this act: the said bank to be located in the city of Pittsburg, Location with a capital stock not exceeding six hundred thousand dol- Capital lars, to be divided into shares of fifty dollars each, and to be $600,000. managed and directed by thirteen directors, each of the said of the No. of directors to be owners of at least five shares of the capital directors, stock of the said bank. The president and twelve of the qualifications said directors shall reside in the county of Allegheny. & residence. SECT. 2. And be it further enacted by the authority afore. said, That it shall be the duty of the said commissioners to procure books, in which they shall enter as follows, to wit: We, whose names are hereunto subscribed, do promise to pay to the Merchants' and Manufacturers' bank of Pittsburg, the sum of fifty dollars for every share of stock in said bank, Form of set opposite to our respective names, in such manner and subscription portions as shall be determined by the board of directors of said bank, in pursuance of an act of the General Assembly, entitled 'An act to incorporate the Merchants' and Manufacturers' bank of Pittsburg;'"-Witness our hands pro day of in the year of our Lord, one thousand eight hundred and thirty-three: Provided, That a majority Proviso. of the said commissioners shall appoint one of the commis. sioned auctioneers of the city of Pittsburg, to sell the said stock at public outcry or auction; and the said commissioners Arrangement shall fix upon a certain place, in the city of Pittsburg, for the for the sale of sale of said stock, which place shall afford a full and commo. the stock by dious opportunity for all persons inclined to bid at said sale; auction. and shall give public notice of the time and place of said sale for at least ten successive days, in all the newspapers published in said city; and the said commissioners, or a majority of them, shall assemble at the place of sale, at the time appointed, with the said auctioneer, and shall superintend the said sale; and they shall cause the said auctioneer to set up to sale, by public outcry, one share of stock, which shall be disposed of to the highest and best bidder, who shall have the privilege to take the said one share, or more, not exceeding thirty shares, at the price bid for the same; and the Purchasers to purchasers shall thereupon pay to the commissioners the pay the prepremium or advance above the par value of the shares by mium to the them purchased, and five dollars in addition, on account, commiss'rs. and in part of each share, and shall then be permitted to together with an instalment subscribe for such purchased stock in manner as provided of 85. for in the second section of the act regulating banks, hereinbefore referred to, in default of which payment and subscription the sale shall be deemed invalid, and they shall proceed to sell the said capital stock in the same manner, from day to day continuously, excluding Sundays, or until the whole is disposed of; and they shall make such other regulations as may be necessary to carry the sale of the said stock by auction fully into effect. A full and correct statement of the said sale, under oath or affirmation, shall be 10 days to State Treasurer, under oath. Premium on sales to be paid over to State Treasu rer (deducting commis sion to auctioneer) on account of bonus. Statement of rendered to the State Treasurer by the said auctioneer, sale to be ren- within ten days after the said sale, and the said auctioneer dered within shall declare to the best of his knowledge and belief, that the said sale has been fairly and honestly conducted, without any collusion between the said auctioneer and any of the said commissioners, or any other person, or between any of the said commissioners among themselves or any other person, to influence said sale, to procure any of said stock to themselves or friends, or any other person, otherwise than by the means authorized by this section; and the proceeds of said sale, over and above the par value of said stock, shall be received by the said commissioners and paid over by them. first deducting one eighth of one per cent. on the amount of said excess, and the amount of the first instalment for the compensation to said auctioneer, in lieu of commissions, to the State Treasurer for the use of the Commonwealth, previous to the charter being signed by the Governor, and shall be credited to said bank in payment, or part payment, of the bonus required to be paid by this act; and if the said excess above the said par value shall not amount to the sum required for said bonus, the deficiency shall be made up by the said bank, within the time specified for the payment thereof; but if it exceeds the amount of said bonus, the whole amount tion of bonus. of such excess shall be for the use of the commonwealth, and be appropriated to the common school fund: And provided also, That no other banking institution shall be allowed, directly or indirectly, to purchase or hold any stock in this bank, or to be interested in any way, either immediately, or by the agency of any one in the