Plymouth Banner, Volume 4, Number 7, Plymouth, Marshall County, 3 May 1855 — Page 1

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i A Family Newspaper Devoted to Education, Agriculture, Commerce, Markets, General Intelligence, Foreign and Domestic News. PLYMOUTH, INDIANA, THURSDAY, MAY 3, 1855. WHOLE NO. 163. VOL. 4. NO. 7.1

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THE BANNER

II eOBLISHEO EVERT THURSDAY MOESISO BY WM. J. BURNS. If paidin advance, - - ?150 At the end orsis months. - - - 2I0 If deUved until the end of the year, 2 50 A failure to order a discontinuance at the aspiration of the time subscribed for, will he emul iere! a new engagement, and the paptr continued. ... , .... errj rio? ire paid, unlessatthe option olthe Pa"jhhet IxVhi above terms will be strictly ad-ter-d to. ADVERTISING. (TS.t LINES OR LtSMiEJ a jQfAar) Oae s i j ire three ittervious or :etS ci '0. Eich additional iiiert:oa '.5 . 3 m. Oae square 51,00 Toq'iare 6.00 Tarce d.. 7.00 Qrter. clu. 9 0) II, If do. 12 00 C 111'!. 6 00 8,00 10 00 12.00 1 )0 25 Qd 0 mo. 7.C0 10 00 12 U0 15.0) 18 CO 33 00 12 IIl'S. ??co 12.00 l-r, 00 2U.CÖ 25 00 3i.O0 One us 2'J.OO 1 l-iaeis C ird. inserted i ne yen' f 5.00. Leil advertisements must be each in ndt alee or accepted security. Adv rtis n ei tä, tiini nt m irked, will be inerteltiil forbilden. ni charal at the alive rate. XTU Conm:iiiicatiorxs from i distance houll be addressed, Post-Paii, to thvj I'xoprietc i in I iii I

mjrww 1T IS JSl L-VWl,n5r time suspend or refuse payment, in ' j g-jid or silver, of any of its notes, bills, ACT I or obligations due or pa) able, tur of an)' To tttallish a Hank viih liranches. mne)s received upon deposit; and it SEC. I. Be it enacted by the General l""k 8n7 ti,n tr ,,ffilrCl AMeiublT Of the State of Indiana, That; Ty any bill, note or obligation issued ther. shall be and is h-.rebv. established br l Bank if demanded wiih.u the a Bank, with so many branch s .hall , ,,sual banking hourr. at the proper branch

