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preceding sections of this Act, he may be required to recog..
Trial by district nize with sureties in a sum not less than one hundred dol- court lars, to appear at the District Court next to be holden in the same county, and to abide the order of said Court, and in the mean time to be of good behavior.
Sec. 8. If such recognizance is forfeited, said Court may require such offender to recognize with sufficient sureties, in Porfeiture of re
cognizance pro a sum not exceeding three hundred dollars, to appear at the cedure next term of said Court and to abide the order thereof, and in the meantime to be of good behavior, and so from term to term as may be ordered by said Court, as long as such forfeiture may be incurred.
Sec. 9. Any person may, upon view or knowledge of any offence described in this Act, go before some Justice of the Complaint how Peace of the town or adjoining town to that in which the made offence was committed, who shall upon complaint under oath issue his warrant, cause such offender to be arrested and proceed to a hearing of such complaint.
Sec. 10. All fines and forfeitures that may be collected under this Act, shall be paid by the Justice of the Peace or
* Finos and penal Court collecting the same, into the county treasury to the ties to go to credit of the common school fund of the county within ninety school fund days after collecting the same.
Sec. 11. No prosecution for any violation of the provis-pra ions of this Act shall be sustained unless commenced within be commenced sixty days after the commission of such offence.
within 60 days Sec. 12. This Act shall take effect and be in force from and after its passage.
President of the Senate. APPROVED—July the twenty-seventh, one thousand eight hundred and fifty-cight.
HENRY H. SIBLEY. SECRETARY'S OFFICE, Minnesota,
July 27, 1858. I hereby certify the foregoing to be a true copy of the original on file in this office.
Francis Baasen, Secretary of State.
CHAPTER XXXII. An Act to authorize and regulate the Business of
SECTION 1. Bank.note plates to be procured by Auditor, for banks; and notes printed
for banking purposes. 2. Permits bankers to procure their own plates. (Repealed, see Chap. XXXIII:) 3. Denominations of bank notes 4. Notes to be countersigned and registered by Auditor. 5. Basis upon which banks may issue notes. (Amended, see Chap. XXXIII.) 6. Bonds to one-fourth of notes issued, or 10 per cent additional stock to be de
posited with the Auditor. 7. Registered and countersigned notes to be so recorded upon their face. 8. Powers of attorney may be given to receive interests on deposited stock, may
be revoked on failure to redeem notes.
than two hundred inhabitants.
5. When to commence and terminate.
less redeemed within forty days after notice from Auditor : procedure w
close a bank and redeem its bills. 16. Damages for non-redemption of notes. 17. Auditor to countersign bills; penalty for violation of restrictions imposed. 18. The capital of a bank may be increased. 19. Contracts of banks, and bills, to be signed by President and Cashier; guits to
be brought in corporate name.
1. For its immediate accommodation;
4. By execution in its favor.
Deeds and Auditor ; individually liable to double amount of stock, and lot
one year after transfer. 22. Billholders to be preferred to all other creditors. 23. Notes of banks payable only at place of issue. 24. Manner of relinquishing business and closing a bank. 25. Public notice for two years of final redemption of bille. 26. Securities may be withdrawn on depositing equal amount of circulators
notes. 27. Securities deposited to be held in trust for redemption of bills issued thercod. 28. Manner of cancelling circulating notes returned to Auditor. 29. Mutilated notes to be exchanged. 30. Banks to receive their own notes in payment of debts due them. 31. No dividend to be made where the capital has been reduced, and debts tem
unpaid until capital is made up. 32. Illegal currency, penalty for issuing. 33. Interest on loans, &c. not to exceed 15 per cent. per annum. 34. Quarterly reports to be filed with Auditor, and published. 35. Unclaimed dividends, and interest, public notice to be given annually. 36. Notico to contain name and residence, amount of dividend, &c. share
stock, &c. 37. Plates, dise, &c. of closed banks to be destroyed under direction of Auditor.
Esottos 33. Treasurer'a account, and securities with Auditor, to be examined by logis
lative committee annually,
Be it enacted by the Legislature of the State of Minnesota :
Section 1. That it is hereby made the duty of the Auditor of State, on application of any person or association of per8Jas wishing to organize under this Act, to cause to be en
Auditor to prograved and printed in the best manner to guard against curs engravedi Counterfeiting, such quantity of circulating notes, in the sim- platos and printilitude of bank notes, in blank, of the different denominations ed bank notes at hereinafter authorized to be issued, as may from time to time
issued, as may from time to time expense of banks be needed to meet the demands of those organizations for the purpose of banking; and all necessary expenses in procaring such circulating notes in blank shall be charged to and paid by the banker or banking association at whose solicitation and for which the same are furnished. Sec. 2. Nothing herein contained shall be so construed
Ropealed-10) as to prevent any banker or banking association from pro- chapter curing their own plates, dies and other materials for engraving and printing blank notes, furnishing them to the Auditor of State and having them ever after in his custody and under his control, to be used and disposed of as though such Auditor of State had himself procured them under the preceding section.
Sec. 3. Such bank notes in blank so procured or placed in the hands of the Auditor of State, as aforesaid, shall be of the dimensions usually issued by banks, from one dollar to notes five hundred dollars; but such notes shall not be of any intermediate number between five and ten dollars, ten and twenty, twenty and fifty, or fifty and one hundred dollars.
