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may be a member, and not in trust for any other person; every person voting, 16 April 1850 $ 10, except females, shall do so in their own proper person, and not by proxy: Provided, art. 4. P. L. 451. That this provision shall not prevent any guardian of minor children, or any bonâ Proxies not to je fide trustee who holds stock in a fiduciary capacity, from voting upon such stock allowed except in at any election.

case of feinales.

VII. Of the officers. 64. The board of directors shall have power to appoint a cashier() and all 16 April 1850 $ 10, other officers, clerks and other persons necessary for executing the business of the art. 6. P. L. 491. bank ; and it shall be the duty of such board to require the cashier, tellers and Directors to other officers of the bank, severally to enter into a bond(m) to the commonwealth appoint officers. of Pennsylvania, [the cashier, in any sum not less than one-fifth of the capital Officers to give stock paid in, when the capital stock is not over two hundred thousand dollars; and when the capital stock is over two hundred thousand dollars, and not greater than five hundred thousand dollars, the cashier shall give bond in not less than the one-eighth of the capital stock; and when the capital stock is greater than five hundred thousand dollars, and not over one million dollars, the cashier shall give bond in not less than one-tenth of the capital stock; and when the capital stock exceeds one million of dollars, such bond shall not be less than the onetwelfth of the capital stock;](n) and the president, tellers and other officers, in such sums as the board of directors may require, conditioned for the faithful execution of their duties; such bonds to be approved of by the court of common pleas or district court of the county in which the bank is located, and recorded in the office of the recorder of deeds, within ten days thereafter, of the proper county; any person aggrieved by a failure of any officer or clerk of the bank to Suits thereon regucomply with the conditions of such bond, may commence and prosecute an action lated. on the same, in the manner provided for the suing on official bonds, in the act of 14th June 1836, entitled “ An act relative to bonds with penalties, and official bonds:" they shall establish the compensation to be paid to the president, cashier and other officers of the bank, which, together with all other expenses, shall be defrayed out of the funds of the corporation; and it shall not be lawful for the president, cashier, teller or clerk of the bank to vote at any election for directors, as the attorney, proxy or agent of any stockholder; and that it shall not be lawful officers not to vote for the cashier of any bank to engage in any other profession, occupation or calling, as proxies. either directly or indirectly, than that of the duties appertaining to the office of Cashiers not to encashier:(0) and if any cashier of the bank shall directly or indirectly engage in occupation. the purchase and sale of stocks,(p) or in any other profession, (9) occupation or Penalty for so calling other than that of his duties of cashier, such cashier, upon conviction duing. thereof in any court of criminal jurisdiction, shall be sentenced to pay a fine not exceeding five hundred dollars : Provided, That this section shall not be construed in such manner as to prevent any cashier from managing his own real estate or private property as heretofore, if such private property be not vested in mercantile, mechanical or manufacturing operations.(r)

65. The fifth article of the tenth section of the act to which this is a supple- 7 May 1855 $ 1. ment, is hereby amended so as to authorize the stockholders of any bank to determine at any general or special meeting regularly convened for the purpose, Amount of the amount of the bond required from the cashier :(s) Provided, That in all cases cashiers' bonds, where the capital of any bank shall be five hundred thousand dollars, or upwards, the amount of said bond shall not be less than fifty thousand dollars; and in no case shall the bond of any cashier be for a sum less than twenty thousand dollars.

18 April 1655 & 1. 66. So much of the fifth article of the tenth section of the act to which this is a supplement, as prohibits cashiers from engaging in any other profession, occu- Cashiers not to be pation or calling, directly or indirectly, shall not be so construed as to require the disqualificador in cashier of any bank to relinquish the office in consequence of coming into pos- property.

P. L. 50.

.

Limitation.

P. L. 255.

(1) He is the general executive officer of the bank, (n) See infra 65. to manage its concerns in all things not peculiarly (0) A cashier who engages in other business, cancommitted to the directors by the charter. Harris- not maintain an action on a contract made in the burg Bank v. Tyler, 3 W. & S. 376. Bank of Penn- course thereof, in violation of this act. Young v. sylvania v. Reed, 1 Ibid. 101. He has an authority Robertson, 6 Phila. 181. implied from the nature of his agency. Ibid. 106. (P) A sale of stocks by a cashier, being in violation Martin v. Webb, 110 U. S. 7. He is the agent of the of this act, is void; and the purchaser, if ignorant, at corporation, not of the directors. Bank of Washing the time, of the cashier's ownership, may recover ton v. Barrington, 2 P. & W. 27. Bank of Kentucky back the purchase-money. Burkholder v. Beetem's V. Schuylkill Bank, 1 Pars. 240. Bissell v. Bank of Administrators, 65 P. S. 496. See s. c. 69 Ibid. 249. Franklin, 69 P. S. 415. Notice to him that a drait (9) This provision was re-enacted by the penal will not be paid, is notice to the bank. Boggs v. Lan- code of 31 March 1860, $ 64, P. L. 399, which was caster Bunk, 7 W. & S. 331. See Wilson v. McCullouyh, held not to apply to cashiers of national banks, in 23 P. S. 440.

