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Bank rate of in
the association and distribute its property and effects among its creditors and shareholders.
Sec. 32. The officers or agents of any banking association or banker who shall pay out, to be put in circulation as Illegal currency, money in this State, any bill, note, certificate of deposit, or-penalty for isother paper having the similitude of a bank note, knowing the same to have been issued otherwise than by the authority of this or any other State of the United States, of the Con. gress of the United States, or of the British possessions, shall, for each offence, upon conviction thereof, be adjudged guilty of a misdemeanor, and shall be punished by a fine of not less than one hundred dollars, or by not less than three por more than twelve months imprisonment, or both by fine and imprisonment.
Sec. 33. Such bank or banking association may demand: and receive for loans on real and personal security, or for notes, bills or other evidences of debt discounted, such rate terest of interest as may be agreed upon by the parties, not exceeding fifteen per cent. per annum, subject, however, to such general laws regulating and fixing the rate of interest as may bereafter be passed by the Legislature; and it shall be lawful to receive the interest in advance, according to the ordinary usage of banking institutions, and in general do all things and have all the privileges incident to banking asso. ciations or corporations.
Sec. 34. Every bank or banking association shall, on the quarterly reports first Monday of January, April, July and October in every
to be filed and
published year after having commenced the business of banking, as provided in this Act, make and transmit to the Auditor of State a report, which shall be made on oath of the President and Cashier, and shall contain a true statement of the following items on the mornings of the first Monday of January, April, July and October, before any business of that day : loans and discounts, over drafts due from banks, due from directors of said bank, due from broker, real estate, specie, cash items, stocks and promissory notes, bills of solvent banks, bills of suspended banks, loss and expense account, capital, circulation, amount due to State Treasurer, amount due to depositors on demand, amount due not included under either of the above heads; and it shall be the duty of the Anditor of State to publish said report, together, once in some newspaper printed at the seat of government, and in the county in which said bank or banks are located, and the expense thereof shall be defrayed by the banks, and if any bank shall fail to furnish to the Auditor its quarterly report in time for such publication, or shall fail to pay the expenses incurred in the publication of its report when they shall be demanded by him, it shall forfeit and pay the Auditor of State, the sum of one hundred dollars, to be applied by him to the expense of publishing the quarterly reports, and the Auditor of State is authorized to collect the said forfeiture
Vuclaimed divi. dends and inter
Name and resi.
in his name, upon his application to any Court of competent
Sec. 35. Every bank and banking association formed un. der the provisions of this Act, shall annually, on the first Monday of January in each year, cause to be published for
six successive weeks, in one public newspaper printed in the est-public notice county in which such bank may be located, and in some to be given newspaper printed at the seat of government of this State,
a true and accurate statement, verified by the oath of the cashier, of all deposits made with said bank, and of all dividends and interest declared and payable upon any of the stocks, bonds or other evidences of indebtedness of said bank, which at the date of such statement, shall have re. mained unclaimed by any person or persons authorized to receive the same, for two years then next preceding.
Sec. 36. Such statement shall set forth the time that every such deposit was made, its amount, the name and residence
osi. if known, of the person making it, the name of the person in dence of the own. whose favor the dividend or interest may have been declared, ers to be given.. its amount, and upon what number of shares, and on what
amount of stocks, bond or other evidence of indebtedness of any such bank or banking association.
Sec. 37. All plates, dies, and such like materials of and
peculiar to, any individual bank or banking association which closed banks to be shall have closed business, either by its own voluntary act, destroyed by au: or by operation of law, under the direction of the Auditor of ditor
State, in presence of the Governor or Treasurer of State, shall be destroyed ; and such destruction, specifying the articles so destroyed, shall be officially certified to by all the three aforesaid officeis.
Sec. 38. It shall be the duty of the Legislature annually, Examination of
tion of to elect a joint committee whose duty it shall be to examine treasurer's books the Treasurer's accounts, to examine such of the securities and of securities deposited in the Auditor of State's office, by banking associ
ations and individual banks, together with books and papers therein, relating to the business of banking, and the said committee shall report the true state and condition of that department to the Legislature.
