Evening journal., 1899-01-24
TO ABOLISH A BANK
An Act to Do Away With
That of New Castle.
MUCH EXPENSE AND NO BUSINESS
lF THE BULL is PASSED 1T WILL
LEAVE NEW CASTLE WITHOUT
\ bank Or ANY KINlD-PROvl-
slONs OF TUNE PROPOSED BILL.

Stan Correspondence Evening Journal
Dover, Jan "a Chairman Tharp. OF
the House Committee on Private Cor
pontl, ns. gave notice OF an act to
abolish the New Castle branch Of the
Farmers Bank cl Delaware and to re-
duce the capitalization OF the bank
Sie0OOO This is done pursuant to the
wish OF the beard OF directors of the
Farmers Bank. For severa! years the
branch at New Caste he's been doing
little or no business, and it has been
source Of expense to the parent bank
TO the extent OF about 5000 a year.
II the bill passes il will leave New
Castle without bank OF any kind.
The provisions Of the proposed fur
ther supp.emen, are:
The president directors and COM
pany OF the Farmers Bank are EN-
powered to wind up the business OF
the New Caste branch, and to dis
continue said branrh. and 10 collect
the debts which may be due and owing
TO said branch, and to dispose Of the
property OF said branch to such per
son or persons as may choose to pur.
chase the same. and upon such terms
Jas by the said corporation may be
deemed proper, and generally to do
sucn matters as may be necessary tc
be done In winding up the business OF
said branch; and the proceeds arising
IRON the collection OF the debts due
and owing to said branch, and from.
the disposal Of the real and persona,
property Of said branch, after the pay.
ment OF the expenses and all Just
c.aims which may be due from the
said branch, exclusive, however Oh
any claims for stock issued by said
branch, shall be paid t0 the principa,
bank, at Dover, and the branch bank
at Georgetown, In such proportion as
may be determined by the directors OF
said corporation; that, while the busi.
ness Of the New Castle branch is be-
ing wound up IL shall ye lawful for
the Wilmington branch to transact any
business relating to the New Cast ie
branch, and, for this purp1se, the
moneys. cash, books. papers, bills.
notes bonds, stocks and an other per-
sonal assets belonging 10 or held BY
the New Castle branch may be trans
ferred 20 the Wilmington branch, and.
II deemed advisable by the directors OF
said corporation, the banking house ot
the New Castle branch may be closed.
Whereas, the capital OF said corpor-
alton, fully paid, amounts to $3.50, 900,
and one-fomth thereof. ~ S17O 900 OF
stock, was issued by the New Castle
branch, it shall be lawful to reduce the
said corporations capital about $170.-
900; and, for this purpose, it shall be
awful for said corporation to call ia
all Of the stock heretofore issued by
said corporation. whether held by the
state for It's own benefit or for the
benefit Of the school fund, or by any
person or persons, firm, company OF
corporation, and to cancel the certfi-
Gates OF the stock SO called in, and, in
lieu thereof new certificates OF stock
to the amount OF three-fouIths Of the
stock so called in and cancelled shall
be issued 10 the state. persons or per.
sons. firm, company cr corporation
holding such stock az the time the
same was so called in by the princi-
pal bank and by the Georgetown
branch, in such proportions as be-
tween the principal bank and the
lGeorgetown branch as shall be deter
mined by the directors Of said cor
poration; and it shall be the duty Of
said corporation to pay SOS for each
share Of stock 60 called in and can
cel.ed. and on which $50 per share has
been fully paid TO such corporation,
land for which new sock may not be
issued. In case any pers- n or per
sons. firm, company or corporation
shall hold .ees than four shares OF
stock at the time the said stock shall
be called in, new certificates
for the ulT amount Of the
stock so he'd shall be issued by
the principal bank or the GeorgetowL
branch; and. if the state. or any per.
son or persons. firm, company or cor
poration shall hold more than foul
lshares Of stock, and the number OF
shares 50 held, cannot be divided
evenly by four, then It shall be law
full to issue 20 the state or to suci
person or persons, firm, company ol
corporation, new certificates Of steel
by the principal bank or the George
town branch to an amount as neai
Ithree-fOuIths az the stock SO held al
: may be practicable. IL thu state @
any person or persons, finn, compan.
or corporation owning or holdin;
shares Of stockin said corporation shal
r fail 10 surrender their certificates o
stock after the same shall be called u