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otherwise, two of the directors of the bank shall be engaged to the truth thereof, which engagement shall be certified upon the return.
Sec. 2. If the president and cashier, or in case of their inability, the directors of any bank, shall neglect or refuse to make return as aforesaid, such bank shall forfeit and pay to the state the sum of twenty dollars for every day such bank shall neglect or refuse to make return to the general assembly, or to the secretary of state, after the rising of the general assembly.
Sec. 3. The secretary of state shall cause an abstract of the returns to be published in the schedules.
Sec. 4. The bank returns hereby required shall be substantially in the following form:
Situation of the bank of
In addition to the above, the following particulars in relation to the state of the banks shall be returned :
Increase of capital since last return; par value of shares in the bank; last dividend when declared, rate per cent. and amount of dividend ; amount of suspended paper ; reserved profits at the time of the last dividend ; amount loaned on pledges of stock in the bank; amount debts due and not paid ; largest amount of indebtedness of any one person or
Sec. 5. The general assembly at any session thereof, and the governor at any time when the assembly is not in session, when it shall be deemed expedient, may institute a special commission to visit and examine any one or more of the banks ; to enquire whether they have been and are managed according to law, and to ascertain their state and condition, with such power and authority as shall be deemed necessary ; including the power to send for persons and papers, to examine persons under oath touching the matters committed to them, but excluding the right in such commissioners to inspect the private account of any individual with any bank. Any commissioner so appointed shall report his doings to the general assembly at each subsequent session thereof.
SEC. 6. If any cashier or president of any bank or any other person shall refuse to any commissioner or commissioners, appointed in pursuance of the fifth section of this act, such information, aid, or assistance as shall be required in the discharge of his duty as commissioner, he shall forfeit for each offence a sum not exceeding ten thousand dollars, and the bank may also be proceeded against, as is herein after provided.
SEC. 7. The supreme court in term time, in any county, or any justice thereof in vacation, is hereby authorized and directed, upon complaint in writing from any bank commissioner under oath, setting forth that in his opinion any bank has forfeited its charter at law, or is so managing its concerns that the public are in danger of being defrauded thereby, forthwith to issue citation to such bank, directed to and to be served upon the president, directors and cashier thereof, by leaving an attested copy at their banking room, or usual place of business, commanding such president, directors and cashier personally to appear before said court if in term time, or before said justice if in vacation, on a day and at a place to be mentioned in the citation, within the county in which said bank is located, then and there under oath to show cause, if any they have, why a writ of injunction should not issue, enjoining such bank from further exercising the powers and franchises conferred by its charter. And if upon the examination of the president, directors or cashier, and of such other witnesses and evidence as may be produced by the commissioners and defendants, and the court in term time, or said justice in vacation, shall be of opinion that the charter of said bank is forfeited at law, or that such bank is so managed as that the public are in danger of being defrauded thereby, they are hereby authorized and required to issue an injunction to the president, directors, cashier and other officers of such bank, enjoining them from proceeding further in trans
acting the business thereof; and to appoint some discreet and proper person to be receiver of all the evidences of debt, goods, effects and property of every description belonging to such bank ; which receiver is hereby empowered to take the same into his possession, and collecting the debts and disposing of the property, to pay out of the proceeds thereof, if the same shall be sufficient, first reserving for himself a reasonable compensation for his services, all the debts of the corporation, giving the bill holders a preference over other creditors, or rateably if they shall not be sufficient to pay the whole. In case there shall be any surplus after paying such receiver for his services, and after paying the debts of the corporation, with incidental expenses, such receiver shall distribute the same in due proportion among the stockholders of such bank. Such receiver shall be clothed with all the powers and rights in respect to the collection of debts due to such bank which the corporation possessed in virtue of its charter or otherwise, before such injunction issued ; and may be removed by the supreme court and another appointed in his stead; and the supreme court shall have the same power and authority over such receiver, his acts, proceedings and accounts, as is exercised by courts of equity in like cases ; so long as any such injunction shall be in force against any bank, all suits and legal process against such bank for the collection of debts shall be stayed ; said court is also empowered to issue a limited or temporary injunction, staying proceedings in such particulars and for such length of time, as in the opinion of the court may be necessary for the safety of the public and the proper management of the affairs of the bank, without their proceeding to the appointment of a receiver. And the said court at any term thereof, subsequent to the issuing of said injunction, shall, upon the hearing of all the parties upon said complaint, if they see cause, declare the charter of said bank null and void ; and it shall be the duty of said court to make return of their proceedings in the premises to the general assembly
Sec. 8. Such citation, whether issued by said court or by a single justice, may also contain a temporary injunction on said bank and all its officers, restraining them from proceeding in any business of said bank, which may diminish or jeopardize the assets of such bank ; which injunction, unless removed, shall continue until such complaint is finally disposed of.
