Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1865-06-29
Tor the transaction Of rbe said bust, ess

"Uaitsd Stats bonds" as u,et in this ACT shall
Dc construed to mean ali registered nds now
issued or that may hereafter b Issued on the
faith OF the Uuitsd STATES by the Seorsla y al the
treasury m pu Suanoe OF law
| sac, ~, Aadbs q further enacted, That ASSOC
eiatlors Tor carving on the basin s. OF banking
may De tArmed BY any Humber OF persons, n Il less
IN any case than five, who shah enter lnto arti.
eles OF a. Il suon, Nhi shall specify In general
terms the inject for which the association Is for.
med, iend may contain any other provisions net
inconsistent with the p DIVISIONS of this act, which
| the ass 'elauop may q ut 70 adopt for the Tesu-
ION OF q business Of the assogialon and The
conduct OF Us affairs which sad articles shall be
signed by the persons uniting 10 form the as,o-
9Auon, ana oopy Of them forwarded 10 the
comptroller OF the Currency, TO the iled and pre-
served in his office
Sec. And be q further enacted, Tina, the
persons uni log 70 form such an d, ISOLATION shall
| cate, which shall specify
FIRST The name assumed by such association,
Shleh shan be subject to the approval ofthe
Second. The pllce where its operations o dis.
count ana deposit and depOsi. arc TO be carri,d
/. on, designating the ate, Territory, or district
ana also the particular county and city, town or
Third., The smouat of It's capital stock. and
the number OF shares into which tho sane shall
Fourth The names aad places Of residence If
| the shareholders, and the number OF shares held
/ by each Of IN m.
| Fifth. A declaration that said certificate "a
made to enable gu h persons TO avail themselves
| OF the advantages of this act.
| The said certificate shall be sckn owlpdgaj
before judge OF some court Of record or A not7rv
| public, ana such certttCa'e, with the aoknowi
| elgmeut thereof autheuti .ated h, tho sasi oC
snch court or notary, shah be transmitted /, the
| Comptroller Of the Currency, who han record
| and c1refully preserve the same in HIS ofHrs
copies OF such certificate, duly certified by The
1 Comptroller, ard lthenticute1 nv bts ssal ~
| once, seal be tepal and IN g,.;1.
al courts and pla es within the United State or
| ths Jurls shelton of the government thereof of the
existence OF such association, and of every other
matter or thlrg VIII ch could ba proved bv the
p oducJion Of the original certificate
SEC, And be 4. further enacted That no
ASSOCIATION sh n be organic ID under this act with
a less capital than one thousand dollars, nor 10
Guy "hose p y uiatIon exceed, ffy thous md
| leroons with less capital than two hundrad
thousand dollar: Proridsd That banks with a
cap I'll OF not less than fifty thousand dolras NAV
WIN me APPROX Il OF the Secretary of the Treas
ury, be organized IN any place the populat on Of
which does nut exceed SIX thousard IN habtants
SEC. And be u further enacted, That every
asoolalon ! rmed paIsu at 10 the provisions Of
TINS ACT sha from he date OF the execution of
| It's oFgaalZatyn ceTtiicat-, be a body cornorata
out shan Trans 'et 10 bu,ness esc ept such as NAV
incidental be 10 It's organ Zation and necessarily
| preliminary, until authorized by tba Comntro
| lIer OF the Currency TO commence the business cf
banking SucI associ ttion shall have poEer 10
adopt corpo ate seal, and shall have success.
lon o. me name deIgnAiei Ia It's org lnizauon
| cert hcA G, Tor the period Of twenty years from
| Its organization, uuless sooaer dissolved accof-
ding to tue PROVISIONS Of its articles of asstci4-
uou, or by The az, Of Its sbareho ders owning
Two hlrds OF us stock or unless the franchise
| snail b. forfeited by Il VIOLATION of this act, nv
| sDch name II m ~ make cOutraets. sue and be
sued mplain ana dei' n, in any court of law
and tquIy as fully a. n .turtl pc SON; it may
elect or appOm directors and by its board of
directors APPOINT presdeur, yice-prtsideut
cashier and other officers, define their Din les
require BOMBS OF them and fl the penalty there.