SEC. 4. Such blauk circulating notes shall be countersigned by such Auditor of State and numbered, and registered in proper books to be kept for that purpose in his office To be counterand under his direction, by the Auditor himself, or such per- signed and regleSol or persons as the Auditor shall appoint, so that each deDomination of such circulating notes shall be of the same similitude and all bear the uniform signature of such Auditor of State and Register.
Sec. 5. Whenever any person or association of persons formed for the purpose of banking under the provisions of this mondede Act, shall duly assign or transfer in trust to the Auditor of this chapter State, any portion of the public stocks issued or to be is sued by the United States, or the stocks of any State of the United States, on which full interest is semi-annually paid, said stocks to be valued at a rate to be estimated and governed by the average rate at which such stocks have been sold in the
city of New York, within the next six months preceding the time when such stocks may be left on deposit with the Auditor of State, such person or association of persons shall be entitled to receive from the Auditor, an amount of such circulating notes of different denominations, registered and countersigned, equal to and not exceeding the amount of public stocks assigned and transferred, as aforesaid, but such public stock shall in all cases be, or be made to be, equal to a stock producing six per cent. per annum, and it shall not be lawful for the Auditor of State to take such stock above its par value, nor above its current market value
in the city of New York at the time of deposit, by such perAmended-see
son or association of persons, if at any time the stocks as. chapter
signed and transferred to the Auditor of State for circulating notes or any part thereof, shall depreciate ten per cent. or more in value in the New York market, the Auditor of State shall reduce the rate at which the same shall be continued to be held as securities, and require such banking association or banker owning such stocks, to make up the deficiency with such additional stocks as required by this Act, to be transferred and assigned as aforesaid, or such banking association or banker may make good such deficiency by returning to the Auditor of State, such amount of bank bills previously issued to him or them, as shall be equal to the deficiency of security created or caused by the depreciation of the said stocks held as security as aforesaid; Provided, That if in the opinion of the Auditor and Governor, any stocks offered shall be deemed insecure, they shall not be received as such securities under the provisions of this Act.
Sec. 6. Before any bank shall receive from the Auditor of State, any circulating notes, as provided in Section five of this
Act, the stockholders thereof shall either give to the Auditor Bonds to one of State good and sufficient bonds, to be approved by him to
the amount of one-fourth of the notes that said bank shall rewaed or 10 per ct more stock than ceive, or deposit in lieu of such bonds, ten per cent. more amount of notes stock than the circulating notes, to be delivered by the to be deposited
Auditor to such bank, as an additional security to in. demnify the bill holders against any loss that may be sustained in case the other securities deposited with the Auditor of State, shall be insufficient to redeem said bills.
Sec. 7. The bills and notes so to be countersigned and
registered, the payment of which shall be secured by the Countersigning transfer of public stocks, shall be engraved upon their face, and registering the words: "Secured by the pledge of public stocks."
Sec. 8. The Auditor may give to any person or association of persons so transferring securities in pursuance of the pro. visions of this Act, power of attorney to receive interest or dividends thereon, which person or association of persons
in. may receive and apply to their own use, but such power ney to receive in. terest on deposit may be revoked upon such person or association of persons
failing to redeem the circulating notes so issued, and the
fourth of notes is
Power of attor.
habitants required in a town
Auditor of State, upon application of the owners of such transferred securities in trust, may, in his discretion, change or transfer the same for other securities of the kind specified before in this Act, or may transfer the said securities or any part thereof, upon receiving and canceling an equal amount of sueh circulating notes delivered to him by such person or association of persons, in such manner that the circulating notes shall always be secured in full, as in this Act provided.
Sec. 9. The notes and bills discounted or purchased, moneys loaned, and all other property, effects or dues of every description, of all Banks and Banking Associations organized Liability of notes
&c to taxation under the provisions of this Act, shall be assessed and taxed in the city, ward, village or town where the same is located, for all State, county, town, school and corporation purposes, in the name of (such] Bank or Banking Association, to the same extent and under the revenue laws, the same as the property of individuals.
Sec. 10. Any person or association of persons may establish offices of discount, deposit and circulation, and become incorporated upon the terms and conditions, and subject to Capital stock the liabilities prescribed in this Act, but the aggregate of the minimum--200 incapital stock of such establishment shall not be less than twenty-five thousand dollars : Provided, That no such office where bank is loshall be established in any town containing less than two cated hundred inhabitants.
Sec. 11. Such persons or association of persons under their hands and seals, shall make a certificate which shall specify : banks to contain
First-The name assumed to distinguish the bank to be established pursuant to this Act, and to be used in all its deal- Name of bank inge, which name shall not be that of any other bank in this State.
Second—The place where the business of discount or deposit of such bank is to be carried on, designating the par. ticular city, town or village, and county,
Third–The amount of capital stock of such bank, and the number of shares into which the same shall be divided. Capital sto Fourth—The name and place of residence of the share-sh
Shareholders holder or shareholders in such bank, and the number of shares names held by them respectively.
Fifth—The period at which said bank shall commence and terminate, which certificate shall be acknowledged and recorded in the office of the Register of Deeds of the county.
Commencement where any office of such bank may be established, and a and copy thereof shall be filed in the office of the Auditor of State, and upon the recording of such certificate, the person or persons aforesaid shall become a body politic and corporate by the name assumed as aforesaid, for and during the time fixed in such certificate, and by such name shall have power to contract and be contracted with, sue and be sued, and shall have all other powers, privileges and immunities, incident to corporations, and applicable to the ends of such
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