Notes of a less denomination than five dollars prohibited. Dividends. Provisions of cer tain act made applicable to this bank. Order of payment Frauds, how punished. Insolvency of bank to be deemed fraudulent, unless, &c. The term insol vency, how con strued. of such tax as is now imposed by law on dividends under eight per cent. per annum. SECTION 14. Neither the said Farmers' and Mechanics' Bank, nor any other bank hereafter chartered, shall issue and put in circulation any bill or note of said bank, payable at any other place than at said bank, nor otherwise than payable on demand, nor of a denomination less than five dollars; and any violation of this section by any officer or officers of said bank or banks, shall be a misdemeanor, punishable upon conviction by a fine of not less than five hundred dollars, and imprisonment in the jail of the proper county not less than one year. SECTION 15. It shall not be lawful for said bank to make or declare any dividend to the stockholders thereof, except from profits actually acquired above the par value of the stock; and no such dividend shall be made at any time, that will in any manner impair or diminish the capital stock of said bank. SECTION 16. The several provisions of the act of the fourteenth June, one thousand eight hundred and thirty-six, entitled "An Act relating to assignees for the benefit of creditors and other trustees," shall be held to apply to all assignments made by the said bank; and the courts shall exercise all the powers therein given, in addition to the authority conferred by this act, to compel a settlement of the accounts of the assignees, and to do any other act necessary and proper to accomplish the purposes of the trust, and to compel the distribution of the moneys and assets in the hands or power of the said assignees, amongst the creditors entitled according to the just proportion due to each, as hereinafter provided. SECTION 17. The said assignees shall pay out of the assets and property of the said bank in case of an assignment, the debts and fiabilities in the following order: First, note holders in the following order: First class, all holders of notes of five dollars. Fourth class, all holders of notes of fifty dollars. Fifth class, all holders of notes of one hundred dollars. Sixth class, all holders of notes of over one hundred dollars. Second depositors. Third, all other creditors, except stockholders, who shall be last paid. SECTION 18. If the insolvency of the said bank be wilfully fraudulent, the directors of the said bank by whose acts or omissions the insolvency was in whole, or in part occasioned, and whether then in office or not, shall each be liable to the creditors of the said bank for his proportional share of their respective losses, the proportion to be ascertained by dividing the whole loss amongst the whole number of directors liable for its re-imbursement. SECTION 19. Every insolvency of said bank shall be deemed fraudulent, unless its affairs shall appear upon investigation to have been fairly and legally administered, and generally with the same care and diligence that agents receiving a compensation for their services, are bound by law to observe. SECTION 20. The term insolvency used in this act shall be construed to apply to the said bank, when it is compelled to make an assignment; and it shall be thereupon the duty of the directors of the said bank, for Directors to file the time being, within ten days after such assignment, to file in the statement of af office of the prothonotary of the court of common pleas of Philadelphia fairs after assigncounty, verified by oath or affirmation, a full statement of its affairs, containing ment. I. An account of the capital stock of the bank, the amount paid in, Statement. and the amount thereof held by such corporation. II. Quantity, description and value of the real estate of the said bank. III. The shares of stock held by the bank, whether absolutely, or as collateral security, with their number and value. IV. The debts owing to said bank, and the amount of said debts that are collectable. V. The amount of debts owing by said bank, with the amount of notes or bills in circulation, amount of deposits, and all other liabilities, together with an account of its loans and discounts, and of specie on hand. VI. A particular account of the losses of the corporation, and the cause of its insolvency. VII. An accurate list of the names and residences, and the amount of stock held by each stockholder in said bank, at the time of the said assignment. SECTION 21. If the court shall be in session when the statement is Statement, when filed, the same shall be immediately presented to the court by the said to be presented directors for examination, and if the court shall not be in session at such time, then the said statement shall be presented upon the first day of the session of the court thereafter; and it shall thereupon be the duty of the court to appoint three competent auditors, who shall be sworn or affirmed, to make a strict investigation of the affairs of such bank, and of the accuracy and fairness of the statement thus presented to the court, and to perform their duties with fidelity. Auditors, powers SECTION 22. The auditors thus appointed, shall have power to compel the production of the books and papers, and to subpoena and ex- of. amine the directors and officers of said bank, and generally to have and exercise all the authority now conferred on auditors by existing laws; and after having performed their duties, they shall report to the court Make report. the result of their investigation, and in case they report that the insolvency was fraudulent, it shall be their duty also to ascertain and report the amount due from the several directors, according to the liabilities imposed by this act. SECTION 23. The said court shall thereupon proceed to the investi- Court to investi gation of the matters contained in said report, and shall determine gate the matters whether the insolvency of said bank was wilfully fraudulent or other- contained in rewise, or if they deem it necessary for the purpose of justice, they may port, &c. direct an issue at the request of any person interested, to try the fact of wilful fraudulent insolvency, and if the judgment of the court upon the report of the auditors, or upon the verdict rendered upon such issue, shall be that the insolvency of such bank was wilfully fraudulent, then and in such case, the said court shall proceed to decree against the directors, the amount due from each, according to their several liabilities; and the