Source: http://mdh.contentdm.oclc.org/cdm/ref/collection/molaws/id/44556/
Timestamp: 2019-10-24 00:56:37
Document Index: 517071062

Matched Legal Cases: ['§ 34', '§ 35', '§ 36', '§ 37', '§ 34', '§ 35']

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20 BANK.
vided, the whole of the private stock shall have been taken; and if the whole
of the stock, has not been taken, then the directors on the part of the stockholders shall be appointed as aforesaid, in proportion to the stock subscribed:
and if but five hundred shares of said stock be subscribed as provided by this
charter, the holders thereof shall be entitled to at least two directors, and the
Governor shall appoint the residue of the directors. And the president and
directors for said branch shall hold their offices for the same time and on the
same terms as the president and directors of the mother bank; and the mother
bank shall, at the time she commences business as provided in the eighteenth
section of this act, set apart and furnish to the president and directors of the
branch bank at Fayette, at least one-tenth part of all the capital stock paid in;
and the like sum shall be furnished to each branch that may hereafter be established; which shall be increased from time to time, in the like proportion,
as the capital stock shall be paid in: Provided, That if the money so deposited at any time, shall remain idle for the term of sixty days, the mother bank
shall have power to remove such surplus fund to any other branch, or to the
mother bank, as will best suit the interest of said bank.
§ 34. The president and directors of the bank shall establish any number
of bank agencies, not less than nine nor more than fifteen, under such regulations as they may prescribe; and it shall be their duty to establish one of these
agencies in each judicial circuit, not having the parent bank, as soon as practicable after the bank goes into operation. If a branch should hereafter be established at the place where any bank agency is established, the agency shall
cease. All future branches shall be organized and governed in the same manner as is provided for in the next preceding section: Provided, the said bank
shall establish agencies from time to time as hew judicial circuits may be organized, giving each circuit one agency.
§ 35. Said bank shall not, at any time, suspend or refuse payment of any
of its notes, bills, or obligations, nor of any money received upon deposites in
said bank, when demanded by the holder or depositor at the place where the
same is made payable, or when deposited in gold or silver; and incase of such
refusal, the holder of such note, bill, or obligation, or the person entitled to
receive siich,,mong>y.j<s .aforesaid, shall respectively.; be entitled, to,.receive interest from the time of such demand and refusal, at the rate of twenty per
cent, per annum until paid.
§ 36. It shall be the duty of the president and directors, as soon as practicable, to make arrangements for the redemption of a portion of their notes in
New-Orleans, and also in either Baltimore, New-York, or Philadelphia, and
shall make a portion of their notes payable, in such places. And said bank
may issue bills or notes payable on demand, at either of its branches, or at
any bank of respectable standing in any other State of the Union, as the president and directors may deem proper.
§ 37. Said bank shall have power to receive on deposite, or borrow at such
rate of interest as may be agreed upon, any sum of money not exceeding five
millions of dollars, and the same to loan on bond and mortgage, or deed of
trust, on unincumbered real estate, within this State; but no loan on such real
estate shall be made in any case for more than three-fourths of the appraised
value thereof, exclusive of perishable improvements, for a term not exceeding
, five years, and at no higher rate of interest than eight per cent, per annum,
and the bank may require the principal of such loans to be reduced not exceeding twenty per cent, every year, so as to extinguish the same at or before
the end of five years; the interest on all such loans to be paid semi-annually. The value of such real estate shall be determined by an agent appointed by the bank, the branch or agency where the loan is to be effected.
Said fund thus borrowed or received on deposite, shall be kept separate and
Identifier LAWS_9th_1836-1838_0020.tif
Transcript ' r < ■ ■■ ■ 20 BANK. vided, the whole of the private stock shall have been taken; and if the whole of the stock, has not been taken, then the directors on the part of the stockholders shall be appointed as aforesaid, in proportion to the stock subscribed: and if but five hundred shares of said stock be subscribed as provided by this charter, the holders thereof shall be entitled to at least two directors, and the Governor shall appoint the residue of the directors. And the president and directors for said branch shall hold their offices for the same time and on the same terms as the president and directors of the mother bank; and the mother bank shall, at the time she commences business as provided in the eighteenth section of this act, set apart and furnish to the president and directors of the branch bank at Fayette, at least one-tenth part of all the capital stock paid in; and the like sum shall be furnished to each branch that may hereafter be established; which shall be increased from time to time, in the like proportion, as the capital stock shall be paid in: Provided, That if the money so deposited at any time, shall remain idle for the term of sixty days, the mother bank shall have power to remove such surplus fund to any other branch, or to the mother bank, as will best suit the interest of said bank. § 34. The president and directors of the bank shall establish any number of bank agencies, not less than nine nor more than fifteen, under such regulations as they may prescribe; and it shall be their duty to establish one of these agencies in each judicial circuit, not having the parent bank, as soon as practicable after the bank goes into operation. If a branch should hereafter be established at the place where any bank agency is established, the agency shall cease. All future branches shall be organized and governed in the same manner as is provided for in the next preceding section: Provided, the said bank shall establish agencies from time to time as hew judicial circuits may be organized, giving each circuit one agency. § 35. Said bank shall not, at any time, suspend or refuse payment of any of its notes, bills, or obligations, nor of any money received upon deposites in said bank, when demanded by the holder or depositor at the place where the same is made payable, or when deposited in gold or silver; and incase of such refusal, the holder of such note, bill, or obligation, or the person entitled to receive siich,,mong>y.j