Penalty on banks for not bills. for Abraham Perkins, owner of the stereotype plate used for printing Bank bills, to keep possession of the said plate and use the same, in the same manner as by law he might do, if this Act had not been passed. [Approved March 13, 1821.] ::00:: CHAPTER CXLIII. An Act to enforce the payment of Bank Notes and for other purposes. SEC. 1. BE it enacted by the Senate and House of Repre paying their sentatives, in Legislature assembled, That if any incorporated Bank within this State, shall refuse or neglect to pay on demand any bill or bills by such Bank issued, such Bank shall be liable to pay to the holder of such bill or bills, after the rate of two per cent. per month, on the amount thereof, from and after the time of such neglect or refusal; to be recovered as additional damages in any action against said Bank for the recovery of said bill or bills. Bills must be issued. SEC. 2. Be it further enacted, That no incorporated Bank payable where in this State, shall issue any bill, note, check or draft, payable at any place other than said Bank, unless the same shall also, on the face thereof, be made payable at the Bank issuing the same; and no bank shall issue any bill or note, redeemable at such Bank, in any other manner than by payment in specie. Bills issued by any bank, made payable else paid at the bank on penalty. SEC. 3. Be it further enacted, That every incorporated Bank within this State, which has issued or shall issue any where to be bill, note, check or draft, redeemable in any other manner than by payment in specie, or payable at any place other than the place where such bank is by law established and kept, shall be liable to pay the same in specie to the holder thereof, on demand at said Bank, without a previous demand at the Bank or place where the same is, on the face of such bill, note, check or draft, made payable. And if the Bank which issued the same shall neglect or refuse to pay on demand made as aforesaid, any bill, note, check or draft, such Bank shall be liable to pay to the holder thereof the same penalties as are provided in and by the first section of this Act: bills for more Provided however, That nothing herein contained, shall extend to any check or draft drawn by the president or cashier of any Bank within this State, on any other incorporated Bank, either within or without this State, for any sum exceeding one hundred dollars; but all such checks or drafts shall first be presented for payment at the Bank on which the same shall be drawn, and in default of payment, the holder shall be entitled to recover against the Bank which issued the same, the amount of such check or draft, with two per cent. per month on the amount thereof, from and after the time when such check or draft shall have been refused payment, Proviso, as to than 100 dol lars. as additional damages in any action against such Bank for the recovery of such check or draft. than 1 dollar to SEC. 4. Be it further enacted, That no Bank or bank- No bills for less ing company whatever, within this State, shall, at any time, be issued. make or issue any bill or bills whatever, wherein a fractional part of a dollar is expressed, under a penalty of One hundred dollars for every bill so made and passed, to be recovered by action of debt in any Court proper to try the same, to the use of the person who shall sue therefor. Banks may is. to amount of SEC. 5. Be it further enacted, That the president and directors of all the Banks, which now are or may be hereafter incorporated in this State, shall have the power to issue and sue small bills emit bills of the denomination of one, two and three dollars, 25 per cent. of to the amount of twenty-five per centum of their capital stock actually paid in, any thing in their respective acts of incorporation to the contrary notwithstanding. [Approved January 27, 1821.] -:00: CHAPTER CXLIV. An Act imposing a tax on the Banks within this State. capital. to be paid semi SEC. 1. BE it enacted by the Senate and House of Repre sentatives, in Legislature assembled, That the corporation of Tax on banks each and every Bank within this State which now is in op-annually. eration, or which shall hereafter come into operation, shall, within ten days after the first Mondays of October and April annually, pay to the Treasurer of this State, for the use of the same, a tax of one half of one per cent. on the amount of such part of their original stock as shall have been actually paid in by the stockholders in the respective Banks: Provided, That when the amount of the capital stock actually Provise. paid in on the said days, should not have been paid in for the full term of six months then next preceding, said banking corporations are hereby required to pay such portion of said sum of