b oanited under this charter, to be known aud staled "The 3Jnnk of the , St3te of Indiana.'' which shall continue as such for the period and term of twenty years from the date of in oranixtion. and far such longer period thereafter ns thall be necessiry promptly to close its business, as hereinafter provided. Sec. 2. That Thomas L Smith. Andre L OrsboMi, Jehu T. Elliott. Aldiam L- llojche, and John D. Defrees. are hereby appointed Commissioners, who. j if.w ontfinv untin their H ittp ball '. Ukain oth. dilligenlly. faithfully nnd j smp'sftially to perform tho duties -icn-ed lseia by the act. They shall keep a true account of all iheir proceeding, which, together with all the books and papers pertaining thereto. Ihej shall deliver to the Board df Directors of said Bnk when te same is organized. Sec 3 SiJ Commissioners shall meet at the city of Indianapolis, wi;hir ninety d.y s afier the passage of this act, and if any f their number sh?U rtfusl.i cerve. shall die cr tesiiir. thev hall 11 such vacancy or vacancies by the appointment of 60tne suitable person? thereto; and they, or a majority of them. ,r authorix-d. and it shall b their du ty to divide the Stale into not le.s than fiiieen, nor more than twenty lnk districts, r.V to locate one hrnnrh of S'iid Btnk in each of fa'd districts, at such place a they sh-U designate, selecting where it can be doue. other things hiitg equal, in each district wherein a branch of thfl present State Bulk of Indiana i" now located, the sme county in which uch branch is located; and they shall appoint two so! commissioners for each of Slid distrio's, who shll be residents therein, to receive Mibscri jitions of s'ock nnd perform such other duties s may be required by thin Act. If said Commis siouerf do not mike the whole numbet of districts ns required by this Act. the Board of Directors of the Bink may, at i any time after being nrginiz-d. lay off from time to time additional cis'ricts .n I 1 . a K. Ima lid.in- Prnrirletf . . . . u:a .Kan that the whole number established nall not exceed the number herein authorized Sec 4. Should anv of tie branches herein established fail to organize, as herein contemplated, it shall br the du ty of the Director of the Bmk, once in each year thereafter, if required by any number of the citizens who will be reapmisible for the expense, o open books at subscription within such district, and locate oo I organize a branch therein, at uch plce as they may select, if ihe mount of atock herein required shall b taken and paid for under the provisions of this Act. j Sec. 5. The said Bnk hall keep an t fine at the ciy of Indianapoll?, and the Directors thereof shall meet ruid hold their sessions at least once ii! three months. It shall be a body corporate and politic, with power to sue and b? ued. plead and be impleaded, in ny court of law or equity. Iav ing jurisdiction, nnd transact oil other lawful businets herein permitted them to do; and hall havo power by and through her branches, and not otherwise, to loan money, buy, sell and negotiate bills of exchange, checks, promissory notes, and oth-r evidences of debt, to discount, on banking principles and usages, bills of exchange, post notes, promissory notes, and other negntiabl paper or obligations or the payment of money; to receive deposits, to buy and sell gold and silver, bullion and foreign coins; to draw, issue, and put in circulation bills. noUS. post notes, bills of exchange, end other evidences of debt, payable t order or bearer, and not otherwise; and all such notes ind bills put in circulation ns money, exe pi post notes and bills of exchange. shall be made payable on demand; and ; to exercise such other incidental powers as snau De necessarjr iu m.ij on auiu. a a . jn. mm . . V i .... Sec! 6. The renl estate which it shall U lawful for sail Bank to purchase. bold and enrey. shall be-first, such as bt required for its irnmediat accotntno-

dation in the convenient transaction of its business: or second, such as shall have; been rr.ortgged to it in good faith by way of security for stock. loans previously contracted, or for moneys lue; or. third, mth as thall hate been conveyed