Sec. 39. Every officer, agent or clerk of any banking as. Penalty for false sociation or banker autho statements from
sociation or banker authorized by this Act, who shall wilfully bank officers and knowingly subscribe, or make any false statement of
facts, entries in the books of such person or association, or shall knowingly subscribe or exhibit false papers with the intent to deceive any person authorized to examine as to the condition of such bank or association, or shall wilfully and
Plates and dies of
knowingly subscribe and make false reports, shall be deemed
Anditor's bonds after the passage of this Act, give to the State of Minnesota a bond in the penal sum of fifty thousand dollars, with not less than five sureties to be approved by the Governor and Secretary of State, conditioned for the faithful discharge of all the duties of his office, provided for and incumbent upon him under this Act, and deposit the same in the office of the State Treasurer; and the Auditor of State shall not be directly nor indirectly interested in any bank or banking association or as an individual banker, Sec. 41. Any banker or banking association that shall
Auditor's look for organize under this Act, shall be required to pay the Auditor issuing noter of State for the service performed by him or under his direction, in behalf of such banker or banking association, (according to the provisions thereof) one-fourth of one per cent. on the amount of circulating notes countersigned and registered as hereinbefore provided, and may require the same to be paid at the time of the delivery of such notes.
Sec. 42. In case the securities deposted with the Auditor Auditor's foss for of State to secure the redemption of the circulating notes redeeming Robes -of any bank, shall be sold in pursuance of the requirements hereof, one-eighth of one per cent. on the amount received for the same shall be allowed the Auditor of State, for his services in selling the stock and redeeming the notes of such bank, and the amount of such per centage together with all necessary expenses incurred in advertising and sell. ing such stock, shall be audited by the State Treasurer, and on his certificates the Auditor of State may deduct the same from the proceeds of such sale.
Sec. 43. Any person or persons violating any of the provisions of this Act, not hereinbefore specially provided for, Penalty for vidashall upon conviction thereof, pay a fine of not less than tion of this act fifty dollars or more than five hundred dollars for each and every offence, to be recovered before any Court having competent jurisdiction, and all fines and penalties so recovered shall be paid into the State treasury.
Sec. 44. The Act entitled “An Act to authorize the Business of Banking," approved March nineteen, eighteen hun-Repoal of act! dred and fifty-eight, together with all acts and parts of acts 1858 See appendix inconsistent with this Act, are hereby repealed.
Sec. 45. This Act shall take effect and shall be in force from and after its passage.
President of the Senate. APPROVED—July twenty-sixth, eighteen hundred and fiftyeigbt.
HENRY H. SIBLEY. SECRETARY'S OFFICE, Minnesota, l
July 26, 1858. I hereby certify the foregoing to be a true copy of the original on file in this office.
Francis Bassen, Secretary of State.
An Act to amend An Act to authorize and regulate the
business of Banking, approved July 25th, 1858. SECTION 1. Amends Section 5 of Chapter 32. Basis upon which circulating notes may
be issued. 2. Repeals Section 2 of Chapter 32, permitting Banks to procure their own
Be it enacted by the Legislature of the State of Minnesota :
state stocks of
Section 1. Section five of said Act is hereby amended so U S stocks or as to read as follows: Whenever any person or association Minnesota. or of persons formed for the purpose of banking under the proother state stocks visions of this Act, shall duly assign or transfer in trust to worth par value the Auditor of this State, any portion of the public stocks is. for banking
sued or to be issued by the United States or the State of Minnesota, at their current value, or the stocks of any other State of the United States which shall not have been sold at less than their par value at the stock exchange 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 stock assigned and transferred as aforesaid, but such public
stock shall in all cases be, or be made equal to a stock pro-,
P Must equal 6 per ducing six per cent. per annum; and if at any time the stock cant
ent interest assigned 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 held as securities, and require such banking association or banker Depres
must be made owning such stock, to make up the deficiency with such ad-good ditional 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. 2. Section two of said Act is hereby repealed. Repeal of sec 2 Sec. 3. This Act shall take effect and be in force from and Chapter after its passage.
President of the Senate. APPROVED--August fourteenth, one thousand eight hundred and fifty-eight.
HENRY H. SIBLEY. SECRETARY'S OFFICE, Minnesota, l
August 14, 1858. I hereby certify the foregoing to be a true copy of the original on file in this office.
Francis BAASEN, Secretary of State.
An Act to provide for the government of the State
Prison of the State of Minnesota.
SECTION 1. Location of State Prison at Stillwater.
2. Prison to be under direction of three Inspectors, to be appointed by Governor