said court of common pleas, for the purpose of carrying into effect the provisions of this act, shall have the same powers and authorities to obtain the appearance of persons then made amenable to their jurisdiction, and to compel obedience to their orders and decrees, and enforce execution thereof, as are by law vested in the said courts in cases of trust. SECTION 24. The provisions of this act shall go into effect upon the When this act expiration of the present charter: Provided, That the stockholders at shall take effect. a meeting to be called for that purpose, shall by a majority of votes Proviso. present, decide in favor of the acceptance thereof, which acceptance shall be certified to by the officers of the bank, and transmitted to the governor in writing, and filed in the office of the secretary of the commonwealth. Stockholders to SECTION 25. That it shall be competent for the stockholders of the decide as to the said bank, at any annual meeting, or at a special meeting convened for the purpose, to decide whether any limit shall be fixed to the amount of discounts to be made to the directors of said bank, and if any limit should be decided upon, what that limit shall be. limit of the amount of discounts. Reservation. Repeal. SECTION 26. The legislature reserves the power to alter, revoke, or annul the charter of the said bank, whenever in their opinion it may be injurious to the citizens of the commonwealth, in such manner that no injustice be done to the corporators. SECTION 27. So much of any act of assembly, as is hereby altered or supplied, is hereby repealed. WILLIAM F. PACKER, Speaker of the House of Representatives. GEORGE DARSIE, Speaker of the Senate. APPROVED-The sixteenth day of March, one thousand eight hundred and forty-nine. WM. F. JOHNSTON. No. 153. A SUPPLEMENT To an act, entitled "An Act to incorporate the town of New Castle, in the county of Mercer, and the town of Blairsville, in the county of Indiana, and for other purposes," passed the thirty-first day of May, one thousand eight hundred and forty-one. SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same. That the provisions contained in the seventh, eighth, ninth, tenth and eleventh sections of the act to which this is a supplement, be and the same are hereby extended to the county of Allegheny: Provided, That the operation of this act shall extend to damages to be hereafter sustained, and shall not be so construed, as to apply to cases where damages have already been incurred. WILLIAM F. PACKER, Speaker of the House of Representatives. GEORGE DARSIE, Speaker of the Senate. APPROVED-The twentieth day of March, one thousand eight hun dred and forty-nine. WM. F. JOHNSTON. ་ No. 154. A FURTHER SUPPLEMENT To an act, entitled "An Act incorporating the Beaver Meadow railroad and coal company. SECTION 1. Be it enacted by the Senate and House of Representa tives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same. That it shall and may be lawful for the Beaver Meadow railroad and coal company, to hold not exceeding two thousand acres of land; and that the privileges heretofore granted, and the time heretofore fixed for the extension of the railroad to Easton, be and the same are hereby revived and extended for a period of seven years, and for the commencement of the same, for a period of three years, from and after the passage of this act: Provided, That the land which the said company shall hold under the provisions of this act, shall not be located at a greater distance than seven miles from the land which they now hold: And provided also, That if the Delaware, Lehigh, Schuylkill and Susquehanna railroad company shall commence their railroad along the valley of the Lehigh, and complete the same within the time provided in their act of incorporation, or any supplement that may be passed thereto, the privilege hereby extended to the Beaver Meadow railroad and coal company, shall not authorize the extension of their road further down the Lehigh, than shall be necessary to connect with the Delaware, Lehigh, Schuylkill and Susquehanna railroad company's road. WILLIAM F. PACKER, Speaker of the House of Representatives. GEORGE DARSIE, Speaker of the Senate. APPROVED-The twentieth day of March, one thousand eight hun dred and forty-nine. WM. F. JOHNSTON. No. 155. AN ACT Authorizing the supervisors of the several townships in Clearfield county, to assess a special tax for the payment of township debts in said county. SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That the supervisors of the different townships in the county of Clearfield, that are indebted for work done on the roads and bridges previous to the first of January, one thousand eight hundred and forty-eight, are hereby authorized and directed to assess, levy and collect a special tax in the said indebted townships of any sum not exceeding one hundred dollars in any one year, to be specially appropriated, and paid towards the liquidation of the debts of their respective townships, contracted previous to the first of January, one thousand eight hundred and fortyeight, and for no other purpose; their accounts of the same to be settled and examined before the township auditors, at the same time and place that their annual township settlements are made for road tax; and the said auditors are required to make a statement in the township books at the said settlement, showing the state of indebtedness of the respective townships, and the amount that has been paid by the said supervisors. APPROVED-The twentieth day of March, Anno Domini one thousand eight hundred and forty-nine. WM. F. JOHNSTON. No. 156. AN ACT Relative to the courses of Gunner run. WHEREAS, Sundry improvements are now being made in the vicinity of the Gunner run, in the county of Philadelphia, whereby the course of said run may be changed: And whereas, Portions of the said run form the boundary line of different properties; therefore, in order to prevent disputes in future, SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That the owner or owners of any land in the county of Philadelphia, of which the Gunner run forms a portion of the boundary lines, may cause a draft or survey to be made by the surveyor of the district of Kensington, of such portion of the said Gunner run as may adjoin his, her, or their land, and may deposit the said draft or survey, certified by the signature of the said surveyor, on file in the office of the recorder of deeds of the said county; and the said draft or survey so deposited, or an official copy thereof, shall be at all times thereafter admitted in evi |