tendent and $64. [Sec. 5.] The [superintendent of the bank department] ART. 4. and treasurer of this state, shall keep proper accounts of the said Superinbank fund, separate and distinct from the funds of this state; and treasurer the [superintendent] shall from time to time report to the legislature the condition thereof. to keep accounts. to be $65. [Sec. 6.] The said fund shall be the property of the cor- Fund how porations by which the same shall be paid, in proportion to the invested. amount which each of such corporations shall have contributed thereto; but the [superintendent] shall have power, and it shall be his duty, from time to time, to invest the same and all moneys belonging thereto, in the manner provided by law in respect to the common school fund. And whenever it shall become necessary for the purpose of meeting any charges on the said fund, to sell any stocks in which such fund or any part thereof may have been invested, the [superintendent] shall have power to make such sale. * § 66. It shall be lawful for the [superintendent of the bank I. department] in addition to the power given him by the act entitled "An act to create a fund for the benefit of the creditors of certain moneyed corporations, and for other purposes," passed April 2d, 1829, to invest any moneys in the treasury belonging to such fund in such stocks or loans as he shall deem most for the interest of said fund, and best calculated to advance the purposes of its creation; but no such loan shall be made to any corporation subject to the provisions of said acts upon the stock, property, or credit thereof. [1833, ch. 274, § 1.] *S 67. No such loan shall be made upon real estate, unless the Ib. same is unincumbered and worth double the value of the sum to be loaned thereon; nor shall the buildings on said real estate be estimated as a part of the value thereof, unless the same shall be insured by the mortgagor in such company as the [superintendent] shall designate, from loss or damage by fire during the continuance of such loan, and the policy of such insurance be transferred to the [superintendent] as collateral security for the same. [Sume ch., $2.1 security. S68. If during the continuance of any loan or investment Additional made in pursuance of this act, the value of the premises mortgaged, or of the stocks purchased should depreciate, or the security taken for any such loan should, in the opinion of said [superintendent] become doubtful, it shall be their duty to require such additional security as he and they shall deem adequate; and in case of neglect or refusal to give such additional security, it shall be the duty of the [superintendent] forthwith to cause such loans to be collected, or such stocks to be sold at the best price that can be obtained therefor, and the sums received thereon to be again invested or loaned, in the manner provided by this act. [Same ch., § 3.] *$69. All sums heretofore paid, or which may hereafter be paid Premiums out for premiums on stocks purchased for the purposes of investing the said bank fund, shall be repaid to the capital thereof out of the income to be received thereon, before paying over any part of 1 The words "bank commissioners" struck from this section. Their office was abolished by chap. 218, of the Laws of 1843. VOL. II. 34 on stocks. TITLE 2 said income to the corporations entitled to the same; and all sums which may at any time be received into the treasury for premium on stocks sold on account of said fund, shall be considered as income, and be paid over to the corporations entitled to such income, in the manner provided in the seventh section of the act herein before mentioned. [1833, ch. 274, § 4.] Powers when to be exercised. Investments. Income when and how payable. Payments in cases of of fund. * $ 70. It shall not be lawful for the [superintendent] to exercise the powers conferred on [him] by the first section of this act, until three months after the annual contributions of the banks shall be paid into the treasury. [Same ch., § 6.] *S 71. In addition to the investments heretofore authorized by law, the [superintendent] is hereby authorized to invest any moneys in the treasury belonging to the bank fund, in the purchase of bank fund stock becoming due not later than in the year one thousand eight hundred and fifty-six, on such terms as he may deem for the interest of said fund, provided that such stock shall not be purchased at a price exceeding the par value thereof. [1850, ch. 332.] $72. [Sec. 7.] The income arising from said fund shall annually be paid by the [superintendent] to the several corporations by which the said fund shall be created, in proportion to the amount which each of the said corporations shall have contributed thereto; but no corporation shall be entitled to any part of the said income, after it shall become insolvent, or shall be dissolved, or its charter shall expire. *$73. [Sec. 8.] Whenever the fund created by this act shall be reduction reduced by the payment of the debts of an insolvent corporation, to be made as hereinafter provided, below the sum as provided in the fourth section of this act, every moneyed corporation then existing, which shall be subject to this act and every such corporation thereafter to be created, shall, on or before the first day of January in every year thereafter, pay to the treasurer of