one half of one per cent. on such proportion of capital stock as shall not have been paid in for the full term of six months' next preceding; as the time from the payment of such portion of such capital stock to the day when such payment of such tax shall become due, may bear to the term of six months. urer with ab paid annually. SEC. 2. Be it further enacted, That it shall be the duty of the corporation of the several Banks aforesaid, which have Banks to formnot yet completed the payment of their several instalments, ish State Treas and of all such as shall hereafter be incorporated, to furnish stract of stock the Treasurer of the State with an abstract of the amount of stock actually paid by the stockholders in the respective corporations, into their respective Banks, together with the time when the several instalments were paid, within ten days after such instalment shall have been paid in. Mode of enforcing payment of tax. Bank tax to be SEC. 3. Be it further enacted, That if any Bank shall neg. lect to pay the said tax for the space of thirty days, after the same shall become due, it shall be the duty of the Treasurer to issue a warrant of distress, directed to the Sheriff of the county in which such Bank is situated, or his deputy, commanding him to levy and collect the sum due from the estate and effects of such Bank, which warrant shall be in the same form, (mutatis mutandis,) as warrants of distress against delinquent Sheriffs are by law directed to be issued. [Approved January 23, 1821.] :0: CHAPTER CXLV. An Act making further provisions in respect to the Banks in this State. SEC. 1. BE it enacted by the Senate and House of Reprepaid to treasur- sentatives, in Legislature assembled, That the several Banks er of this State within this State, which by their respective charters, and the laws in force prior to the fifteenth day of March last, were required to pay a semi-annual tax to the Treasurer of the Commonwealth of Massachusetts, are, and shall be required and held to pay the same to the Treasurer of this State, at the times, in the manner and under the same penalties in said Acts provided. Banks to make semi-annual returns. SEC. 2. Be it further enacted, That the president and di rectors of the several Banks in this State, shell on the last Wednesday in December and June, annually, and as much oftener as required by the Legislature, make a return of the situation and state of their respective Banks, as they actually exist during the then next preceding Saturday, and transmit the same to the Secretary's office, within fifteen days thereafter, to be by him laid before the Governor and CounForm thereof. cil; which returns shall state the amount of specie actually in their respective vaults, and the names of the several Stockholders and amount of stock holden by each; and in other respects conform to the returns as required by their respective charters, and the laws now in force. Provision for SEC. 3. Be it further enacted, That the provision in the chusetts now to charters of the several Banks in this State, requiring them to apply to Maine. make loans to the Commonwealth of Massachusetts, shall In certain cas es stockholders liable to amount hereafter be taken and considered as requiring said loans to be made to this State. And said Banks shall, and are hereby held and required to make any loan to this State, whenever the Legislature shall require, to the amount and on the conditions mentioned in their respective charters. SEC. 4. Be it further enacted, That whenever there shall er be a deficiency of the capital stock of any Bank within this of their stock. State, and they shall thereby become unable to pay their bills in circulation and their deposits, the persons who are stockholders at the time any such Bank shall suspend payment, shall be respectively liable in their private and individual capacities, to pay to any holder of bills of such Bank or to such person as may be a depositor therein, the amount of such bills by him holden, or the amount of such sum as he may have deposited in such Bank to his credit: Provided however, That no stockholder shall be liable to pay a sum exceeding the amount of the stock then at the time of such failure actually held by him. This Act passed to be enacted in both Houses of the Legislature on the twenty-fourth day of June, 1820; and the bill not having been returned by the Governor with his objections thereto, within the period limited by the Constitution, became a law on the thirtieth day of January, 1821. ASHUR WARE, Secretary of State. ·:00: CHAPTER CXLVI. An Act directing the mode and time of making returns of, and enforcing the right to loans from the several Banks in this State. Particulars to SEC. 1. BE it enacted by the Senate and House of Representa Banks to make