The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1901-02-14
s1d remain unmarried, $25.

4
and from ten QO) cents on the poll tc
fifteen (l5) cents, and that tho pension
law be amended accordingly.
Sec. 3 That this act shall be in force
from and after its ratification.
HOUSE-The. most done in the
House was some sharp talk over The
election law cansed by many petitions
being sent in by Republicans to have
the election laws OF the State changed
4 WEDNESDAY FEB 9Th.
| 6 Morninx Post
SENATE.-A bill was introduced
providing Tor banking system OF
North Carolina with power to issue GER
tificates. Following are some of the
lmpol tant sections: &D
That any association of persons deai-
rous of establishing banks of issue to
do general banking business in ad-
dition to the powers now granted bank
Ing corporations shall consist of no;
less than five persons and may enter
its articles of association for this pur-
pose. They shall make an organization
certificate which shall specifically state
(D the name l2) the place (3) the IL
mount of. capital stock and shareholders
number of shares held by each; a.
state that certificate is made to enable
them to.or ganize under this system.
Section 3 provides for acknowledg-
ment before a clerk of the court or no.
tary public of such articles of aassocia-
ton.
Sec. 4 directs that such articles be
filed with the State Treasurer.
Sec. defines the powers Of the body
corporate.
Sec. "Demand loans On warehouse
receipts upon advance OF money repay
ablo on demand upon warehouse re-
celpts, bills Of laden, certificates of stock,
certificates Of deposit, bills Of exchange,
bonds, notes or other negotiable Instr u
ments pledged as collateral security for
such repa, ment, any bank organized
under this act may receive and collect
as compensation Tor making such ad-
vances any sum to be agreed upon lii
writing By the parties to such .transac-
ton. IF
Sec. z provides before the banks
notes are put in circulation it saall de-
liver to the stste Treasurer county or,
city bonds haylng market value at
par Or over or State Or United States
bonds, or such other marketable bonds,
as the board ct bank appraisers ma,
deem sufficient. !.
Soc. = creates the board of the bank
appraisers making the Attorney Gener-
al treasurer to the board.
Sec. 9 provides for the description OF
bonds deposited, ETC., to be signed by
the bank xppralsesrs. -
Sec. 10 provides that the amount OF
circulating notes shall not be more
than the paid in capital stock shall lot
be less than one-third thereof.
Sec. IL Such banks shall be entitled
to Issue its notes for circulation to an
amount equal to tho appraised valae
or the bonds deposited; and in addl-
ton may issue upon the basis of the
credit Of the bond without bonded OF
other security an amount equal to one
third OF Its capital stock actually paid
in any case.
Sec- 25 makes every stockholder in
these banks individually responsible,
equally and ratably, and not one for
another, for all contracts, debts and en-
gagements to the extent of their stock
therein at par value thereof, In addi-
tlon to the amount invested in such
shares. lrhis applies not only to reg
,stered stock holders whose names &p-
pear on the corporation books but 10
every actual ownsr of stock eyen
though hold in the name of another
person but not those holding stock az
collateral security.)
Sec. 80 provides that any State bauk
now in existence or hereafter to b9 CT
ganized and chartered shall h.vs .he
right to avail itself of all the piovisit ms
o. this act by fling copy of its char
ter with the State Treasurer together
with q statement furnishing the in
formation requiaed by section 81 Of
this act, whersupon such baud ana it's
shareholders will be held liable IS ctt-
or banks and shareholders organic ID
under this act.
HOUSE-The House passed the Ay-
cock text book bill az 1t came from the
Senate aud the measure is now law.
A determined effort was made to
amend the bill but the friends of the
measure stood steadfast and voted d.wn
amendment after amendment.
The bill increasing the pay Of panl-
tentlary guards from SIS to $50 per
~v,onth whinh xvo. infrodu,c1 hx kJr