Allen's Appeal, 119 P. S. 192. (m) The officers need not join in the bond. Bank (r) This article, and the act 7 May 1855, are exof the Northern Liberties v. Cresson, 12 S. & R. 304. tended to all the banks of the commonwealth, by act And see Barrington v. Bank of Washington, 14 Ibid. 18 April 1856. P. L. 403. 405, and Bank of Washington v. Barrington, 2 P. & (8) The bond is not invalidated by being given in W. 27, as to what amounts to a forfeiture.

the name of the bank. Bank v. Yard, 47 L. I. 200.

P. L. 255.

P. L. 295.

tors to be elected

be ineligible as directors.

L.

may be elected.

Notice of election.

art. 6.

P. L. 613.

P. L. 456.

Officers to be
Sworn.

18 April 1955 $ 1. session of property, by gift or inheritance, invested in mercantile, mechanical or

manufacturing operations.(1).

67. The cashiers and solicitors in the several banks in the county of Philadel29 March 1851 $ 15.

phia shall be elected annually by the directors of said banks at the same time and

in the same manner that the presidents thereof are now elected ; [and no person Cashiers and solici- shall be eligible as solicitor of any bank in the county of Philadelphia of which he in Philadelphia.

may at the time be a director,] (u) nor shall any person be eligible as director of Certain persons to

any bank in the county of Philadelphia who shall not have been a stockholder thereof at least three calendar months before the time of his election.

68. It shall be lawful for the board of directors of any bank to elect a vice7 May 1995 $ 2. president and assistant cashier, and to empower said vice-president and assistant

cashier to sign all checks, notes and other documents, which require the signature Viser president and of the president and cashier, or either, and to perform such other duties as the

said board of directors may impose upon them : Provided, That the board of directors of any bank which shall elect the officers hereby authorized, shall gire ten days' notice thereof, in at least one newspaper published in the city or county

in which the bank is located. 16 April 1950 $ 10, 69. No director, except the president, shall be entitled to any emolument, unless

P. L. 452. the same shall have been allowed by the stockholders, at a general meeting. 13 April 1959 $ 1. 70. It shall be lawful for the duly elected vice-president of any bank within

this commonwealth, to receive such salary as may be fixed upon by the board of

directors of said bank. 16 April 1950 § 15. 71. The president, directors, cashier and other officers of any such bank shall,

before they enter on the duties of their several offices and stations, severally také an oath or affirmation, to be administered by some officer authorized by law to administer oaths or affirmations, to observe, faithfully and honestly, the provisions of this act: and that they and each of them, during their continuance in office, will not knowingly violate or sanction, or willingly permit any of the provisions of this act to be violated; and that should any such violation take place, without their concurrence, known to them, that they will immediately communicate the facts to the auditor-general of the commonwealth : the said oath or affirmation so to be taken, shall be subscribed, and immediately delivered to the auditor-general,

to be filed in his office. Ibid. $ 16.

72. If any president, director, cashier or other officer of any such bank shall,

after having taken and subscribed the oath required by this act, wilfully violate Punishment for

any provision of this act, for which no other criminal punishment is specially provided in this act, he shall be taken and deemed to have committed a misdemeanor, and upon conviction in any criminal court in this commonwealth, he shall suffer such punishment by fine, not exceeding one thousand dollars, and imprisonment

in the county jail or penitentiary not exceeding three years. Ibid. $ 20. 73. If any president, cashier, director or any other officer or clerk of any such

bank(v) shall fraudulently embezzle or appropriate to his own use, or to the use of any other person or persons, any money or other property belonging to said institution, or left with the same as a special deposit or otherwise, he or they, upon conviction of such offence, shall be fined in any amount not less than the sum so appropriated or embezzled, and sentenced to undergo imprisonment in the proper state penitentiary, to be kept in separate and solitary confinement at hard labor for any term not exceeding five years : Provided, That this shall not prevent any person or persons aggrieved from pursuing his, her or their civil remedy