to tt u satisliciion ol deal previously contracted in the course of its dealing; ot fowrlh gurh 9S fuM hate been pur 1 chaSf ll Us uPon judgement, decrees or mortgages, obtained or made for such debts; and the said Bank 6hall not purchase, hold or convey real estate in any other case, or lor any other purpose; and all such real estate not absolutely neces sary for the convenient disc harge of its business, shall be set up, it least once a rear, at public sal, describing the propj erty so to behold, and the name of the ; mortgager, in at least one pwwspTper in . jfjp district where the hattk is situate, fn, niacin!! three written notices in the most puo tc plat es in the town where ; the bank is loco:-'- nci "' ! the same will bring the amouiw f the j debt, interests and cost6 lor ;hichthe I same may have been bought, received or ' taken by the bank, and which thfcll re- ' r-maiu after dtductiug all profits received therefrom. j SC. 7. All conveyances of ieul es1 täte shall be signed by the President of , the Bank, and have afuied the seal there..r : -i.ii i ....1 I : Sec. 8. That said Bank shall not at " "n,r ,s Vi ÄÜ4C- -P the contract, promise, or undertaking therein expresed, or shall neglect or refuse to pay on demand, as aforesaid. any moneys received on deposit, lo the pcrs n or persons entitled to receive the same, then, and in every such case, the holder of any such bill, note or obligation, or le person or persons entitled to demand or receive such moneys, us aforesaid, shall respectively be entitled to receive and recover interest on their de minis, until the same shall be fully lM ti.fied. at the rate of twelve hrr centum rer unnuin. iroiri me tunc in uch demand, as aforesaid; and any branch so failing to meet its engagements may be c!oed as in case of insolvency. Sec. 9. The said Batik, and each and every brunch thereof, shall mutually be responsible for all the debts, notes and engagements of each olher; and the stockholders of each and every branch shall he held and bound to an amount ovr and above their stock equal lo their respec1 tive shirrs of stork, tor alt the debt and liabilities of said bank or any of her brain hes. Sic 10. All suits or actions against ?aid Bank, or itiy contract or engage inrut made, or liability incurred' by the Hoard of Directors of the Bmk. r any contract 'f engagement made- or liability incurred bv the Board of Directors ol anv branch, ur on any bank bill or note shall be brought against the Bank of the Slate of Indiana. Sec. 11. The process in such case shall be a summons, aud shall be served on the President of the Bnk, in II cases where tho contract, eng-igement or liability sued for shall have been made by the Board of Directors of sid Bonk; and in all cases inhere the contract, engagement or liability sued on has been made by a branch, the process shall be served j on the President of such branch, and so also where the suit shall be brought on ! any b-ink bill ot note, the process shall j tie served on the President of the branch i at which 6uch bill or note shall have ' been m.tde patable; or. in 11 such cases 1 t . PX I'roce ,na o ,e,. ol ...r oaiiKing nnue. or orancn, or piacc doing business of the bank, or of the proper branch as the case may be. during the usual hours of business, which shall be good service. Ami it is hereby made the duty of the President, or any oilier officer .f such brnnch knowing of such service, forthwith to notify the Presi lent and Directors of the bank thereof. In all suits broi'ght agiinst said bank. on any note, engagement or liability of any branch, suit shall be brought iu the county where such branch may be situate, and all suits brought against the bank on any n t. eiiiagement or liability of the brink, shall be brought in tho county of Marion. Seiv 12. Thpre shall be no 6tar of execution on any judgement agninst sail ) hank, nor shall she be enittled on judgemen? or execution ngainst her to the benefit of valuation and eppraismenl laws. Sec. 13. Said bank shall re entitled to charge and receive for moneys loaneo the legal rate of interest established by law iu this State, and not more, and the tame inay, according to bank rules, be taken in advance out of the sutnj loaned, and may be computed according to the standard and rate, set fort in "Rowlet's Tables." reckoning the days for which a note or bill has run inclusively; but it shall not. directly or indirectly, place an mone) in the hands of any broker or other person to be loaned to others, or charge, take or receive, interest, compensation or benefit whatever from any loan made by any other person or party, wl ether such loan be made from its own funds or otherwise. Sec 14. The profits arising, after navin exnenses and reservation for a r- - . ,. . contingent or surplus iuim. c..-.. tided among the Mockhohlers according o the .mount. f stock owned . nd paid by each; ar.d in making th c.lculaHon and divmon of profits, each branch

