, so as to enable said COM
missioner to certify in his annual ropor
hat said bank has given good and suffi-
cient bonds for all it's liabilities, and how
many and what amount of bills are IN
circulation Of the issue of the bank while
org .nizcd rs State bank. raa ..
Sec 4. Such bank shall give bond
to the treasurer of the State of VT sub
oct to the satisfaction and approval Of
the bank commissioner for the full and
prompt redemption on demand of all 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 be destroyed, by consent Of the
bank commissioner s.
Sec 5. When bank furnishes to the
bank commissioner satisfactory evidence
by the oath of its officers that all the re-
quiremeDts of this act have been complied
with in relation to such bauk, and that it
It has becomc banking assosciation un-
der the laws ofthe U. S., the commissioue,
shall notify the facts to the Governor,
who shall cause notice thereof to be pub
Ilishcd in some newspaper published in
the county where such bank is located,
for 8 successive weeks, and the charter of
the bank shall tbeIeupon be deemed to
be surrendered, subject to the provisions of
this act.
Sec. 6. Nothing in this act shall be
construed as releasing such State bank or
assosciation from its obligations to pay
and discharge all the liabilities incurred
by the bank before booming such natiou-
al association.
Sec. Z. This act shall take effect from
its passage. .a vs.
An Act regulating Rail Road Corporations
l..4 in certain cases.
1t is hereby enacted. &c.
Sec. |. If any corporation shall here.
after be formed under the provisions Of
sec l0i Of chapter % of the gen. stat.
utes, where the trustees of the Mortgages
have already foreclosed and shall have
leased the road prior to the organization
by the bondholders Of the corporation un
der suid act the lessees shall pay the rem