same; but all such stock, so purchased or held, or in which any other bank shall be interested, shall be forfeited for the benefit of the bank established by this act; and the said commissioners shall permit all persons of lawful age, citizens of this, or any other of the United States, who shall purchase at said auction sale, to subscribe in their own names, or in the name of any person who shall authorize the same, for shares in the said stock, in said books. Appropria 2d Proviso. Other banks precluded from pur chase of stock ments. SECT. 3. And be it further enacted by the authority aforeOf the paying said, That the one-half of the capital stock shall be paid in in of instal- at the call of the directors, within two years after said bank shall go into operation, and from time to time afterwards such further amount as the directors may call for, not exceeding the whole capital; and should the bank fail to meet its enStockholders gagements, each person holding stock at the time of such failure, shall be personally liable for the debts of the bank, to amount of their unpaid the amount of the balance unpaid on the stock of such stockinstalments, holder. liable to the SECT. 4. And be it further enacted by the authority aforesaid, That if after thirty days notice, in at least three newspapers published in the city of Pittsburg, of the time and place appointed for the payment of any proportion or instal May amount ment of the said capital stock, any stockholder shall neglect Penalty on to pay such proportion or instalment, at the place appointed, neglect to pay for the space of thirty days after the time appointed, every instalments. such stockholder, or his assignee, shall, in addition to the instalment so called for, pay at the rate of one half of one per centum per month, for the delay of such payment; and if the same, and such additional penalty, shall remain unpaid for such space of time, as that the accumulated penalty shall become equal to the sums before paid, in part, and on account of such shares, the same shall be forfeited to the said bank, to forfeiture. and may be sold to any person or persons willing to purchase for such price as can be obtained for the same, or in default of payment by any stockholder, of any such instalment, as aforesaid, the president and directors may, at their election, cause suit to be brought in the name of the said bank, before an alderman, or a justice of the peace, or in any court having competent jurisdiction, for the recovery of the same, together with the penalty aforesaid: Provided, That no stockholder, Proviso. whether original subscriber, or an assignee, shall be entitled Delinquents to vote at any election, or at any general or special meeting not to vote. of the said corporation of the stockholders of the same, on whose share or shares any instalment or arrearages may be due, and payable more than thirty days previously to the said election or meeting. SECT. 5. And be it further enacted by the authority aforesaid, That it may be lawful for the stockholders to meet, at any time previous to the third Monday in November, one thousand eight hundred and thirty-four, and choose by ballot the aforesaid thirteen directors, to serve to that time, or until others are elected, notice of the election having been given by the commissioners, at least ten days previous thereto, in Of the provi sional elec tion. three or more newspapers printed in the city of Pittsburg, Duration of and that this charter shall continue in full force and effect, charter. until the second day of November, one thousand eight hun dred and forty-eight, and no longer. SECT. 6. And be it further enacted by the authority aforesaid, That the eleventh, twelfth, and thirteenth sections of the act, entitled "An act to recharter certain banks," passed the Certain sectwenty fifth day of March, one thousand eight hundred and tions of other acts made ap twenty-four; and also, the fifth section of the act entitled plicable to "An act to establish a bank in the county of Lebanon, and this bank. for other purposes," dated the eleventh of April, eighteen hundred and twenty-seven, be, and they are hereby extended to the bank chartered by this act. 50 per cent. SECT. 7. And be it further enacted by the authority afore- on dividends said, That whenever the dividends arising from the profits of over 12, to go the said bank, shall exceed twelve per cent. per annuin on the to education capital stock actually paid in, then one-half of the said sur fund. Bank ex plus shall be paid into the state treasury for the purposes of education. SECT. 8. And be it further enacted by the authority afore said, That so much of the second article of the third section of the act, entitled "An act to re-charter certain banks," empted from passed the twenty-fifth day of March, one thousand eight certain provi- hundred and twenty-four, as provides that no person shall be sions of act of eligible as a director, for more than three years out of four, 25th March, and that not more than three fourths of the directors shall be 1824. eligible to be re-elected for the succeeding