against such person or persons. Ibid. $ 10, art. 15. 74. The books, papers, correspondence and funds of the said several banks shall,

at all times, be subject to the inspection of the directors, who shall keep fair and ject to inspection regular entries of their proceedings, in a book to be provided for that purpose;

and on any question where two directors shall require it, the yeas and nays of the Directors to keep directors voting shall be inserted on their minutes, and those minutes shall at all

times, on demand, be produced to the stockholders at a general meeting; and the Minutes to be pro

minutes, books and papers shall be subject to the inspection of any committee who

shall be authorized by the legislature to require the same. Ibid. $ 23. 75. No director of any such bank shall appear as drawer or endorser, or as

both drawer and endorser, at any one time, for a greater amount than three per tors regulated. cent on the capital stock paid in; and the gross amount discounted for or loaned

to all the directors and other officers of said bank, and to the houses or firms in which they may be interested, directly or indirectly, shall not exceed at any one

time the sum of six per cent on the capital stock paid in.(w). 17 April 1961 $ 1. 76. No director of any bank shall be a borrower in said bank, at any one time,

for a greater amount than five per centum on the capital stock paid in ; and the

official misconduct.

Punishment of embezzlement.

Books to be sub

of directors.

mninutes.

duced to stockholders.

Discounts to direc

P. L. 342.

(t) The act 31 March 1860, § 61, is not applicable (v) The act 26 April 1814, § 10, punishes the like to cashiers of national banks. Allen's Appeal, 119 offence, by the officers or clerks of savings insti. P. S. 192.

tutions, with a like imprisonment, for a term not (u) Clause within brackets repealed by act 6 May exceeding two years. P. L. 421. See tit. “Banking 1854, § 1, P. L. 595; and see act 27 April 1852, § 2, Companies,'' and tit. " Crimes.” P. L. 143, as to the privileges of the cashiers of banks (w) See infra 76. incorporated prior to 1850.

P. L. 312. Limitation.

P. L. 195.

actual business paper.

gross amount loaned to all the directors and other officers of said banks, and to the 17 April 1961 $ 1. houses or firms in which they may be interested, directly or indirectly, shall not exceed, at any one time, the sum of ten per centum on the capital stock paid in.

77. The provisions contained in the 23d section of this act shall not be held to 16 April 1950 $ 51. embrace actual business paper, bonâ fide drawn or made by any director in the regular course of his private business, and offered for discount by the holder or Not to extend to holders thereof.

VIII. Of corporate meetings. 78. The stated meetings of the directors shall be held at such times as the by- 16 April 1550 $ 10, laws shall ordain, and special meetings may be held by particular appointments, art. 7. P. L. 452. or upon the call of the president; a majority of the whole number of the direc- Meetings of tors.(I) of whom the president shall be one, shall form a board or quorum for the directors. transaction of any business; but ordinary discounts may be made by the president How many to form and four other directors; in case of sickness or necessary absence of the president, & quorum. his place may be supplied by a president pro tempore, to be appointed by the directors from among their number.

79. The board of directors, or any twenty stockholders thereof, being together proprietors of one-twentieth part of the stock, may at any time call a general meeting of the stockholders for purposes relative to the institution, giving at least when and being thirty days' notice thereof in one or more newspapers in the city or county in of stock bolders which the bank is located, specifying in such notice the object or objects of such may be called. meeting

80. A general meeting of the stockholders of the bank shall be held on the first Tuesday of November in every year, at which time the directors shall lay before them a general and particular statement of the affairs of such bank : Prorided, Annual meeting of That this shall not be construed so as to compel the directors to lay before the stockholders a statement of the private account of any individual or individuals.

Ibid. art. 8.

Ibid. art. 9.

P. L. 453.

IX. Of the transfer of stock, and of discount and dividends. 81. The stock of the bank(y) shall be assignable and transferrible on the books 16 April 1950 $ 10, of the corporation, (z) and in the presence of the president or cashier, in such art. 10. manner as the by-laws shall ordain; but no stockholder indebted(a) to the bank stock, how transfor a debt actually due and unpaid, shall be authorized to make a transfer or re- ferrible. ceive a dividend until such debt is discharged, or security to the satisfaction of the directors given for the same.(b)

82. The rate of discount at which loans may be made shall not exceed one-half Ibid. $ 10, art. 11. of one per centum for thirty days.(c)

83. Dividends of so much of the profits as shall appear advisable to the directors of the bank, shall be declared at least twice a year, on the first Tuesday of May and November in every year, and paid to the stockholders on demand, at any time after the expiration of ten days therefrom : but such dividends shall in no case exceed the amount of the net profits actually acquired, so that the capital stock of the bank shall never be thereby impaired; and if the directors of the bank shall make any dividends which shall impair the capital stock of the bank, the directors consenting thereto shall be jointly and severally liable, in any action of debt, scire

Rate of discount.

