Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1864-12-09
An act In relation 70 banks surrenderng their charter.
Mn- hnclninn hnnkinL Aaancia lnna undnr the q

An act In relation banks suenderng their charter.
upon becoming banking associations under the laws o
the United states.
~ ~ hereby enacted, &c.
Sec. /. Any ba. Incorporated organized by au
hotify Of the STATE Of Vermont, which shall
association for carrying on be business Of banking
the laws Of the United States, shall deemed "a
have surrendered its charter, If II sha have complied
win the requirements Of this prOrtded, that tvery
suoh bank sha nevertheless be continued idy eorpo-
rate Tor the term Of three years after the time of such
surrender for the purpose OF prosecuting and defending
suits by and against IT, aud Of enabling t 70 close It's
cers and dispose Of and convey IT, property but
for the purpose Of continuing under the laws Of this
state, the business for which it established
Sec. When bank at meeting Of its st0ckh0ld-
has voted 70 become such association and a direct
oIs have procured the written Of the
5 thirds Of the caotA tok to make the certificate re.
quif theffo Dy the laws Of the United States the cash
Ter shall publish notice thereof for thirty days In such
neNspapers may be published In the county where the
bank ocated, exceed two IN number, and send
like prted notice by mail - each stockholders pro-
ridsd, siookhoder shall be compelled 10 take his
share Of stock In such bank formed under he provisions
Of section one out IL such sockhodcr decu,
into such association he sua be paid he value Of h,
stock by the organization the iunt Of such ock
and the vaue 10 be deierned b. appraisal by the
bauk commissioner t the day Of the vote Of
such stoekholdeTs 20 surrender thsir charter
sec. 3. 1t snail be duty of the bank commission
eri during the lime u bis nuA eX4minution aud at
auy other time IN his dscfeiOn 10 eAanine all backs
who may rcorgsnze unde the provisions Of this ot,
u the eatrs circulation issued By such association
slate bank snail nave been redeemed aud destroy ed, so
nua report that said bank has given good aud sufficient
bonds f0rikal its liabilities, anu how ,uy and what
amount Of bills are Ia circulation 4 tue issue II the
bank while organized a s'ate bank.
Sec. Such bank shall give nd to the treasurer
Of tle state OF Vermont subject 70 the satisfaction and
approval Of the bank commissioner, f1r the full AID
prompt redemption demand, " all the bills VI the
bank issued beore booming such association The bond
20 be changed reduced from time 10 time, the bills
u the bank may be destroyed by consent of the bank
0muissiunef.
rec. 5. When bank furnishes to the bank cSmmis-
sonef satisfactory evidence b. the oath Of its officers,
tuAt all th requirements THIS act have been piled
vi Ia relation such bank, and that has beeome a
bankng citation und,r the laws the Uaited states,
commissioner shall notify the facts the Govern
who shall uOu,e thereof 10 be pubished Ia some
newspaper published in the county where such bank Is
located for weeks, aud the chatter ut
the bank shall III Teupon be deemed 10 be surrendered
subject to the DIVISIONS OF this act.
See g. Nothing In this act shall be construed
lelpg such state Dank association from its obligation
u fs, and dscnarge a the liabilities incurred 6y The
ptak Before becoming SUCH national association.
cee q Ibis act shall take ef.ct from its passage.
tAppfdved, Nov 22 1864.