this state, such sum to be designated by the [superintendent,] not exceeding a sum equal to one-half of one per cent on its capital stock, as hereinbefore provided; which last mentioned annual payments shall continue to be made by every corporation subject to the operation of this act, until the aforesaid fund shall be reimbursed, and made to amount to the sum as provided in the fourth section; after which, such annual payments shall be suspended, until it shall become necessary again to resort to the said fund, by reason of the insolvency of any such corporation, as hereinafter provided, when the said payments shall be resumed in manner aforesaid; and so on from time to time, as occasion may require. Safety fund, how re 21 Barb., 630. S74. Whenever the [superintendent] shall lawfully apply any plenished. moneys belonging to the safety fund to the payment of the debts of any banking corporation, the safety fund shall be reduced by the amount of the moneys so applied below the sum required in the fourth section of the act entitled "An act to create a fund for the benefit of creditors of certain moneyed corporations, and for other purposes;" and in such case every moneyed corporation which shall be subject to said act shall, on or before the first day of Janu As modified by the act, abolishing the office of bank commissioner, chapter 218 of Laws of 1843. ary in every year thereafter to the treasurer of this state such ART. 4. advancing how *$75. Corporations which shall have paid to the treasurer any Banks moneys as required in the last preceding section for the purpose of money, ho reimbursing said fund shall be considered creditors of any bank reimbursed. (for the redemption of whose notes the said fund had been reduced,) to the amount of their respective contributions to the fund for said purpose, and shall be entitled to receive their proportion of the moneys to be distributed by the receiver of said insolvent bank to the amount so paid by them respectively, unless at the time of such distribution the safety fund shall not have been replenished as provided in the last preceding section, in which case such moneys or so much thereof as shall be sufficient to replenish said fund shall be paid to the treasurer of this state for the benefit of said safety fund, and the excess only shall be so distributed. [Same ch., § 6.] supreme a bank $76. [Sec. 9.] Whenever any corporation subject to the Duty of operation of this act shall become insolvent, and shall be proceeded court when against as hereinafter provided, it shall be the duty of the supreme becomes court,' immediately after a final dividend of the property and effects insolvent. of such insolvent corporation shall have been made among the creditors thereof, to cause an order to be entered on its minutes, setting forth: 1. The total amount of circulating notes against the said corporation, ascertained and established by the said court, including lawful interest thereon; 2. The net amount of moneys derived from the property and effects of the said corporation, and applied under the direction of the said court, towards the satisfaction of such circulating notes; and, 3. The total amount of moneys then requisite to pay off and dicharge the said circulating notes. Such order shall also direct the receiver appointed to take Receiver. charge of the property and effects of the corporation, to apply to and receive from the [superintendent of the bank department] of this state, in the manner hereinafter provided, the sum which shall be required to pay off and discharge the said circulating notes. [As amended 1842, ch. 247, § 8.] $77. [Sec. 10.] Upon such receiver filing with the [superinten- Duty of su dent] of this state a copy of such order, duly certified by the proper ent. 1" Court of chancery" in the original. perintend TITLE 2 officer and countersigned by a justice of the supreme court,' it shall be the duty of the said [superintendent] to draw his warrant on the treasurer in favor of such receiver for such sum, not exceeding the amount of the bank fund, as may have been declared by the said court to be necessary to satisfy the circulating notes of the said corporation; and the moneys paid to such receiver by such warrant shall be paid out by him under the direction of the court to the several creditors of the corporation. [As amended 1842, ch. 247, §8.] In case of deficiency of bank fund. Moneys paid, how to *S78. [Sec. 11.] If at the time of filing with the [superintendent] the copy of such order, the bank fund shall be insufficient to satisfy all the debts of the insolvent corporation, a sum sufficient to satisfy the residue of such circulating notes as shall remain unpaid shall be paid to such receiver in the manner provided in the last preceding section, out of the first moneys that shall thereafter be paid to the treasurer pursuant to the eighth section of this act; and the moneys so paid to such receiver shall be paid out by him in the manner required in the last preceding section. [As amended, same sec.] * $ 79. [Sec. 12.] The moneys so paid out of the treasury, and be charged. all other moneys required by this act to be paid out of the treasury, shall be a charge upon the bank fund hereby created. On expira tion of a 80. [Sec. 13.] Whenever the charter of any moneyed corpocharter. ration subject to the provisions of this act shall expire, every such corporation shall be entitled to receive its proportional share of said bank fund which such coporation may have contributed thereto, after deducting thereout a proportional part of the charges upon the said fund, and which share the [superintendent] is hereby authorized to pay to said corporation. Interest. bank notes. 