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APPENDIX.

AN ACT to Authorize the Business of Banking.

ABSTRACT of the Laws of the United States relative to the Naturalization of Aliens.

AN ACT to Prescribe the Mode in which the Public Acts, Records and Judicial Proceedings
in each State shall be authenticated so as to take effect in every other State.

AN ACT Supplementary to the Act last mentioned.

AN ACT respecting Fugitives from Justice, and persons escaping from the service of their
Masters.

GENERAL BANKING LAW.

AN ACT TO AUTHORIZE THE BUSINESS OF BANKING.

[Approved February 16, 1857. Laws of 1857, p. 362.] (a)

scciate.

SECTION 1. The People of the State of Michigan enact, That Persons may asany person, or number of persons, may associate to establish offices of discount, deposit, and circulation, upon the terms and conditions, and subject to the liabilities prescribed in this act; but the aggregate amount of the capital stock of any be not less than such association shall not be less than fifty thousand dollars. dollars.

Capital Stock to

fifty thousand

(a) This Act does not take effect until Approved by the People, in the manner provided by the Constitution, Article 15, Section 2. It is to be submitted to a vote at the November election of 1858. See Section 60.

stock may be in

Stocks.

take lien as se

Capital Stock,

Three-fourths of Three-fourths of the capital stock of any bank may be invested vested in Public in public stocks, as security for its circulating notes. No bank shall take, as security for any loan or discount, a lien on any part of its capital stock, but the same security, both in kind and amount, shall be required of shareholders and Bank shall not of persons not shareholders; and no bank shall be the holder curity on its own or purchaser of any portion of its capital stock, or of the capital nor hold its own stock of any other incorporated company, unless such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith, on security which at the time was deemed adequate to insure the payment of such debt, independent of any lien upon such stock; and stock so purchased shall in no case be held by the bank so purchasing, for a longer period of time than six months, if the same can be sold for what the stock cost, or at par.

or other Capital Stock.

Certificate; what to specify.

SEC. 2. Such person, or persons, under their hands and seals, shall make a certificate in writing, which shall specify:

1. The name assumed to distinguish such association, and to be used in all its dealings;

2. The place where the operations of discount and deposit of such association are to be carried on, designating the particular county, city, town or village, at which place such person or association shall keep an office for the transaction of its business, and for the redemption of its circulating notes;

3. The amount of the capital stock of such person, or association, and the number of shares into which the same is divided;

4. The name and place of residence of the shareholders, and the number of shares held and owned by each of them respectively;

5. The period at which such association shall commence and terminate, and which period shall not exceed thirty years;

6. The names and place of residence of the several directors and officers, and the number of shares of the capital stock of such association, owned and held by each of such directors and officers; which certificate shall be proved or acknowledged and recorded in the office of the Register of Deeds of the County where any office of such association shall be established, and a copy thereof filed in the office of the Secretary of State.

be used as evi

SEC. 3. The certificate required by the last preceding Certificate may section, to be recorded in the office of the Register of Deeds dence. of the County, and filed in the office of the Secretary of State, as aforesaid, or copies thereof duly certified, by either of said officers, may be used as evidence in all Courts and places, for and against such person or association.

ciation.

may be taken.

ciation.

SEC. 4. Such association, when so organized, shall have Powers of Assiopower to carry on the business of banking, by discounting bills, notes, and other evidences of debt; by receiving deposits; by buying and selling gold and silver bullion, foreign coins and bills of exchange; by loaning money on personal security, and by exercising such incidental powers as may be necessary to carry on such association or business : Provided, That it shall not be lawful for any such association What Interest to take or receive more than the legal rate of interest, in advance on its loans and discounts; to elect from their number a board of directors not exceeding nine, who may choose out of their number a President and Vice President, and appoint Officers of Assoa Cashier, teller, and such other officers and agents as their business may require, and remove such President, Vice President, Cashiers, tellers, officers and agents, at pleasure, and appoint others in their place. The directors first elected Terms of office of shall hold their offices till the first Monday of June next after their election, and until their successors are elected; and all subsequent elections shall be held annually, on the first Annual elections. Monday of June, and the directors then elected shall hold their offices until their successors are elected. Any vacancies in the board may be filled by the remaining directors; and if, Vacancies; how from any cause, an election for directors should not be held on the day appointed, the bank, for that cause, shall not be dissolved, but an election may be held on any subsequent day, thirty days' notice having been given in a newspaper printed in the County where the bank is located, and in a paper printed in Detroit. Each share shall entitle the owner to one vote, but he shall have no vote while any of his paper or liabilities are past due and unpaid. Stockholders may vote now Stockholdby proxy, duly authorized in writing.