Sec. 9. If the president, directors, cashier, agents or servants of any bank which shall be enjoined as before mentioned, or any other person upon being required thereto, shall neglect or refuse to deliver to the receiver or receivers of such bank, who may be appointed by virtue of this act, such evidences of debt, goods, effects and property of every description, and evidences of and titles to property belonging to such bank as may be in their possession or under their control, each person so offending shall, upon indictment for and conviction of such offence, be fined not exceeding ten thousand dollars, or be imprisoned not exceeding three years; or be both fined and imprisoned within the limits last aforesaid, at the discretion of the court.
Sec. 10. The capital stock of any bank shall not be reduced by a division of any part of the same without the consent of the general assembly. And if by reason of losses the capital stock of any bank shall be diminished one fourth part or more of the sum fixed by the charter of such bank, the same shall be filled up to its original amount within one year after such loss shall have been incurred. Any violation of the provisions of this section shall work a forfeiture of the charter of the offending bank.
Sec. 11. No bank shall be removed from the town wherein it is located by its charter. Nor shall any bank establish any branch, office or agency thereof, for discount, in any other place than that in which such bank is located, unless by permission of the general assembly. If any bank shall violate the provisions of this section its charter shall be forfeited.
Sec. 12. No person shall be director of any bank unless he is a stockholder therein, and a citizen of and resident in this state, unless in cases where it is otherwise specially provided for.
Sec. 13. The secretary of state shall, ex-officio, be a director in every bank in which the state is a stockholder.
Sec. 14. No person except the secretary of state in his official capacity, shall be a director in more than one bank, other than a savings bank, at the same time.
Sec. 15. The cashier of each bank shall cause the names of all the directors and of the president of such bank, within twenty days after their election, to be published in one of the newspapers printed in this state, nearest to the place where such bank is located. If any cashier shall neglect or refuse so to do, he shall forfeit and pay the sum of one hundred dollars.
Sec. 16. The presence and consent of at least three directors shall be necessary for the discounting of notes or bills of exchange by any bank.
Sec. 17. If any cashier or other officer of any bank shall refuse to permit any stockholder of such bank to inspect the
books, papers and accounts thereof, excepting the private accounts of individuals, the person so offending
shall forfeit and pay the sum of fifty dollars.
Sec. 18. If any bank or any officer of any bank or other person in behalf thereof, shall directly or indirectly knowingly demand or receive from the maker, endorser or holder of any promissory note or bill of exchange or obligation of any description, for the payment of money at a future day, upon the discount thereof, by or on account of such bank, any greater interest or discount, under any form or pretence whatever, than at the rate of six per cent. per annum, the officer or other person knowingly demanding or receiving in behalf of such bank such excessive interest or discount, shall forfeit and pay for each offence the sum of five hundred dollars, to and for the use of the state ; to be recovered by action of debt in the name of the general treasurer, before any court proper to try the same: provided, however, that it shall not be construed to be any violation hereof to demand or receive interest or discount for periods less than one year, at the rate of six per cent. for three hundred and sixty days; and provided, further, that nothing in this act contained shall be deemed or construed to prohibit any bank from demanding or receiving, at any time, the existing rate of exchange on drafts, bills of exchange or promissory notes, payable at other places than the town wherein the bank discounting the same shall be located.
Sec. 19. The total amount of the debts which any bank shall at any time owe, exclusive of money actually deposited in said bank, shall not exceed the capital stock actually paid into said bank; and in case of excess, the directors under whose administration it shall happen shall be liable for the same in their private capacities; and in such case an action may be brought against them or any of them, their heirs, executors or administrators, in any court proper to try the same, by any creditor of such corporation, and be prosecuted to final judgment and execution; and this shall not be construed to exempt the said corporation or their lands, tenements, goods or chattels from being also liable for and chargeable with the said excess; but such of said directors as may have been absent when the said excess was contracted or created, or who may have dissented from the act or resolution whereby the same was contracted or created, may respectively exonerate themselves from being so liable, by forthwith giving notice of the fact of their absence or dissent to the stockholders, at a general meeting, which they are hereby empowered to call for that purpose. If any bank shall at any time have