86.] $81. [Sec. 14.] No creditor of any insolvent corporation shall by virtue of this act receive interest upon his debt against such corporation, from and after the time such order is made, as is required by the ninth [76th] section of this act; nor shall such creditor be entitled to interest anterior to the presentation of his demand against such corporation to the receiver that shall be appointed to take charge of the property and effects of such corporations.2 Issues of *S 82. [Sec. 27.] It shall not be lawful for any such moneyed Modified, corporation to issue or to have outstanding or in circulation at any Bee $$ 85 and time, an amount of notes or bills loaned or put in circulation as money exceeding twice its capital stock then paid in and actually possessed; nor shall its loans and discounts at any time exceed twice and a half of the amount of its capital stock so paid in and possessed. Corporation dissolved. *$83. [Sec. 28.] If any such moneyed corporation shall violate when to be the last preceding section, or shall neglect to make any annual payment to the treasurer of this state required by this act, for the space of three months after the time when the same ought to have been made, and after being notified of such delinquency by the [superintendent of the bank department] of this state; or shall "Chancellor" in the original. See chap. 280 of 1847, §16. Sections 15 to 26 inclusive related to the appointment and duties of bank commissioners, whose office was abolished by chap. 18 of 1843. have lost one-half of its capital stock paid in; or shall have suspended the payment of its bills in specie for ninety days; or shall refuse to allow the officers of such corporation to be examined upon oath by the said commissioners in relation to the affairs and condition of such corporation, every such corporation may be proceeded against by the said commissioners, and dissolved by the [supreme court] as an insolvent corporation as hereinbefore provided1 ART. 4. false state *S84. [Sec. 29.] Every officer, agent or clerk of a moneyed Penalty for corporation, who shall make false statements or false entries in the ments, &c. books of such corporation, or shall exhibit false papers with intent to deceive said commissioners as to the condition of such corporation shall be deemed guilty of felony, and shall be subjected to imprisonment in the state prison for a term not less than three nor more than ten years.1 bills or notes to be issued and section.] * 85. The amount of notes or bills issued and in circulation of Amount of the several banks of this state, shall not hereafter exceed the following amounts respectively: those having capitals to the amount circulated. of one hundred thousand dollars, a circulation of one hundred and (See next fifty thousand dollars; those having capitals to the amount of one hundred and twenty thousand dollars, one hundred and sixty thousand dollars; those having capitals to the amount of one hundred and fifty thousand dollars, one hundred and seventy-five thousand dollars; those having capitals to the amount of two hundred thousand dollars, two hundred thousand dollars. [1837, ch. 450, part of § 3.]. 586. The several safety fund banks in this state incorporated n. by special act having capital up to and including two hundred thousand dollars, shall continue to issue and have in circulation notes or bills duly registered as required by law, to the amount now allowed by the act of the sixteenth of May, 1837, regulating the issues of safety fund banks, and those banks having capitals over two hundred thousand dollars, shall be allowed to issue and have in circulation notes or bills to the amount of their respective capitals, and no other or greater amount. But in all cases where a bank has a branch located at another place, that portion of the whole capital actually employed at each place of business shall be taken and deemed the capital thereof under the provisions of this section. [1848, ch. 344, § 1.] tendent to notes to *S 87. It shall be the duty of the [superintendent] at all times Superin to cause to be printed from the plates in his custody, and deliver furutch to each of said banks, such notes and of such denominations cac bank, allowed by law, as the bank owning such plates may require, not exceeding together with outstanding old circulation and with the notes previously received, the amount of circulation allowed to such banks by the first section of this act; and said notes before being delivered to said banks shall be countersigned and registered in the manner specified in the second section of the "Act to By § 6, of chapter 218, of 1843, it is provided that the comptroller [superintendent] may appoint a special agent to examine into the affairs of any bank, whose quarterly report he has reason to suspect is incorrect, and such agent "for that purpose shall have the same powers now vested by law in a bank commissioner." This section is retained, as containing a portion of the duties devolved upon such agent, |