shall brt independent of the others, and

its own profits divided among its own Stockholders. Sec. IS. The capital stock of taid batik shall be subject to the same rate ol taxation for State and County purposes aa the property or stock of other inonird corporations; and the real estate and other property of said bank and branches situated in any city or town, shall be taxable for municipal purposes, in the same manner as other property so situated, but the capital stock of sid bank or branch-s i-hall not be taxable for municipal purposes. Sec. 16. Ihe person administering the government of this State. Secretary of State. Treasurer, Auditor of Public, Accounts. Commissioner of the Canl Fund, Judge of the Supreme or any oth er inferior Court, or nny person holding an office or appointment under the Gen eral Government, shall not whde in such office, hold the office of President of the bmk. Director of the bank, or President, Director or Cashier of any branch, nor that öf a member of the General Assnn- . m.. P.it;,Um Dirrtnr hl ; nor snau r"j c ' . . - r u.-tirh at th time or UaShiei " ,"" ''. hold the offi:e r ?,mo ipnt nr imecior of the bank, on the part 01 me ö. ortho office of President, Director or Cashier of another branch. Sec 17. The notes issued by said bank shall be signed by the President of the bank, and shall be made payable at the branch which shall issue the same. and shall be signod by the Cashier ol such branch. Sec. 19 It shall not be lawful for said hank nt any time, to use or employ any part of its capital stock or other funds in the buying and selling of goods, wares or merchandise, cr in any oth r business or dealing, than is by this act authorized aud permitted. Sec 19. It shall and nny be lawful for said bank or any branch thereof, to accept, receive and become responsible for the deposit of the public tevnues of the United States, upon such terms end conditions ns may be agreed upon by the agents of the General Government and a majority of the directors of said bank Sec. i0. Thnt it shall be lawful for said bink to receive on deposit, (excejit as above prohibited,) moneys, bullion, plate, and other ariicUs of value ol sinll bulk, on such terms and condition;, as may ha agreed upon by the piirties, Sec. 21. It shall not be lawful for the Directors of said bank to locate any other branch or branches of said bank than is herein authorized. Sec. 22. The capital stock of sail bank may be increased by ir.dltlduni uu s riptions at any one or more branch0, by an l with the assent an 1 concurrence of ihe Directors of the bank. Sec. 23. The General Assembly may at any time appoint an agent to examine th inte and condition of said bank. and etfh and every branch thereof, who! Urill have the same power and lights as examiners apiciuted by the director of the bank; and when any agents as afore said shall find an1 report, or the Gover nor of the State 6hall have reason to believe that the charter hns been violated, it may be lawful for the Legislature l. lirect or the Governor to order a ncire faciu It be sued out of the Marion Circuit Court it. the name of the State (which shall beexecute.l upon the Presi .lent of the bank for the time being at least fifteen days before tho commence ment of the term of said court.) tailing on the said corporation to show causwherefore the charter hereby granted shall not be declared forfeited; and it hall be lawful for 6aid court upon the return of said scire facia, to examine into the truth of 6aid violation, aud if such violation be made appear, then pronounce and adjudge the said charter is forfeited and annulled; and every issue of fact which shall nrise in such proceeding and mar be joined, between the State mid corporation aforesaid, shall be tried by jury, and it shall be lawful for the court aft.r smd, to require the pro duction of such books of the corporation as it may deem necessary lor the ascer tainmettt of controverted facts; and the final judgement of the court aforesaid, shall be examinable in the supreme court of ihe State, and may there be reversed or affirmed, according to usuages of law; and it shall be ihe duly of the Governor to employ counsel in behalf of the State to prosecute such writ of ctre acta. Sec. 24. That a general meeting of the stockholders of each branch tdull be held nnuually. at such time as the Directors of the brink shall direct, at which time an election for Eiec tcrs shall take place, to which meeting rhe Directors of the preceding year shall exhibit an exact and particular statement of the state, condition and affairs of snid branch: and general meetings of the stockholders may be held at any other time when ordered by the Board of Directors of said branch. Sec. 25. Certificates of stock shall be issued to stockhold-rs. signed by the President and Cashier of the proper branch, and may be transferred on the hooks of the branch, to be kept for that purpose, and not otherwise, in which case the old certificates shall be surren, dered and new ones issued. No stock shall be transferred by any stockholder when any debt is due. or is then owing and to become due from such stockhold e, but by the consent of the Directotsof the branch, and such stock to ks shall, at til reasonable times during the usual hours of transacting business, be kept open for the examination of any person, having in his possession nny note, bill or obligation on any branch, then due and the payment of which nhall be refused. And in case any officer having charge of such book shall refuse

