Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1864-11-29
An act in relation 10 Banks .uendering their charters upo
becoming Baking Associations under The laws u tn
United states

becoming Banking Association. under the laws " the
United states.
IS hsrsby enacted, &c.
seeil. Any bank Incorporated of organized by author
ny OF The STATE Of Vermont, which shall become an
association Tor carrying on the business Of banking under
The laws Of the United States shall 10 deemed TO have sur
rendered its charter II II shall have complied with the TO-
qufsnen OF this act preceded, that every such bank shall
neNefbee's be continued body corporate tor the term Of
oe years Ae be time Of such surrender Tor the purpose
Of prosecuting aud defending suits by and against IT, and Of
enAbhg 10 close ito concerns and To dispose Of and
t s property 6utnO of tic purpose Of continuing, under
she laws OF tins state tbs business Tor which sstsb
lshed
Ser. .. When Absnk Ma meeting of lis stockholders
has voted To teeome such association, and It. directors have
procured the written consent 0f the owners NJ tw0.thrds
OF the capital stock make the certificate required therefor
BY Tho laws Of the United States, the cashier shall publish
notice thereof for thirty days such newspapers may be
published ~ the county where tile bank - located 10
exceed Two IN number, and send like printed notice by
mai TO each stakeholder proudd, no stakeholder shall be
compelled 10 take his share stock IN such bank formed
under the provisions at section but such sleckhulder
declines TO enter into such association ho shall be paid tho
value Of bis stock by the new organization the amount Of
such stock and the value TO be determined by appraisal
ny Tue bank commissioner, as TWAS on the day Of the vote
Of such stockholders To surrender their charter
sec II shall be tho duty Of the hank commissioner,
dunng the time o his annual examination and at other
time m his discretion, Ia examine all banks Who may
game under tho provisions II this act until the entire eirc
son issued by such association as State bank shall have
been redeemed and destroyed, far to enable said
missioner 10 certify In his annual report that said bank has
gwen good and sufficient bond. for all IT. liabilities aud how
many anu WHAT hhount Oi bills are ~ CIRCULATION 81 the
Issue OF the bank while organized \ htate bank.
Zee. 4. Such bank shall give bond 10 the Treasurer
OF the State Of Vermont subject To tho satsoon aud ap
prevail OF the bank commissioner for the full aud prompt
redemption on demand OF all the bills Of the bank issued
before becoming such association The bond he changed
OF reduced from time 10 time as the bills Of tie hank may
be destroyed, BY consent Of the bank commissioner
ree. ), When bank furnishes to The bank commits
sioner Satisfactory evidence by the oath Of il officers that
all the requirements of ih, act have been complied with In
relation 10 such bank, aud that II has become banking
soeiaon under the laws If the United states. the commits
sonef shall noti0 the facts the Governor who shall
notice thereof TO be published IN newspaper published
10 the county whsTe such hank is located for three
weeks md the charter Of the bank shall thefeuon b,
deemed To be surrendered subject the provisions Of thu
act
Sec G. Nothing IN this act shall be construed as feeas
ing such State hank ~ associa Ion from il obligations
aud discharge all the Liabilities incurred By The bank beior,
| becoming such rational association.
| Apptoyed. Nov. ~ 1861