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the association and distribute its property and effects among its creditors and shareholders.

suing

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 Congress 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 nor more than twelve months imprisonment, or both by fine and imprisonment.

Bank rate of in

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 hereafter 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 associations or corporations.

published

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 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 Auditor 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

in his name, upon his application to any Court of competent jurisdiction in the county where such delinquent bank may be located; the Auditor of State shall also transmit annually to the Legislature at the commencement of its session, a condensed summary of all the items reported to him by all the banks, which summary verified by his oath, shall contain a true and correct statement of the condition of all the banks in the State, at the time of the making of their last report. SEC. 35. Every bank and banking association formed under the provisions of this Act, shall annually, on the first Monday of January in each year, cause to be published for Uuclaimed divi- six successive weeks, in one public newspaper printed in the est-public notice County in which such bank may be located, and in some

dends and inter

to be given

Name and resi

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 remained 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 if known, of the person making it, the name of the person in 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.

dence of the own

Plates and dies of

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 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 officers.

ditor

Examination of

SEC. 38. It shall be the duty of the Legislature annually, to elect a joint committee whose duty it shall be to examine treasurer's bocks 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.

Penalty for false statements from bank officers]

SEC. 39. Every officer, agent or clerk of any banking association or banker authorized by this Act, who shall wilfully 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

knowingly subscribe and make false reports, shall be deemed guilty of misdemeanor, and shall be subjected to imprisonment at hard labor in the State prison, for such term not less than one year nor more than ten years, as the Court trying him shall designate. And likewise any Commissioner, Examiner, Master in Chancery, or Judge, wilfully and knowingly subscribing or making any false report, shall be deemed guilty of misdemeanor, and be subjected to like penalties.

SEC. 40. The Auditor of State shall, within twenty days Auditor'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.

Auditor's fees for

SEC. 41. Any banker or banking association that shall organize under this Act, shall be required to pay the Auditor issuing notes 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.

Auditor's fees for

SEC. 42. In case the securities deposted with the Auditor of State to secure the redemption of the circulating notes redeeming notes 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 selling 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 pro

visions of this Act, not hereinbefore specially provided for, Penalty for violashall 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.

passed March 19,

SEC. 44. The Act entitled "An Act to authorize the Business of Banking," approved March nineteen, eighteen hun-Repeal 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.

GEORGE BRADLEY,

Speaker of the House of Representatives.

WILLIAM HOLCOMBE,

President of the Senate.

APPROVED-July twenty-sixth, eighteen hundred and fifty

eight.

SECRETARY'S OFFICE, Minnesota,}

HENRY H. SIBLEY.

I hereby certify the foregoing to be a true copy of the original ou file in this office.

FRANCIS BAASEN, Secretary of State.

US stocks or state stocks of Minnesota, or

for banking

CHAPTER XXXIII.

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 blanks.

Be it enacted by the Legislature of the State of Minnesota:

SECTION 1. Section five of said Act is hereby amended so as to read as follows: Whenever any person or association 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 issued 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

cent interest

must be made

stock shall in all cases be, or be made equal to a stock proMust equal 6 per ducing six per cent. per annum; and if at any time the stock 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 Depreciation 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.

Insecure stocks

Repeal of sec 2

SEC. 3. This Act shall take effect and be in force from and chapter 32 after its passage.

GEORGE BRADLEY,

Speaker of the House of Representatives.

WILLIAM. HOLCOMBE,

President of the Senate.

APPROVED--August fourteenth, one thousand eight hundred

and fifty-eight.

SECRETARY'S OFFICE, Minnesota,

August 14, 1858.

HENRY H. SIBLEY.

I hereby certify the foregoing to be a true copy of the original on file in this office.

FRANCIS BAASEN, Secretary of State.

CHAPTER XXXIV.

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

3. Organization of Board; terms of office.

4. Annual appointment of one Inspector to be made.

5. Officers of the Prison.

6. Appointment of Warden.

7. Appointment of Clerk, Physician, and Chaplain.

8. Appointment of Deputy Warden, Assistant Keepers, and Guards.

9. Inspectors to meet at stated times for examinations.

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