to permit such ex nmination, he shall for

every such offense, forfeit the sum of fifty dollars, to be recc vered in an action of debt by the person so refused. Sec. "25. Stock shall be considered as personal property, and may be sold on execution and transferred on the books o:" the branch by the officer selling the same, but in all be cases the sob jeel to a lien in favor of the bank, for all debts bona fide due, or then owing and to become due the same, from the owner. Sec. 27. fter the first election, no stockholder who shall not have held his stock, lor which he votes, for three cal ender months previons to the day of election, shall be entitled to vote; nnd the number of vote to which the slock holders shall be entitled, in voting for director?, shall be in the pioportion fol lowing: that is to say, for each and every share not exreedii.g fifty, one vote; for every five shares over fifty and up to one hundred, one vote; and tor every ten shares over one hundred, one vote; siock holders may vote iu fcerson or by proxv, hut stockholders vh are not residents of the United States shall not br entit led to vot their stock. Sec. 28. No President. Cishinr. T. I ier " Clerk of said Bmk. or any brauch ifi,"rpof. jhall be permitted to vole at any election for lü.'cclors. as the attorney, agent or proxy of an; stockholder. N President. Cathier. or Director f 'he hank, or President or Cashier of etiher of the. branches, shall during the term of his office, ho eligible to a seat in cither branch of the General Assembly of this ! Siate. Sec. 29. There shall be a Board of Directors of ihe bank, which shl! he styled the Board of Director of the Bank of the Slats of Indinna. S.iid Board sh-ll! annually, after i.'S first organization, elect one of its own members presidert. at such time and in such manner a& sh.ill b" prescribed by law. who shall hold his office one year, ami until hi? successor is elected and qualified. It shall b his duty to preside at all meetings of the board, to call special mepiiogs '.hereof .vhen he shall deem it neceisary, and to tansact other business appertaining to his office, or requited by this hcI. or the by-laws ol said bank. He shall receive au annuil -alary, to be allowed .by the Board of Di rectors of eaid bank, not less than one thousand nor more than four thousand dollars, payable quarterly. Sec. 30. The General Assembly aiay. at its present session, elect four Direct ors of said bank, two of whom may be chosen by the Senate, and two by the Sou, of 11-n.n iaiivc.' th Hnne of Representatives concurring in the elec lion of those chosfn by the Senate, and the Senate concurring in the election ol those chosen by the House of Representatives; but in c6e of a failure to select by such concurrent vote nfier three tri als, all said Directors shall be elected by the ioint vole of both Houses. Sid Di rectors shrill, at the firt meeting of ihe Bjard after iheir election, determine, by lot. which shall serve for two years, and which for four ears. and thereafter, at each bienniil sessn-n of the Legislature, two Directors shall be chosen iu like manner, or in such mode as nny be oth erwise provided by law. who shall hold their office for four vears. and until their urcessors are elected and qualified.Such Directors, or any on? of ihem. may at any time be removed by joint resold lion of the General Assembly. Their compensation shall he fixed by the Board of Directrs; but the compensation of any member of the Board shall not be increased during the term of his appointment. Sec. 51. Vacancies occurring in the office of anv Slate Director sh-ll be filled by appointment. ,0 be made by lh Gv eruor. until the 6atne shall be filled by the Gcrjeral Assembly, as in this act is provided for the election of Directors. Sec 32. The Board of Directors of each branch shall annually, and so often as a vacancy may occur, elect one Direc tor for the bank, whose compensation shall be fixed by the branch Directors. and paid by such branch. i?EC. S3. It shall be tho duty of said branches to receive and piy out the revenues and funds of th State, under the direction and control of the Treasurer of State, whenever the Legislature may so direct. Sec. 34. The Board of Directors of the Bankshall have power to appoint a Cashier, anl such other inferior officers and agents as may be necessary to carry on their business, to fix tlo ir term of office and compensation, and require such bond and security from them as they may. from time to tune deem expedient. Sec 35. The directors of tho hank shall have power to limit and control the amount of discounts and loins of the branches, after they shill amount to one and a quarter of the amount of capital stock paid in. to settle nnd adjust the accounts and balances between them, and for good cause may suspend the operations of the snme. They .hill have power, and it shall be their djty to regulate and equalize the State funds and public deposits that may be in bank, and may transfer the same from one branch to an other, ns circumstances rna'y require; but they shall in no case withdraw any part of the capital stock of any branch, nr any part of its local funds, without the consent of the Board of Directors of such branch, to he used in any other branches, except in cases requiring such branch to be closed, as herein provided for; and they shall have power to make and prescribe all necessary by-laws to carry the powers herein conferred into effect. Sec. 36. They shall have power to appoint one or more of tbeir number to