year, be, and the same is hereby repealed, so far as regards the Merchants' and Manufacturers' bank of Pittsburg. Bonus of SECT. 9. And be it further enacted by the authority aforesaid, That the said bank shall pay into the treasury of the $30,000 with Commonwealth, within three years from the date of the charter, in three annual instalments, thirty thousand dollars, as a consideration for the said charter. in 3 years. render certain state ments, when called upon by Legisla ture. SECT. 10. And be it further enacted by the authority aforesaid, That it shall be the duty of the president and directors of the said bank, to exhibit to the Legislature, when called President and upon to do so, a statement of their affairs, in the form of a directors to regular account current, or in such form as may hereafter be pointed out by the Legislature, as they shall stand on any day to be designated, specifying particularly the amount of their capital stock paid in-the daily average deposits throughout the year, of gold and silver, and also, notes of solvent banks; debts due to other banks; contingent fund; real estate, at cost; gold and silver, on hand; notes and bills discounted; bills of exchange; stock bonds; judgments; mortgages; notes of other banks; debts due by other banks: distinguishing in each of the last eight items, those which are good, those which are in suit, and those considered doubtful or bad, and such other information as may enable the Legislature to possess a correct knowledge of the actual state and condition of the affairs of said bank: Provided, That such statement of the affairs of said bank as they shall stand on the first Tuesday of October, in each year, shall annually, prior to the last Monday of October, be transmitted, under oath or affirmation. of the president or cashier of the said bank, who shall also Annual state- state specifically how much gold and how much silver bement of af- longs exclusively to said bank, and the same statement to be transmitted to the Auditor General, who shall, by the first Monday in January following, lay the same before the Legislature. SAM'L. ANDERSON, Proviso. fairs to Auditor General. Speaker of the House of Representatives. JESSE R. BURDEN, APPROVED-The twenty-ninth day of March, A. D. one thousand eight hundred and thirty-three. GEO. WOLF. No. 63. AN ACT To authorize the Prothonotaries of the several Courts of Common Pleas of this commonwealth to take security, and discharge insolvent debtors from arrest, and for other purposes. SECT. 1. Be it enacted by the Senate and House of Repre sentatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That from and after the passage of this act, the pro- Same authonotaries of the several courts of Common Pleas of this thority given to prothonotacommonwealth, shall be authorized and required to take ries that are security and discharge insolvent debtors from arrest, on ap vested in plication to them, made in as full and ample a manner as judges, under any president or associate judge of the said courts may now acts of 28th do by virtue of the provisions of the act of assembly, passed March, 1820, the twenty-eighth day of March, one thousand eight hundred and twenty; and also to discharge debtors destitute of property for their support, as fully and amply as any judge may now do, under the provisions of the nineteenth section of the act of the twenty sixth March, one thousand eight hundred and fourteen, entitled "An act for the relief of insolvent debtors." and 26th March, 1814. zances in SECT. 2. And be it further enacted by the authority aforesaid, That in all cases where recognizances have been heretofore taken in the Orphans' Court of York county, in Certain inforthe names of the judges of said court, it shall be lawful for mal recogni any person interested therein, to commence and prosecute York county his or her action at law, on any such recognizance, in the name of the commonwealth, with the same effect as though said recognizance had been duly taken in the name of said commonwealth. legalized. WHEREAS, William Lash and Dorothea Soder, administrators of the estate of John Soder, late of Bern township, Preamble to in the county of Berks, have represented by their petition, that by an error in their administration account, they have been incorrectly charged with the sum of fourteen hundred and twenty dollars, and that as the said account has been confirmed by the Orphans' Court of the said county of Berks, they are likely to suffer serious loss: Therefore, Authority to SECT. 3. And be it further enacted by the authority aforesaid, That the Orphans' Court of Berks county be, and the Orph.Court of said court is hereby authorized, upon satisfactory evidence Berks county being given that an error was committed in the administra- to correct an tion account of William Lash and Dorothea Soder, adminis. error in the trators of the estate of John Soder, deceased, to open the decree confirming the settlement of the said account, and of the estate directing distribution of the balance therein shewn, and to of Jno. Soder administra tion account |