Ibid. art. 12.

Dividends when and how declared.

Congregation

(2) A director, notwithstanding his election may (a) See Grant v. Vechanics' Bank, 13 S. & R. 140. be irregular, is an officer de facto, and his acts are Rogers v. Huntingdon Bank, 12 Ibid. 77. binding on the bank. Baird v. Bank of Washington, (b) The bank may hold all the stock owned by 11 S. & R. 411.

their debtor. Sewall v. Lancaster Bank, 17 S. & R. () Bank shares are choses in action merely, and 285. Where a firm is indebted, they have a lien, not will not pass by an assigument conveying personal only on the stock held by the firm, but on that of the property in possession alone. Slaymaker v. Bank of individual members. Mechanics' Bank v. Earp, 4 R. Gettysburg, 10 P. S. 373.

384. But they cannot retain against one joint legatee, (2) There may be equitable assignments binding for the debt of another, after a severance of their on the parties. United States v. Vaughan, 3 Binn. shares. Presbyterian Congregation v. Carlisle Bank, 394. Commonwealth v. Wat mough, 6 Wh. 137. And 5 P. S. 345. The lien of the bank results for the benethe equitable assignee may sue the bank for refusing fit of an indorser, who has been compelled to pay the to permit the transfer to be made. Presbyterian bank, and who, at the time of payment, gives notice

v. Carlisle Bank, 5 P. S. 345. If the that he claims the stock and dividends. Farmers' stock be transferred under this section, the assignee Bank v. Gilson, 6 P. S. 51. Kuhns v. Westmoreland holds it free from any lien of the bank. Sewall v. Bunk, 2 W. 136. Lancaster Bank, 17 S. & R. 285. If stock be made (c) Receiving interest in advance is not usury. transferrible “at the bank," an assignee, with a Pavling's Executors v. Pawling's Administrators, 4 power of attorney to transfer, has no title as against Y. 229. Nor to discount one's own paper at any rate an attaching-creditor, who has proceeded to a sale.

of interest. Falinder v. Jackson, Dist. Court Phila., Williams v. MechanicsBank:5 BI. C. C. 59. But if Dec. 28, 1850. And see Fleckner v. Bank of the a bank permit a stockholder to transfer his stock upon United States, 8 Wheat. 354. A bank cannot, by any the books of the bank, without producing and surren- arrangement or contrivance, exceed the limited rate dering the certificates, it is liable to a bona fide trans- of discount, without violating its fundamental law. ferree for value of the same stock, who produces the Manderson v. Commercial Bank, 28 P. S. 379. A wilcertificates, with a properly executed power of attor- ful violation of it constitutes a good ground for the ney to transfer. Bank v. Lanier, 11 Wall. 369. See forfeiture of its charter. Commonwealth v. CommerLowry v. Commercial and Farmers" Bank, Tan. cial Bank, Ibid. 383. On the information of the attor

ney-general. Commonwealth v. Commercial Bunk, Ibid. 391.

Dec. 310.

16 April 1850) § 12, facias or bill in equity, in their individual capacities to such corporation, for the art. 13. P. L. 453. amount of the stock so divided ; and each director present when such dividend Directors to be shall be made, shall be adjudged to be consenting thereto, unless he forthwith responsible for enter his protest on the minutes of the board, and give public notice to the stockimpairing capital. holders of the declaring of such dividend.