tives, in Legislature assembled, That the directors of the several returns in JanBanks which are or may be incorporated within this State, uary and June, shall, on the first Monday of January and June in every year, and as much oftener as may be required of them, make a return of the state of their several Banks, as it existed on the day immediately preceding the Monday aforesaid, and that they transmit the same as soon thereafter as may be, not exceeding fifteen days, to the Secretary of this State; which return shall specify the amount of the capital stock actually paid be stated, in; the value of the real estate belonging to the corporation; the amount of all debts due, and of the cash deposited; bills in circulation; gold, silver, and other coined metals on hand; bills of other Banks incorporated by the State; bills of other Banks incorporated elsewhere; bills of one, two, and three dollars, in circulation, and the amount of said bills on hand; the rate and amount of the last dividend of profits, with the amount of reserved profits of said Bank: which said return under oath. shall be signed by a majority of the directors and by the cashier of the several Banks, who shall make oath or affirmation before some magistrate, qualified to administer oaths, and who shall have no interest in said corporate body, to the truth of said return according to their best knowledge and belief. neglect. SEC. 2. Be it further enacted, That in case the directors of Penalty for any incorporated Bank in this State, shall neglect or refuse to comply with the provisions of this Act, the said corporation. shall forfeit and pay the sum of five thousand dollars, for each neglect or refusal, to be sued for and recovered in an action of debt by the Attorney General, for the use of the State. SEC. 3. Be it further enacted, That it shall be the duty of state treasurer the Treasurer of this State, whenever he shall have occasion to notify presi dont and cash wanted, the ing. ier, when loan to borrow any sum of money of any incorporated Bank, unmount in writ der and by virtue of any authority for that purpose, given by any Act or resolve of this State, to give notice in writing to the president or the cashier of any such incorporated Bank, of the amount which he has so an occasion to borrow, and demanding of said Bank the loan of the same, conformably to the provisions of the Act incorporating such Bank. Penalty on so to loan. SEC. 4. Be it further enacted, That if any incorporated bank refusing Bank aforesaid, shall neglect or refuse, for the space of ten days after notice given as aforesaid, to loan to the said Treasurer the sum so demanded, said Bank shall forfeit and pay into the Treasury of this State, the sum of two per cent. per month upon the amount of any sum so demanded, as a loan, as aforesaid; and so after that rate for a shorter or longer time, so long as the said neglect or refusal to comply with such demand of the said Treasurer shall continue. Treasurer to Penalty for becoming a ed banking association. SEC. 5. Be it further enacted, That it shall be the duty of the said Treasurer, at the expiration of one month after the said demand shall have been made to cause to be instituted, in any Court of competent jurisdiction, an action in the name and behalf, and for the use of this State against the Bank so neglecting or refusing as aforesaid, for the recovery of the said penalty; and so at the expiration of every succeeding month thereafter, from month to month, to cause to be instituted a similar action as aforesaid for the amount of the penalty accruing for the neglect and refusal of the then next preceding month, so long as such neglect or refusal shall continue; and it shall also be the duty of the said Treasurer, upon the obtaining judgment and execution on any such action or actions, to cause the amount thereof to be forthwith levied upon the goods, chattels or lands of the Bank against which the same shall have been obtained. [Approved January 25, 1821.] :00: CHAPTER CXLVII. An Act to restrain unincorporated Banking Associations and for other purposes. SEC. 1. BE it enacted by the Senate and House of Representamember of an tives, in Legislature assembled, That no person shall subscribe unincorporat- to or become a member of any association, institution or company, or proprietor of any Bank or fund, for the purpose of issuing notes, receiving deposits, making discounts, or transacting any other business which incorporated Banks may or do transact, by force of their respective Acts of incorporation, unless such person shall be authorized by law so to do. And if any person not authorized shall hereafter subscribe, or become a member, or proprietor as aforesaid, he shall forfeit and pay for every such offence, the sum of one thousand |