If, dismiss sad off GERS or any of them ~ rIpos
urel ami poi { the 3 10 fill the Illces and
! exc ol-e uLd his act all ~ h uc,dent4l bow
ers as snal be nee ssarv 10 ca ~ on the business
OF .nSiug by dlscour'iug ANA negotiating prom
| isSJry notes, T4f 3, Ill 5 Of pxeb4nge and other
ehdehees OF dept; by receiving de I9sits; by buy
| ing ana Sc hug exchange. col and tulliou: by
| obtaining, issuing, AMI uTculltin notes accos-
d.nE TO the proylpl9ns Of this act; and its board
| OF directors shall also have power 20 1eioc aud
regulGGe BY bylaws, not lncon>isttus with the
provisions OF tins set, the manner IN which its
stocA "A IL be transferred, It's director eli cted or
appointed, ats officers appointed, t. property
| transferred ats general business conducted and
all the ptlyi eg6, granted b. this &C. 10 sssc A.
| tons orsanIed unarr IT shall be exercised and
eni yed and its usual husine p sh2llbe trar &C.
tel a. an otii;e or banking house lsea ed in the
| pllcs sptc ned IN lis orgsniEat on cartlf ate.
| Sec. 8. AEd bs ID further enGct5d That the
atfaus OF ,ye7, association shall BE- managed by
nor less tlal Eve directors, one of whom shau be
.AiC PAtolh7hAs every ulftCIpT Su Al curing DIS
whole lern OF service, ne q clti2ea of the United
StaIeS; AM at lea hrCe-fourths OF the dlTec ors
snau have re- ide in the Stat, Territory, di j.
tr.ct III which such ass citation Is located oae
year next pf cedlRg then election ss drfctoTs,
and &c Fe'L ents OF the dur ng ths ir c0ntin-
uanue IN once. Each dirsc' or shall oEn, in his
own rlsat at east ten shares of the capital stoc
OF the association OF which lac is director. Fac 4
director, when appointed or elected, shall take
40 oath that he VIII, far the duty davolyes
on him, dihgent and honestly administer toe
afaus of such Iati u, aud will nOt know.
ing!y viola! or willingly per1 il to be violated
any of tn PROVISIONS OF this and that he is
tie bona fde owner, Ia his own right, ofthe mum
Der OF shares Of stock required ty this act, sub
scrlbed by him, or standing in his name on the
books-oi TIL as'ocati n, and that the same is
NOT hypothso Ited, or in any way pledged, Sc
curity Tor any loan or debt; which oath, sub
crbe4 by himse and certified by the off Ell
before whom 1t is taken, shall Immediately
Transmitted to the Comptroller of the Currency,
and by him field and preserved in his office.
SEC. IL ind be ii fUrttcr enacted, That the
| directors OF a ASSOC an0n is e ecte o. ap-
| pointed shall hold lei- FAC until ther sue.
cessor shall be e.ects1 and quail d \ sub
| seq lent eCtlons shall be held annually on suef
! day in the month of January may Oe spec fec
/ in the articles Of assoc alton; a the Glrec or
| 50 electet sd Ill hold their places for ono ys-r
| and until their successors ar elected and quail
| lied. But any dire tor csasing to be the owne
OF the requisite amount OF stock, or n vi 10 any
| other manner become disqualified shall thereby
| vaClte his lace. Any y.caucr in tie boar
f | shall be Ii led by appointment by the remaining
| directors and auy direc.Ot SO appointed shal
| hold his plaGh until tie next election. II from
| any cause an election OF directors shall not b.
| made at the time appointed the association shall
not for that cause be dissolved, bus an election
| may be held Ouany subs, quent day, thi ty days
notice he eOfin al cases having been in d news
paper published in the city, town, or county II
| which he assoc atom is located; and if no news
paper is published in suoh city, town, or county
such notice shall be publ shed in a n'wspape
sublished nearest thereto If the art Giles of as
J | pciatiOn do not fix the day on which the elect
ion shall be held or the election should not b
held on the day fixed, the day FOR the election
, shall be designated by the board of directors Il
, their by-lavs, or otherwise: Prorfdsd, That l
|, | the directors fail to fix the day, as aforesai
shareholders representing two-thirds OF tn
: shares may.
4 SEC. IL. And be IL further saaeted That in al
elections Ct directors, and in deciding all CUES
tons at meetings of sharehOids RS, each share
$ holders hall be entitled to one on each shar
of tocR held by him. Shareholders may vot
BY soxes duly au horis I'd IN writing but nc
| officer clerk. tel er, or book-keeper OF shch az
? sociatcn shall act as proxy; and no sharehode
whose liability is past due and unpaid shall b
r | flowed to vote.
SEC. II. And BE- IL further enacted, That tn
5 | capital stock of any association formed unde
this act shall be divided into shares Of one hur
. | dred dollars each, and be deemed personal pre-
perty aod transfera BILE on the books OF the as