visit and insnct the condition and at

fiirs of each branch, when and as often as to them shall seem necessary; and it shall be their duty to make such examination at least once iu six months, and also at any other time when he reto required by the directors ef any branch. No director shall be appointed by the back to examine, visit and inspect the condition and affairs of any branch from which he has received his appointment. Sec. 37. The person or persons so examining shall have power to examine on oath or affirmation, (which they are hereby authorized to administer,) all the offi t-ers. servants or agents of any branch, or nny other person, in relation to the affairs and condition of 6uch branch, nnd they shall have power to examine all the books, papers, notes, bonds and other evidences of debt of any branch to compare the books, funds nnd property of said branch with their returns and statements made thereof; to ascertain the amount of money and available funds on hand, and generally t make, every olher enquiry and examination necessary to ascertain the .actU'tl condition of such branc h. Sec. 33. The Board of Directors of the bank shall have power to require of the Hoard of-Dir'Ctors of each branch, reports of their business and condition, as often as shall be expedieut, aud not lest than once each month. Sec. 39. They eh. 11 have power whenever they t hall ascertain in any man ner that any branch is insolvent, or is mismanaging its affairs, whereby the in lerests of the C'her branches is endangered, cr that a branch N'h violated any of ihe provisions of this Act, or any olher Act binding upon them, or that any branch hath neglected or refuse! to comply with any legal order or direction ol the Board of Directors ofthe batik, and ii is hereby matle the duty ol seid Boari forthwith to suspend the business ol such bianth, and ihe power of the branch directors over the same, and if ihe inter est of the State cr the safety of the oth er hratu lies requires it. to close up lhe affairs and business of said branch entirely; and to effect the same, they are hereby vested with powe? to appoint a receiver or receivers who shll, under their .Urection and control, collect and re ceive tho rights, credits and effects due inch branch, and turn them into available funds, to settle, adjust and compound the Bme; to settle, adjust and pay off the bebts due by s 'C i brunch; and if any portion of the capital stock of such branch, or stock noies jiiven therefor, shall be unpid. to sue for and collect the same, ns also all contributions required from stockholders under the ptovis:ons of the ninety fifth section of this Actr or " much as 6hall be necessary to meet the demands against such branch. Sec- 40. Thnt a copy of such order suspending or closing any branch, nnd nppointjtig n recover or rectevere, to i'ke c h.uge of the same, signed by the Presi lent nnd nltest.d by the clerk of ßnid B..:,id and the seal of said B Ulli, shrill be sufiicient t authorize such receiver to seize mid take charge of the same; and nil officers, stockholders, servants and agents of such branch shall be required to obey and submit to the same, and in delault mrv bo indicted fr inisdemrnnor, and fined and imprisoned nt the discretion of lhe jury trysng the same; nnd any person frautielunily holding 01 concealing any ol the property or effects of auch brnnch from such receiver shall, trioti conviction ih'-reof, upon presentment or indictment bo fined in any sum not exceeding one thousand dollars, and confiurd at hard l!u.r in th Slate nrisnn f r nnv term of f.me not let than one year nor more than ten years. Sec. 41. It hall be the duty of the D.rectors ol ih Bmk to provide for ihe pay menlofall the debts of a failing branch that aha 11 remain due niter nil lhe proper ty, real nnd personal, rights, credits and effects, and nil the stock of such fnilu-g branch, and the cwtitributions of its sock holders, shall have beet fust applie.'; and for that purpose they are hereby author ized to ciil on the outer branches lor their respective propttin; arranging the time id (inking such ca'.la so thnt the whole amount of such debts shall be paid within one yenr after such failing branch shall have been suspended. Sec. 42. And if it ahall to happen that ihe property, stock, contributions or effects of snid failing brnnch 6hall not by thai lime have been turned into availuble inenns. thi? same hall be collected and distributed Minong the several branches, to meet tho advances by them mat'e to pay the debt of such failing branch. Sec. 43. After payment of all deinr.nda against a (ailing branch, if any residue remains, it shall bo paid to the stockholders in duo proportion. Sec. 44. Any order of the Board of Directors to suspend or close a branch, st all be curried by at least the vote! of two thirds of the membera present at some meeting, to nttend which all the members of the Board shall have been uolified; and the question shall be taken by aves and nays, nnd the same recorded on the minutes of ihe Bonrd. Sec. 45. The order of the Doard of Directors of the Bank suspending any branch, shall likewise have the effect to suspend all suits, judgements, orders, decrees, and exocutons, for any claim or demand which said branch should have paid; mir shnll any auit be progressed in until the mntter iu controversy shall have been submitted to the Board ofDirectois ofthe Bank, or the persons by them entrusted wiih the afiairs ol nid branch; and from such submission, the justice of auch claim shall not be admitted, and the same be agreed to be paid on the closing up ofthe affairs of said branch, the same may projgress to judgement, but execution there

on, aud nil olher executions and decrees, shnll remain until one year from the time auch branch was suspended. Sec. 40. The Directors of the Bank fhall have power to regulate the manner of holding elections lor directors of the branches, and may, if necessary, change and fix lhe time of holding the some, ol which elections reasonable notice of time nnd place shnll be given. Sec. 47. And in case an election of Directors ahould not be made ou the some day when the same should have been, the directotsof tho Ünnk shall orrer a new election, and the directors for the lime being shall continue to hold iheir offices oiiii 1 such election tales place and their successors are qualified. Sec. 49. No failure on the pnrt of the General Assembly, or ofthe branches, to elect directors of the Bank, shall be con

