Source: http://mdh.contentdm.oclc.org/cdm/ref/collection/molaws/id/44555/
Timestamp: 2019-08-22 18:58:11
Document Index: 327155396

Matched Legal Cases: ['§ 29', '§ 30', '§ 81', '§ 32', '§ 33', '§ 29', '§ 30', '§ 81', '§ 32', '§ 33']

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BANK. < 19
§ 29. The bills obligatory, and of credit, under the seal of said corporation, made to any person, shall be assignable by endorsement thereon, under
the hand of such person or his assignees successively, and shall enable such
assignee to maintain an action and recover U.ereon in his own name; and
bills or notes of said corporation, issued to order, signed by the president, and
countersigned by the cashier, promising the payment of money to any person
or his order, or the bearer, though not under seal of said, corporation, shall be
binding in like manner and with like effect as foreign bills of exchange now
are, and those payable to bearer shall be transferable by delivery only, and
all bills and notes, whether under seal or otherwise, at any time discounted
by said bank, shall be, and are hereby placed upon the same footing as foreign
bills of exchange, so that the like remedy shall be had for the recovery thereof, against the drawer or endorser thereof, and with like effect, except so far
as relates to damages.
§ 30. Said ba::k shall, not, directly or indirectly, demand or receive by way
of discount, or for interest, a greater sum than at the following rates: All paper discounted, not having more than one hundred and twenty days to run
until due, shall be discounted at six per cent, per annum; all paper discounted,
having one hundred and twenty days, and not more than six months to run
until due, shall be discounted at a rate not greater tiian seven per cent, per
annum; all paper discounted, having more than six months to run until due,
shall be discounted at a rate not exceeding eight per cent, per annum; and
said bank shall not, under any pretence, discount any paper which will not
fall due within twelve months from the time such paper may be offered for
discount. The interest to be computed according to the ordinary rules of
banking institutions; and nothing in this act shall be construed so as to prevent said bank from demanding and receiving a reasonable premium of exchange in addition to the interest upon notes or bills payable at a point beyond the limits of this State; and the said bank shall not employ, at any time,
more than one half of the1 capital stock in dealing in bills of exchange.
§ 81. No loans or accommodations shall be made by said bank upon any
pledge of the stock of said bank; nor shall any director, or the partner of any
director, agent, or other officer of the bank, discount, purchase, or deal in any
note or bill, at a greater rate of interest than is allowed to be taken by the
bank for discounting notes and bills, and said director, agent or other officer
of the bank, as aforesaid, shall, on proof of any violation of any provision
of this section, forfeit his place as such director, agent, or other officer; and
any vacancy thereby created, shall be filled as is provided in case of vacancies from other causes.
§ 32. Semi-annual dividends shall be made of the entire nett profits of the
bank, and so much as may accrue to the State, shall be placed to its credit on
the books of the bank, subject to the order of the State treasurer; but no
such dividend shall be made so as to impair the capital stock, and at the end
of every half year there shall be exhibited an exact and particular statement
of the general accounts of said bank,, and if any stockholder be then in default, or shall have failed to pay the sum subscribed, the party failing shall forfeit all payments previously made to the bank, together with any dividend
which may have accrued,should the board of directors so direct.
§ 33. There shall be, and is hereby established, a branch of said bank, to
be located at Fayette, in the county of Howard, with four directors and a
president thereof, on behalf of the State, to be elected by the.General Assembly, in the same manner as is provided in the first section of this act for
the election of the president and directors on the part of the State for the parent bank, and four directors for said branch for the private stockholders, to
be appointed by the directors of the stockholders for the mother bank: Pro-
Identifier LAWS_9th_1836-1838_0019.tif
Transcript BANK. < 19 § 29. The bills obligatory, and of credit, under the seal of said corporation, made to any person, shall be assignable by endorsement thereon, under the hand of such person or his assignees successively, and shall enable such assignee to maintain an action and recover U.ereon in his own name; and bills or notes of said corporation, issued to order, signed by the president, and countersigned by the cashier, promising the payment of money to any person or his order, or the bearer, though not under seal of said, corporation, shall be binding in like manner and with like effect as foreign bills of exchange now are, and those payable to bearer shall be transferable by delivery only, and all bills and notes, whether under seal or otherwise, at any time discounted by said bank, shall be, and are hereby placed upon the same footing as foreign bills of exchange, so that the like remedy shall be had for the recovery thereof, against the drawer or endorser thereof, and with like effect, except so far as relates to damages. § 30. Said ba::k shall, not, directly or indirectly, demand or receive by way of discount, or for interest, a greater sum than at the following rates: All paper discounted, not having more than one hundred and twenty days to run until due, shall be discounted at six per cent, per annum; all paper discounted, having one hundred and twenty days, and not more than six months to run until due, shall be discounted at a rate not greater tiian seven per cent, per annum; all paper discounted, having more than six months to run until due, shall be discounted at a rate not exceeding eight per cent, per annum; and said bank shall not, under any pretence, discount any paper which will not fall due within twelve months from the time such paper may be offered for discount. The interest to be computed according to the ordinary rules of banking institutions; and nothing in this act shall be construed so as to prevent said bank from demanding and receiving a reasonable premium of exchange in addition to the interest upon notes or bills payable at a point beyond the limits of this State; and the said bank shall not employ, at any time, more than one half of the1 capital stock in dealing in bills of exchange. § 81. No loans or accommodations shall be made by said bank upon any pledge of the stock of said bank; nor shall any director, or the partner of any director, agent, or other officer of the bank, discount, purchase, or deal in any note or bill, at a greater rate of interest than is allowed to be taken by the bank for discounting notes and bills, and said director, agent or other officer of the bank, as aforesaid, shall, on proof of any violation of any provision of this section, forfeit his place as such director, agent, or other officer; and any vacancy thereby created, shall be filled as is provided in case of vacancies from other causes. § 32. Semi-annual dividends shall be made of the entire nett profits of the bank, and so much as may accrue to the State, shall be placed to its credit on the books of the bank, subject to the order of the State treasurer; but no such dividend shall be made so as to impair the capital stock, and at the end of every half year there shall be exhibited an exact and particular statement of the general accounts of said bank,, and if any stockholder be then in default, or shall have failed to pay the sum subscribed, the party failing shall forfeit all payments previously made to the bank, together with any dividend which may have accrued,should the board of directors so direct. § 33. There shall be, and is hereby established, a branch of said bank, to be located at Fayette, in the county of Howard, with four directors and a president thereof, on behalf of the State, to be elected by the.General Assembly, in the same manner as is provided in the first section of this act for the election of the president and directors on the part of the State for the parent bank, and four directors for said branch for the private stockholders, to be appointed by the directors of the stockholders for the mother bank: Pro-