Year: 1877

| tne snarenOluerS, or out Oh the prOntb OF
the business of such company and in case
any dividend shall be made while the cap
ital stock shall remain SO diminished or
withdrawn it shall he the duty of any court
having competent jurisdiction, to make the
necessary orders and decree for closing the
affairs of such company, and dividing its
effects among its creditors and shareholders.


SECTION "a. The shareholders of each
company formed under the provisions of
this act shall be held individually responsi.
Bile, equally and ratably, and not one for
another, for all contracts, debts and engage
ments Of such company, to the extent of the
amount of their stock therein, at the par
value thereof, in addition to the amount in
vested in such shares.


SECTION %. 1t shall be the duty Of the
auditor, treasurer and Secretary of State, or
a majority of them, as often as once in eacI
year, and without previous notice to such
corporation, to appoint some suitable per-
ton in the vicinity of each banking COM
pany, who shall not be a stockholdcr in any
bank of the State, who shall have power TO
make a thorough examination into all the
affairs of the bank which he may be ap-
pointed to examine, and in so doing to ex-
anime any of the officers and agents of such
bank on oath and such agent shall make
detailed report of the condition of such
bank to the Auditor of State; and the bank
ing companies herein authorized shall be
subject to any other visitorial power au.
thorized by law; and every agent appointed
as in this section provided shall receive for
his services at the rate Of five dollars for
each day employed by him in such exam
ination, and five dollars for every twenty
five miles he shall necessarily travel in the
performance of his duty, which shall be paid
by the banking company by him examined.


MOTION Of Tho rrasiHaDf opd aaehiar
of every company formed pursuant to the
provisions of this act shall at all times keep
q true and correct list of the names of all
the shareholders of such company, and the
amount of stsck owned by each, and shall
file copy of such list in the office of the
recorder of the county where any office of
such company may be located, and also in
the office of such company, and also in the
office of the Auditor of State, in the months
of January and July of each year.


SECTION 81. That the approval or rejec-
ton of this act shall be submitted to the
vote of the electors of this State, at the gen.
oral election in October next. At such
election the electors desiring to vote for its
approval shall place upon their ballots for
the officers then to be elected the words,
"For the free banking act" and the voters
not approving it shall place upon their bal
lots the words, Against the free banking
act" The judges and clerks of said election
in each and every township, ward and pre-
cinct shall, in addition to the returns pro-
vided by law, and at the same time, make re.
turn to the clerk of the county, of the vote
cast for and against the approval of this act.
A return additional to the return required
by law to be made of the votes cast at such
election for State officers, and Senators and
Representatives, shall also be certified and
made by the clerk of each county, of the
vote for and against the approval of this
act, to the Secretary of State, within ten
days after said election; and within thirty
days after said election the Secretary of
State, Auditor of State, and Attorney-Gen-
eral shall open said returns, and count tie
votes, and ascertain whether or not a ma
jority of all the votes cast at said election
have been cast for the approval of this act
and if it appears that majority of the votes
cast at such election have been cast for the
approval of this act, the said Secretary and
Auditor of State shall make proclamation
thereof without delay.


SECTION 2S. The Secretary of State shall
cause this act to be published in one, but
in not more than two newspapers, and by
one insertion in each, in each county of the
State wherein newspaper is published, and
within thirty days preceding said election.
The cost of publication to be paid out of
the State Treasury, upon the warrant of the
Auditor of State, upon proper vouchers, and
in accordance with the provisions of An
act supplementary to the act to provide for
the execution and supervision Of the State
printing and binding, passed March "a,
1861" passed and took effect May l, 1862.
s. & s. p. 619.]


SECTION 90. If the vote so cast be ascer-
tanned by the Secretary of State, Auditor of
State, and Attorney General, to have been
cast in favor of the approval of this act, it
shall take effect and be in force from and
after the date of the proclamation so re-
quired to be made by them.


CHI. GRosvENoR,


Speaker of the House of Representatives.


81. W. CURTIss,


President of the Senate.


Passed AnriI 81 1877