Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1865-06-29
LAWS OF rae UNITED srArEs.
Passed al ne first Session efhs TAiriy-sigAth
Congress

[PUBLIo-No, 1871
AN A0l 9 incnp 'at7 the Washington CITY sa-
Re 4 enaied By the Scnais and Rouse Of Repre-
Se"tailpes Gfhe DATED States If AmsrIoa an Con-
grsSt q Setgblsd,
Tina William b. Toti, William p. Dole, Ell
wa'd q ~ FdEarl J Slams, Josep Uoumhs
u, Q Ro'ins, Tn m s, q rdn John r. e.
successor are constituted and ere ted a body
corporate a. q polite, by the n mo Of 'ths
washioeton Q ., Swings Bank
SIC 2 AHd be Il further enacted That he Cfl-
Q rs Of aid orr o alton shan cons st Of a prest
dent and a vice president, who together with rev.
en- tru ices shall uonstitu a boa d Ofmanagers
fur # WHOM, thu pae i'd mt or visr-pres dent
be preSeat sh AL corst tute a legal meeting of
such board for The trai saotlon o. bu,ileSs.
SKo, And be Il further enacted, That said
Q rp alton ANAL meet annually IN tina month of
Aprl, and as much oftener as they NAV indge
eNpeiient and any ven members of SAL cor
porati1n. the president, seareta'y, or treasurer
beng one, Shal re quorum. an the said ear
pora ION, at their annual meeting, shall have
meeting, shall have power 10 elect a president
AZ d q ( asu er who shall give bond 10 the nm
ten hous nd dollar, for the faithful dsoh arge
Of the du les his office, and all such other III
or,s as my be deemed Leee sary, VIII ch officers
shall continue in office onn year, an until others
are chosen ia III, If stead; ana all officers so ho-
sen shall be under oath 10 the f,ithful discharge
OF the duties # their officers res tet ueIy.
SIC 4. And be Il further enacted That said
cOrpO ttiOn may receive on deposit for the use
md b, ntft Of the postors an sums of money
sered for HIT purpose Provided hotgsuer, Thai
o shall not hold at the same time, more tLan
tone thousand dollars Ofauy &C. oitOr, other
than religious or eh tritab corpor atom. All
su h sum, may be tnvestsd in the sock of anv
bank il oorporoted by Congress, or NAV be loan
ed on interest TO such bank, or nav 10 loanai
on bonds o. notes, wi collateral sec urty of the
sto Of sno' banks at not mo e than ninety Der
..geN .1sV, 81.
the puoliG funds ofthe Uni ed States of the Sow
eral States, or loaned on pledge of any Of said
fumes, or invested in Loan on mortgages O; 1erI
asta e: PrOuidcd, That tae whole amour, of stork
held by the Institution at any one aux, both bv
way O inyestment and as surety for loar =
shall not exceed One-half OF its capital stock of
such bank, ard that not more than three.ouar-
ters the whole sum dep ted ia the insrtu
ton shall be at any one time Invested in mort
cages Of re al estate. The income er interest Of
oil dopcstS shall be deYiied among the eepositors,
or their legal repre- sedtatlves, according TO the
terms ofint lest ST. pulated; and The principal
may b9 withdraw at ~ h times or in such man
ner as the cor Grafton shall in his bylaws di-
rec.
SIC. 5. And be it further enacted, That no off,
Ger, drec or, or co nmittee, charged with the du.
ty e in ts' ing the deposits shall Borrow any
portion Thereof, or use the sum, eXcept in nav
ment Of the expenses OF the corporation; and if
any officer, d ectOr, agent, or other persons con-
neoted with said bank, and intr sted with the
fumes or deposits thereof shall embt zze or f,aud
ulently convert the stme TO his own use he shall
be deemed guilty of Larceny, and shall, on con-
Victlon thereof ply any c urt comueient to try
the offence, be impri ,oned iu the D niteptisr
not less than one or m re 1hau ten Years
SEC o. Ana be ii further enacted That the an h.
or mate Officers and agen 5 of sail corporal on
shall resp yely give such security for their f
deity aud good nduCt as the baard of man
ayers may from time to me REQUIRE, and said
b shah fix the salaries of su.h officers and
age IS.
SEQ :. And be ii further enacted That the per-
sens nam d as operators il the first section of
this act shall he auth orize to meet and organ
ize SAID bank by the cleo ion of one of their nun
or as presl tent, and one as Ce president, al d
therupr shau pr ceedto ect such persons as
they ahau select, not herein named as corpora
tors t be added to their board of managers, so
thst the who number of rusiess, or managers,
inClu ling the pre- 1dent and VICE president snail
no exeee thu persons
SEC s. And be 1t further enacted, That this c II
poratiOr sht make an animal report to Con-
gre If their FUNDS and investments Sail re-
turns saall speci the f,llowing parIiou lars,
namely; The lumber: of depositors; total amount
of investe In bank stocE and Dip sited in bank
on interest: amount invested in bubble funds;
loans on m Jrtga.e OF real e,tste; loans on Der
g. a seCurlti {; amOu t Of cash on hand. total
dviden Is Of the year. annual tx JenCes of the in
siiu i'm; all OF which sha be Ce titled and
swor to b. the treasurer. aud FIVE or more of the
m nagers 81 all also Certlti and Make oath that
til, aid return is co rect according to their best
Rnc led % and belief
SIC, 8. And be it Further enacted, That the
boss of s4io corpraion shall, at all times du-
ring tbir hours of Busine3 be open for ins 9ec-
on and examination to the comptroller of the
G rreu2y or deposit0rs.
SEC. 10. And be 1t further enacted, That SAID
corpor 4tion may M Ike bg-lass for the more or
d,Tiy management of their bus mess, no resug-
nAnt to law; may have a common seal, which
they may change at pleasure; that all deeds
ar Mt covenants, and asreements, male by
It oil treasure or any other person by t cir au-
torty, shall he good AMI val d; and said corpor-
al shall have power to ue, ana may be sued,
def nd, aud be held to answer, by the name
afOaeea d.
SIC. Il. AHd be 1t further enac,ed, That this
act sha take feet and be in force from and al
ter The rs passage.
Approved March 8, 1864.