Directors.

filled.

ers to vote.

transferable.

SEC. 5. The shares of such association shall be deemed Shares to be deemed personal personal property, and shall be transferable on the books of property, and the association in such manner as the by-laws thereof may direct; but no transfer of stock shall be valid against the bank so long as the registered holder thereof shall be liable either as principal, debtor, surety or otherwise to the company, for

Increase of Capital, and number of Associates.

Contracts, Notes, and Bills, how signed.

corporate.

any debt which shall be due and unpaid; nor in such case. shall any dividend, interest or profits be paid on such shares so long as such liabilities continue, but all such dividends, interest or profits shall be retained by the bank, and applied to the discharge of such liabilities; and no stock shall be transferred upon the books of any bank, without the consent of a majority of the directors, while the registered holder thereof is indebted to the bank; such association shall not be dissolved by the death, removal or insanity of any of the shareholders therein.

SEC. 6. It shall be lawful for any person or association of persons organized under this act, by their articles of association, to provide for an increase of their capital, and of the number of their associates from time to time, as they may provide in their articles of association; certificates of which shall be recorded in the office of the Register of Deeds of the County, and filed in the office of the Secretary of State.

SEC. 7. Contracts made by any such association, and all notes and bills by them issued and put in circulation as money, shall be signed by the President or Vice President and Cashier thereof; every bank authorized to carry on the business of banking under this act, shall be and constitute a Bank to be body body corporate, with succession for the period provided by the certificate of association; and by its corporate name shall be competent to contract, prosecute and defend suits and actions of all kinds, in all Courts, and have a common seal, and alter it at pleasure, and by its corporate name be capable of purchasing, holding and conveying any estate, real or personal, subject to the restrictions contained in this act. How process Process against such bank shall be served on its President or Cashier, or by leaving an attested copy at its banking house during banking hours, with the teller or clerk, or other officer of the bank.

served upon Bank.

Powers of Asso

ciation to pur

SEC. 8. It shall be lawful for any such association to purchase, chase and sell hold and convey real estate for the following purposes:

Real Estate.

1. Such as shall be necessary for its immediate accommodation in the convenient transaction of its business;

2. Such as shall be mortgaged to it in good faith, by way of security for loans previously made by, or moneys due to such association;

3. Such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its dealings;

4. Such as it shall purchase at sales under judgments,

decrees or mortgages, held by such association, but such association shall not bid at said sale a larger amount than is necessary to satisfy their debts and costs.

thereon.

SEC. 9. The said association shall not purchase, hold or Restrictions convey real estate in any other case or for any other purpose; and all conveyances of such real estate shall be made to such association in the name mentioned in the article of association; and such association may sell and convey the same free from any claim thereon against any of the shareholders, or any person claiming under them, by an instrument under the hand and seal of the President or Vice President and Cashier of said association, duly acknowledged.

lic Stocks to be

Treasurer.

SEC. 10. Whenever any person or association of persons Deposits of Pubformed for the purpose of banking under the provisions of made to State this act, shall legally transfer to the State Treasurer any portion of the public debt now created or hereafter to be created by the United States, or the funded debt of this State, or that hereafter may be funded, or the public debt now created or that may be created by the State of New York, either of the New England States, Pennsylvania, Indiana, Illinois, Ohio or Kentucky, bearing interest, and upon which interest is paid, such person or association of persons, shall be entitled to receive from the State Treasurer an amount of circulating notes of different denominations as may be desired Upon deposit of by such person or association, equal to one hundred per cent. ing Notes to be of the securities thus transferred, and such securities or public debt shall in all cases be or be made equal to a stock of this State producing six per cent. interest per annum; and it shall not be lawful for the State Treasurer to take such stock at a rate above ninety-five per cent. of its par value, nor above Stocks not to be ninety-five per cent. of its current market value, to be 95 per cent. of determined by the average value of such trust funds at the stock exchange in the city of New York, for four weeks next preceding the time of the receipt thereof by the said Treasurer.

Stocks, circulat

issued.

received at above

par value.

to be engraved

SEC. 11. All persons and association of persons organized Circulating Notes under this act, and intending to commence the business of and printed. banking, shall, before commencing such business, cause to be engraved and printed in the best manner, to guard against counterfeiting, such quantity of circulating notes in the similitude of bank notes, in blank, of the different denominations. authorized by this act, as he or they may require, and shall deliver the same to the State Treasurer, and shall at the same

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