The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-01-10

dollars, twenty dollars and fifty dol
lars, as may be required to supply the
associations entitled to receive the
same. Such notes shall express upon
their face that they are secured by
State bonds, deposited with the State
treasurer by the written or engraved
signature of the Treasurer, and by the
imprint of the seal of his office; and
shall also express upon their face the
promise of the association receiving
the same to pay on demand, attested
Oy the president Dr. vice-pre5ldent and
cashier; and shall bear such devices
and such other statements, and shall
be IN such form as the State Treasurer,
with the approval of the Governor,
snail, by regulation direct.
SEC 8 The plates and dies to be pro-
cured by the State Treasurer for the
printing of such circulating notes shall
remain under his contrib and direction,
and the expenses necessarily incurred
IN executing this act shall be paid out
OF the proceeds OF the taxes or duties as
sessed and collected on the circulating
notes herein authorized.
SEC. 9 Not more than One-thentb part
of the notes furnished to any associa-
ton shall be of less denomination than
i've dollars.
SEC. 10 That any association issuing
circulating notes under the provisions
OF this act shall promptly pay the g lme,
upon demand, during the usual bust
ness hours at its banking house, and
for this purpose shall keep it's doors
open from 10 o'clock in the forenoon
until 3 o'clock in the afternoon, except
upon Sundays and legal holidays, and
upon failure or refusal to pay when
demanded, the holder of such note or
notes may have the same protested
an presented tO the State Treasurer
for redemption, in which event. after
giving notice by mail ! such default
ing association, the said Treasurer may
advertise in a daily newspaper in the
city OF Raleigh for ten days that he
will sell by public auction so much of
the collateral in his hands as liz appli
cable to h payment of such dishOn-
Ored note or notes, and out of the pro
ceeds Of such sale redeem the same.
Sec IL To further secure the circu-
latlng notes authorized by this act the
stockholders in any association issuing
the same shall be Liable for their pay
ment to an amount equal to his or her
individual stock in such association,
and 1T shall be the duty of the cashier
or president of every such association
to furnish the State Treasurer, semi
annually, on the first day of January
and July, a varified list of the stock
holders with the residence and amount
of stock then held by each.
Sec. IL Thatany association issuing
circulating notes shall, upon receiving
their currency, pay to the State Treas
a tax of One-half of l per cent.
upon the amount of such notes de
livered, and thereafter, semi annually,
the first of April and October, a like
tax Of one-half of 1 per cent. upon the
amount Of notes outstanding shall be
paid to the State Treasurer.
Sec. 13 That it shall be unlawful to
m%utilate, write or print upon or other
wise distigure any note issued under
authority of this act. Every person so
offending fhaIl be liable to a penalty of
800, recoverable one half to the in
former.
SEC. IA. That neither the State Treas
urer nor any employee in his Office
own stock or other interest in any
association issuing circulating O5es
under this act.
SEC. Is This act shall be in force
from its ratification.