sidered es a dissolution of this corpotntion ; but the diiec-ors for the time being shall continue to holl and exercise their offi ces until their successors are chosen and qualified. Sec. 49. Said directors shall have power lo regulate nnd conirtd the divi oends of proiits so thai the capital stock hall never be dimtnihcd, and to create and keep up a surplus fund that shall never be less than one-sixteenth of tho capit 1 stock in each branch. Sec. 50. Jn the calculationof lhe profMs previus to r dividend, interest then unpaid, although due or accrued on debts owing to any brauch, shall not be inclu ded. Sec. 51. Dividends of profits shall be declared semi-annually. Sec. 52. S lid B ard or Directors shall have power to close any brnnch which, nfier the first year, shall md yield a profit of six per cent, per annum, upon the capital actually paid in. nnd the same iikiv be proceeded in as in case of insd vency, unless the discount shall have been limited nnd controlled by the directors of the Bnk, so as lo prevent said tiock from yielding .uch profit. Sec. 53. ll.ey shall cause tobe open ed nnd kept, by their cletks,-fiCCT'Utits with etch branch, showing the operations ot each, and keeping constantly n view iheir business and condition, which shall be nt all rensonnble times open to the in speciioii of any ai'ckhdders, and of nny person authorized by the Legislatuie to it.Epect lhe same. Sec. 51. I hev shall likewise kep a record of nil their procee lit gs, in which all their orders, votes and resoiutu-ns shall be entered, with the nyes and noes on nil questions which shall be open to like inspectionSc. 55. Thev shall apportion the sal " . P. eitn t find nil nlhe rfRrf"ageuti and diiecn r of ihe Bank, nnd el other geuera' cX.en6 cs. among the seveml branches, tcco.dingto the amount of stock in each, and shall have power to demand and lecieve the same. Sec. 56. Ii shall be the duty of the lirectorn of the Bank to keep and preseive the original books of suhscri: lion of stock. and tu canso to be veturi.ed to them from such branch, every six months, n state ment of nil trat slr-rs of stock made the preceding 6ix months. Sec. 57. Thry shall also procure and t .ke chnrge of the plates on which the pnper of said B-.nk shall be printed. r.nn &hrll crvuse a aufficient amount thereof to be printed from lime to lime as occasion may require. Sec. 53. They shall deliver, on the order of the Board of Directors of each branch, an amount of 6uch paper not exceeding twice the amount of capital actually pail in at such branch, except when more shall be wauled to replac- that which may have been worn out, defaced or lost; in which ense nil so defneed shall be returned lo said B rd of Directors of the Btnk and destroved; r.nd they shall give no other or greater amount for paper lot lhan they tdiall have good renson to believe is actually losi by circulation or otherwise. No notes idiall bo issued ol denomination between five and ten, or ten nnd twenty, or twenty and fifty, or fifty arid one hundred dollars, nor shall more thnn one sixth of the notes issued to nny brnnch be of denominator s less than five dollars, and no nole6 shall be issued of any deu"mination less than one dollar. Sec. 59. F:ve Directors, with the President. 6hall be neceäsnry to constitute a Bonrd ior the transaction of business; but in case of sickness or absence ofthe President, his place may be supplied for the time being by any director chosen by the B inrd Sec. 60. It shall be the duty of the Board of Directors, in the first week of each session of the Legislature, to nuike report to boih Houses ot the General A sembly of the affi.irs and business ol said B ink. and of etch brnnch thereof, stliing forth in regard to ech. Fibst. The nmountof available funds on hnnd, designaiing each kind. Steno. Tne amount of notes discount ed. Third. The amount of bills of exchange. FoCRTn. The amount and condition ot the surplus fnnd. Fifth. The amount of notes in circulation. Sixth. The number of officers and servants, and the amount of compensation to each. Sevesth. The amount of rents paid, if any. Eighth. The value of houses used for banking purposes. Ninth, The value of other real estate and whether the same has been regularly offered for sale as by this Act required. Tenth. The amount of debts due to and from other Banks. 11th. All auch other matters as shall by them be dtemsd material and import

