Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1864-12-23
Approved, Nov. -, 1861.
An Act in relation to banks surrendering their
charters upon becoming banking associations
under the laws of the United States.

uuier the laws OF the nlleu states
Il Is bcre5y enacted. &c.
Sec. !. ANY bank incorporated or organized
by authority Of the State Of Vermont, which shall
become an association for carrying on the busi-
ness Of banking under the laws Of the United
States shall be deemed 10 have surrendered its
charter. If il shall have complied with the re-
quirements of this act; pr0ridei 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 purpose OF prose
cutting and defending suits by and against il.
and Of enabling it 10 close its concerns, and dis
pose Of and convey its property, but not for the
purpose Of continuing under the laws Of this
State the business for whish it was established.
Sec. = When a bank at meeting Of its stock
holders. has voted to become such association.
and its directors have procured tie written con-
sent Of the owners Of tw0-thiTis Of the capital
stock 10 make the certificate required therefor by
thelaws ofthe United States, the cashier shall pub
lish notice tlereofflr thirty days IN such uewspl-
pers as may he published in the county Were the
bank is located, not 10 exceed two IN number.
and send a like printed notice by mail 70 each
stakeholder; pr0ri3CI, no st0ckholier shall be
compelled 20 take his share OF stock IN such bank
fJrmeI under the provisions Of section one; but II
such stocsh0ller declines 20 enter into such asso-
ciatiou he shall be paid the value Of his stock by
the new organization. the amount Of such stock
ant the value &c De determined by an appraisal
by the bank commissioner, as il was on the day
Of the vote Of such stockholders to surrender
their charte.
Sec 3. Il shall be the duty Of the bank COM
missioner, during the time Of his annual exam
ination and at any other time in his discretion,
10 examine AL banks who may re-orgluiza under
the provisions Of tA.s act, until the entire cifcu-
lauon issued by such association as State bank,
shall have been redeemed aud destroyed So fir
as 20 enable said commissioner 20 certify 10 his
annual report that slid bank has given good
and sufficient bonds for all It's liabilities, and
how many and what amount Of bills are IN cir-
culation. Of the issue Of the bank while organ
ized rs a State bank.
Sec g. Such bank shall give a bond u the
Treasurer Of the State OF Vermont, subject 90 the
satisflton and approval of the bank CD N mission
er. for the fall AMI promp, redemption on le-
mand, Of all the bills J. the bank issued before
becoming such an association. The bond 10 be
changed or reiucel from time to time, as the
bills Of the bank may be destroyed, by consent Of
the bank commissioner.
Sec. >. When a bank furnishes 70 the bank
commissioner satisfactory evidence by the oath Of
its officers, that all the requirements Of this act
have been complied with in relation 10 such
bank, and that It has become a banking asocia-
ton under the laws of the United States, the
commissioner shall notify the facts TO the Gov
ernor, who shall cause notice thereof 10 be pub
lished in somenewsplper published in the county
where such bank is located, for three successive
weeks. and the charter Of che bank shall there
upon be deemed TO be surrendered, subject to the
provisions of this act.
Sec g. Nothing in this act shall be cons;ru-
ell as releasiug such State bank or association
from its obligation TO pay and discharge all the
liabilities incurred by the blnk before becoming
such national association.
Sec. :. This act shall take effect from its pas
sage
Approved Nov ,. ls6A