X. Of the powers of banks. 16 April 1850 $ 10, 84. It shall be lawful for such corporations to hold such lands,(d) tenements art. 13. P. L. 483. and hereditaments only, as shall be requisite for their accommodation in the conPower to hold

venient transaction of their business, and such as shall be bonâ fide mortgaged or lands.

conveyed to them in satisfaction of debts previously contracted in the course of their dealings, or purchased at sales upon judgments of any person or body politic, where the same may be necessary to secure any debt due to the said corporation ;(e) but all such lands, tenements and hereditaments, except the bankinghouse and lot, shall be disposed of within five years (9) after such corporations are rechartered, or after the same shall have come into their possession; not more than thirty thousand dollars shall be expended by any one of such corporations in procuring ground and erecting suitable buildings for the banking-house, except

in the city and county of Philadelphia and city of Pittsburgh, which shall not Not to deal in exceed fifty thousand dollars; it shall not be lawful for such corporations, directly, stocks or merchan- or through the agency of any person or persons whomsoever, either in trust or dise except in certain cases.

confidence, to deal or trade with any profits, stocks, money (h) or effects, in buying or selling any goods, wares (or) merchandise whatsoever, but nothing herein contained shall be so construed as to prevent any such corporation from selling any public stock of which it may be possessed; such corporations shall not be at liberty to purchase any stock whatsoever to a greater amount than one-third of the capital stock actually paid in, and that in the stock or loans of this state and of the United States, except in their own bank stock, and such stocks as shall be taken in satisfaction of debts previously contracted; such corporations shall not deal or trade in anything but bills of exchange, promissory notes, gold and silver and bullion, or in the sale of goods truly pledged for money lent and not redeemed

in due time, or in goods which may be the produce of their lands. 17 April 1861 § 1. 85. Article thirteen of the tenth section of the act, entitled “ An act regulatP. L. 342.

ing banks," approved the 16th of April 1840, shall not be so construed as to May purchase prohibit the banks of this commonwealth from receiving the notes of the banks notes of banks of

of other states, at such rates of discount as may enable them, without loss, to other states at a discount.

send the same out of the state for conversion or redemption, and for such purposes

only. Ibid. $ 2. 86. The banks of this commonwealth may hold, for more than five years, prop

erty taken or received by assignment, execution or otherwise, in payment of debts May hold proper taken for debts. to said banks. 92 May 1993. 87. It shall be lawful for such banks of this commonwealth as have heretofore P. L. 111. erected buildings for banking purposes to further expend such sums, not in excess

and of one-half of their surplus fund, as may be necessary to renew or replace such May improve and derive rent from buildings with such new or additional structures as may be suitable and convenient buildings. for the transaction of their banking business, and to lease from time to time such

portions or apartments of such buildings as are not required for banking purposes,

and to receive rents for use of the same. 23 April 1929 $1. 88. The several banks of this commonwealth are hereby authorized to negotiate

10 Sm. 453. loans to or to purchase the stock of this commonwealth from the officers or agents Banks may nego

appointed under the authority of the state to effect such loans or to sell such stock; tiate loans to com- but nothing in this act or any other law shall be construed to authorize any of said monwealth and

banks to make such purchases of any individual or corporation, except such as shall purchase state stock.

be taken in satisfaction of debts previously contracted in the course of its dealings; Provided, The amount of such loans made or stock so held shall not exceed onethird part of the actual capital stock of such bank or corporation : And provided also, That the said banks may sell out such stocks at any time their interest may

require. 14 April 1885. $9. Any bank or banks incorporated by the laws of this commonwealth are P. L. 439. hereby authorized to offer for and subscribe to the whole or part of any loan or

loans to this commonwealth. 15 May 1574 $ 1. 90. The board of trustees of any bank in this commonwealth shall have full P. L. 198.

power, at their discretion, to pay, on application, the check, proper receipt or order of any minor or married woman, such money, or any part thereof as he

(0) A corporation may purchase lands, though The words bona fide were introduced to prevent the their charter contain no such license; and they thereby bank from indirectly getting real estate into its hands, take an estate, defeasible only by the commonwealth, ostensibly in payment of a debt, but in truth and in which they have power to convey to another. Leazure fact, by a transaction which, in its origin, was a purv. Hillegas, 7 S. & R. 320–2.

chase. Baird v. Bank of Washington, 11 S. & R. 417. (e) The object of this provision was to prevent the (g) See infra 86. holding of an inordinate proportion of the aggregate (h) See infra 85. real estate within the cominonwealth in mort main.

or she may have deposited to his or her credit, or any interest or dividend accruing 15 May 1874 $ 1. thereon, without the assent or approbation of the parent or guardian of such P. L. 193. minor, or the husband of such married woman, as the case may be; and it Accounts may be shall not be lawful for the parent or guardian of such minor, or the husband or opened with creditors of the husband of such married woman, to attach, or in any manner m

minors and

married women. interfere with any deposit, interest or dividend thereon to such minor or married woman.

