and pay to the people of the state the sum of one thousand dollars.

R. S., 1537, L. 1882, ch. 409, §§ 106, 107.

§ 79. Banks closing business.—Any bank, or its receiver, trustees or legal representatives, and any individual banker or his assignee, administrator, personal representative or successor, may give notice to the superintendent of the intention of such bank or individual banker to close the business of banking, and thereupon such bank or individual banker shall be entitled to deposit with the superintendent, and he may receive a deposit of, money equal to the amount of the outstanding circulation at the time of such deposit to be placed by him in some bank in the city of Albany, in good credit, upon the receipt of which the superintendent may return and retransfer to such bank or individual banker all securities in his hands theretofore deposited with him for the redemption of circulating notes by such bank or individual banker. Upon the receipt of such deposit the superintendent shall immediately cause to be published in the state paper and in at least one newspaper in the county where such bank or banker shall have been located or doing business at least once a week for six months, a notice that the notes of such bank or banker will be redeemed by him at par at the bank where such deposit is made, and that all the outstanding circulating notes of such bank or banker must be so presented for redemption within six years from the date of such notice, and that all notes which shall not be thus presented for redemption and payment within the time specified in such notice shall cease to be a charge upon the fund in the hands of the superintendent for that purpose.

After the expiration of such notice the superintendent may surrender to such bank or banker, and such bank or banker, or any receiver, assignee, trustee or

legal representative thereof, shall be entitled to receive from the superintendent all the money remaining in his hands after such redemption, except so much thereof as may be necessary to pay the reasonable expenses chargeable against such bank or banker, including the payment for the publication of such notices.

All circulating notes of such bank or banker which shall not have been presented for payment within the period prescribed in such notice shall, at the expiration thereof, cease to be a lien or charge upon the property of such bank or banker in the hands of any such receiver, assignee, trustee, or legal representative, and all liability of such receiver, assignee, trustee, bank or banker, for or on account of any circulating notes which shall not have been presented within such time shall cease.

Any such trustee, receiver, assignee, bank or banker may, after the full payment of all the circulating notes issued by them respectively which shall have been presented within the time required by such notice, and of all other lawful claims and demands against such bank or banker, divide the remaining property of the bank or banker among the stockholders thereof, their personal representatives or assigns, according to their respective shares or interest therein.

If the bank so designated shall at any time fail or refuse to redeem such notes at par when presented, they shall be protested as required by this chapter, and the superintendent shall thereupon, in the manner required in this chapter for the redemption of circulating notes, provide for the redemption of such notes.

R. S., 1538, L. 1882, ch. 409, § 109.

$80. Proportionate amount of securities to be returned when notes are destroyed.-On the return to the superintendent and the destruction by him of any of the notes of any bank or individual banker making a deposit as herein required, such bank or individual banker, or its legal representatives, shall be entitled to receive from

him a proportionate amount of the securities so deposited. At the expiration of six years from the date of the notice given by the superintendent for the redemption of the circulating notes of banks closing business, such notes shall cease to be a lien upon the securities so deposited, and the same shall be surrendered to the lawful claimant therefor.

R. S., 1539, L. 1882, ch. 409, § 111.

§ 81. Deposit of cash for redemption of notes.— The superintendent may receive from any bank or banker a deposit of cash, pursuant to the provisions of this chapter relating to the deposit of cash by banks closing business, for the redemption of its circulating notes, without notice of intention to close the business of banking; but the bank or individual banker making such deposit shall continue to make the reports and statements and to publish the same as required of the banks of this state by the laws thereof, and be in all respects amenable to the banking laws of this state, as if in full operation as a bank of discount and deposit, until due notice and evidence of the discontinuance of such business of banking shall be given to the superintendent, which discontinuance shall require the concurrence of the owners of a majority of the shares of stock in the bank. This provision shall extend and apply to any bank that has heretofore made such deposit to redeem its outstanding circulation without having given notice of intention to close its business. Any bank or individual banker having given such notice and made the deposit of cash or securities as required by law, may withdraw such notice at any time within two years after making such deposit, and may thereupon resume the business of banking under its corporate name and subject to the laws of this state; but such withdrawal shall not affect the redemption of its circulating notes previously issued according to the terms advertised by the superintendent as required by law, nor shall such bank be entitled to

issue any circulating notes until the time for the redemption of its previous issue shall have expired. R. S., 1539, L. 1882, ch. 409, § 113.

§ 82. Circulation of foreign bank notes prohibited.No bank or individual banker authorized to carry on the business of banking under the laws of this state shall receive, pay out, give or offer in payment, as money, to circulate or attempt to circulate as money, any bill, note or other evidence of debt issued or purporting to have been issued by any corporation or individual situated or residing without this state, and which bill, note or other evidence of debt shall, upon any part thereof, purport to be payable or redeemable at any place, or by any person or corporation within this state.

No such bank or banker or any person whatever within the state, directly or indirectly, on any pretense whatever, shall procure or receive, or offer to receive, from any corporation or person any bank bill or note or other evidence of debt in the similitude of a bank note, issued or purporting to have been issued by any corporation or individual situated or residing without this state, at a greater rate of discount than is or shall be at the time fixed by law for the redemption of the bills of the banks of this state at their agencies. No such bank or individual banker shall issue, utter or circulate as money, or in any way directly or indirectly aid or assist in the issuing, uttering or circulating as money within this state of any such bank bill, note or other evidence of debt issued or purporting to have been issued by any corporation or individual situated or residing without this state, or procure or receive in any manner whatever, any such bank bill, note or evidence of debt, with intent to issue, utter or circulate, or with intent to aid or assist in issuing, uttering or circulating the same as money within this state. Any bank or individual banker may receive and pay out such foreign bank bills as it shall receive at

par in the ordinary course of its business, and it may receive foreign notes from its dealers and customers in the regular and usual course of its business, at a rate of discount not exceeding that which is or shall be at the time fixed by law for the redemption of the bills of the banks of this state at their agencies, and may obtain from the corporations or individuals by which such foreign notes were made the payment or redemption thereof.

Every bank and individual banker who shall offend against any of the provisions of this section or of section eighty-three of this chapter, shall forfeit for each and every offense the sum of one thousand dollars to be recovered with costs in the name and for the use of any person who shall sue for the same.

R. S., 1539, L. 1882, ch. 409, § 114.

§ 83. Notes not receivable at par not to be paid out.No bank or individual banker authorized to carry on the business of banking under the laws of this state shall directly or indirectly lend or pay out for paper discounted or purchased, any bank bill or note or other evidence of debt which is not received at par by such bank or banker for debts due to such bank or banker. R. S., 1540, L. 1882, ch. 409, § 115.

§ 84. Bills or notes must be payable on demand.- No bank or individual banker shall issue or put in circulation any bill or note of such bank or banker unless the same shall be made payable on demand and without interest, except bills of exchange on foreign countries or places beyond the limits or the jurisdiction of the United States, which bills may be made payable at or within the customary usance, or at or within ninety days' sight, and, except certificates of deposit payable on presentation, with or without interest, to bearer or to the order of a person named therein; but no such