ant, or shall be required of them by Legislature. A like report shall be furnihtd to the General Assembly by the Board of Directors of each branch; such report, made by the directors of each . branch, shall contain such statement of th condition of the same, as aforesaid, as the same is found on the third Saturday of November, in such a year, at two o'clock in the afternoon. Sic- 61. The directors, and all other officers and agents of the bank, and of each branch, shall severally, before they enter upon the duties of their office, make oath or affirmation well and faithfully to discharge the duties of the same. Sec. 62. The stockholders of each branch shall, by ballot, annually elect not less than five nor more than ten directors for stich branch, the number to be settled by the directors of the Bank; nnd the directors of the bank fh-.ll appoint two directors for ach branch; such branch directors shall hold their office for ona year, and uu:i! their successors are cho sen and qualified. Sec. 63- The said branch directors, at their fust meeting after each election, shall choose one of their number o bs president, and shall have power to appoint a cashier, and such other officers and agents as they may deem neces-ary. whose term of offi e. and whose compen eation. together with that of the president, shall be established by the directors. They shall also have power to fill all vacancies occurring in their own body, except in those appinted by the Btik, which shall be filled by the directors of the Bank. Sec. 64. No director appointed by the directors of the Bank shall bchoi(D more than twice in three years. Sec 65. No brauch director, except the president, shall receive compensation or his services, unless by vote of the stockholders. Src. 66, No person shall be elected a director of a branch, bv th- stockholders.

w ho shall be in arrear lo such branch, not unless such person shall be a citizen of the S'.ate and a stockholder, owning in h;s own right, and not in trust, at least five, shares, in such branch. But in case there should not be a sufficient num ber of stockholders ow ning five shares, to constitute the directory, they may be elected out of those having the highest number of shares Src. 67. If, dtirinf his term of ffice, any director shall become in arrear, of : il in business, remove from the State, or cease to own the r-qusite amount of Sleek, or otherw tse become disqua ified, it shall be the duty of the said Board of Directors forthwith to vacate his seat and appoint enotherir. his place. Sec 63. No person shall be dlrec tor iu more than oua branch at the mmi tune; nor shall two or mere partners be at the same time directors of the sma branch, or of the Bank and a branch there of; nor shall a director of any moneyed corporation, having power to discount aud receive deposits, be a director of any branch. Sec 69. The board of directors of each branch ahall have powf r to requir such security fit m th ir officers aud aeuts4ftr the performance of their dutiesus they may deem necessary. Sec. 70. It shall be their duty to make report of their business and condition of their board to the director of the Baak, once in each month, and oftenerit thereto required by said board, setting forth 11 the particulars requited in their reports to the Legislature, and shall also send copies of their monthly reports to each branch. Sec. 71 The board of directors of each branch shnll keep a book or books, in which 6hall be entered and faithfully recorded a journal of all their proceedings, which book shall be open to the inspection of all the Stockholders, at all regular meetings of the same, and also be open to the inspection of any three stockholders, holding together in their own right, twen ty shares of stuck on application by them made to the. President or Cashier, Sec 72. All elections by the several boards of directors shall be riratocc and recorded. Sec. 73. The directors of each branch shall have power to make and prescribe such by-laws, rules aud regulationa aa they shall deem needful, touching. Firt. The Government of their re spective branches, and the management nnd disposition of its stock, buaineis, property, estate and effects. Second. The time, manner, and terms upon which discounts and deposits shall be mnde and received in. and by the same. Third. The duties and conduct ofthe officers, clerks and servants employed by the same, and Fourth. All such matters as may appertain to the concerns of said branch; subject to the control of the directors of the bank in the cases and according tu th powers herein giren to the directors vf the aid bank. Sec. 74. In the management of their business the board of directors ahall observe the following rules. First. No branch shall loan monsy on the security of its own stock. Second. No person shall be accommodated with a loan while in arrear for stock, for interett, or for loans had either on hi own account or as security for others, and iheir due. unless the sums so due be retained and first paid out ol such loan. Third. In 'he renewal of notei the securities shall never be lessened. Fourth. No director shall b allowed to borrow out ofthe bank on any other than the usual banking terms. Fifth. The president, cashier, and directors for the time being of any branch or of the bank aball net be permitted te

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