XI. Of bank-bills and bank-notes. 91. The bills obligatory and of credit, under the seal of such corporations, which 16 April 1850 $ 10. shall be made to any person or persons, shall be assignable by indorsement there- art. 14. P. L. 484. upon, under the hand or hands of such person or persons, and of his, her or their Bank-bills to be assignee or assignees, so as absolutely to transfer and invest the property and assignable by

dorsement. legal title thereof in each and every assignee or assignees successively, and to ind enable such assignee or assignees to bring and maintain an action thereupon in his, her or their own name or names; and bills or notes which may be issued by And notes to be

negotiable. order of any of the said corporations, signed by the president and countersigned by the cashier thereof,(i) promising the payment of money to any person or persons, his, her or their order, or to bearer, though not under the seal of such corporation, shall be binding and obligatory upon the same, in like manner and with like force and effect, as upon any private person or persons, if issued by him, her or them, in his, her or their private capacity or capacities, and shall be assignable and negotiable in like manner as if they were so issued by such private person or persons: that is to say, those which shall be payable to any person or persons, his, her or their order, shall be assignable by indorsement, in like manner and with like effect as foreign bills of exchange now are; and those which are payable to bearer shall be negotiable and assignable by delivery only; and all notes or bills at any time discounted by such corporation, or deposited for collection, and falling due at such bank, shall be and they are hereby placed on the same footing as Notes due in bank foreign bills of exchange, so that the like benefits shall be had in the payment, to be on the footing

of foreign bills. and the like remedy for the recovery thereof against the drawer or drawers, indorser or indorsers, and their representatives, and with the like effect, except so far as relates to damages; any law, custom or usage to the contrary in anywise notwithstanding.

92. It shall not be lawful for any such bank to issue and put in circulation any Ibid. $ 22. bill or note of said bank payable at any other place than at said bank, or otherwise

Punishment for isthan payable on demand, sand of a denomination less than five dollars :7(%) and Pu

suing notes otherany violation of this section by any officer of any such bank, shall be a misde- wise than payable meanor, punishable, upon conviction, by a fine of not less than five hundred dollars, on demand. and imprisonment in the jail of the proper county not less than one year.

93. It shall be lawful for the incorporated banks of issue, or that may hereafter 17 April 1861 $ 3. be incorporated under the provisions of any law of this commonwealth, to issue and P. L. 343. put in circulation notes of the denomination of one, two and three dollars, to an One, two and

three dollar notes amount not exceeding twenty per cent of the capital stock paid in.

authorized. 91. It shall not be lawful for any bank to create or put in circulation, any note, i

16 April 1850 S 81. bill, check, ticket or paper, purporting to be a bank-note of any denomination, P. L. 490. between five and ten, ten and twenty, or twenty and fifty dollars.

95. It shall not be lawful for any of the said banks(l) to issue or pay out any Ibid. $ 30. bank-notes other than those issued by itself, payable on demand in gold or silver; Nor notes of other notes of specie-paving banks of this state which are taken on deposit, or in pay- banks, nor any

except such as are ment of debts, at par at the counter of the bank where paid out, * * * at the

payable in specie option of the person receiving the same, and any violation of this provision shall on demand. work an absolute forfeiture of its charter, and be proceeded in the manner provided in the 27th section of this act.(m)

96. Provided, That the specie-paying banks, may pay out, at the option of the 17 April 1861 $ 3. receiver, the notes of such banks of this state as they may receive, in the course of P. L. 343. their business, at par.

Exception, 97. It shall not be lawful for any bank in this commonwealth to issue or re-issue 5 May 1841 $ 1.

P. L. 857. any certificate in the similitude of a bank-note, purporting to be receivable on deposit, special or general, under a penalty of five dollars for every certificate so Certificates of de

posit not to be issued or received, to be recovered as debts of like amount are by law recoverable, issued in the similfor the use of the person suing therefor; and the said bank shall be liable for any itude of banksuch issue already made, as if the same were made payable on demand, and were no in the form of a bank-note.

38. No suit shall be sustained on any bank-note or notes, payable to bearer or 22 March 1917 $ 1. order on demand, unless demand shall have been first made for payment thereof, 0 sm. 435 at their banking house, office or treasury, and in case of non-payment, interest shall Suits not to be

brought before be recoverable on the same from the time of making such demand.

demand.

notes.

(1) See Ridgway v. Farmers' Bank, 12 S. & R. 256. fund, trust and insurance companies, by act 6 Novem(k) See infra 93.

ber 1856, infra 191. (1) Extended to all incorporated banking, saying. (m) See infra 96.

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