Exhibit to be

or affirmation.

of each item of the same, and the amount of current notes of other banks on hand at the time the exhibit is made out; also the amount of uncurrent notes held by the bank.

SECTION 9. The exhibit, agreeably to the seventh and eighth sections of this act, shall be verified and accompanied with the oath or affirmaverified by oath tion of the cashier of the said bank, duly attested before some officer authorized by law to administer oaths, to the following effect. namely: that he, the said cashier, has carefully examined the books and muniments of the bank, and has compared the same with the said exhibit, as far as it is practicable, and that be verily believes that the said exhibit or statement presents a true, fair and full view of the actual condition of the bank; and in addition to the above exhibit. made for the discount day in the month of November preceding the meeting of the legislature, shall be accompanied with the oath or affirmation of the cashier of the said bank, setting forth, that he has inspected the several items of assets, or the evidence thereof, in the said exhibit referred to, as far as is practicable, and that he has, according to the best of his judgment and ability, valued each of said items of assets at the absolute cash price which it would produce at the time, and that in his judgment the actual assets of the bank are bona fide worth the amount of the valuation so made by him.

Officers required to take an oath

before entering upon their duties.

Officers having

taken and sub

SECTION 10. The president, directors, cashier and other officers of the said bank, and of every other bank hereafter chartered, shall before they enter on the duties of their several offices and stations, severally take an oath, to be administered by some officer authorized by law to administer oaths, to observe faithfully and honestly the provisions of the several acts of assembly applicable to the bank of which they are directors or officers, or in which they hold stations; and that they and each of them during their continuance in office will not knowingly violate or sanction, or willingly permit any of the provisions of the law governing their charter to be violated; the said oath so to be taken shall be subscribed and immediately delivered to the auditor general, to be filed in his office.

SECTION 11. If any president, director, cashier or other officer of the said bank, or of any other bank hereafter chartered, shall after having scribed the oath taken and subscribed the oath required by this act, wilfully violate any required, who provision of any act of assembly applicable to the bank of which he is shall violate any an officer, he shall be taken and deemed to have committed wilful and of the provisions of any act, &c., corrupt perjury, and upon conviction in any criminal court in this comshall be deemed monwealth, he shall suffer such punishment as is inflicted by the laws guilty of perjury. of this commonwealth on any person guilty of the crime of perjury. Bank required to SECTION 12. That the said bank shall pay into the treasury of the commonwealth, within three months after this act goes into effect, two per centum upon the whole amount of the capital stock thereof: Provided, That should said bank at any time hereafter be made the subject of taxation, not now provided for by general laws, the per centage so paid shall be credited to said bank, on account of said additional taxation.

pay into the

state treasury certain per centum on capital stock.

Proviso.

Notes of a less denomination

than five dollars prohibited.

SECTION 13. Neither the said Bank of Chester County, 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 14. It shall not be lawful for said bank to make or declare any dividend to the stockholders thereof, except from profits actually Dividends. 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.

vency.

Proviso.

SECTION 15. The stockholders of the said Bank of Chester County, Individual shall be jointly liable to the creditors of said bank, being note holders, liability. in their individual capacity, for the amount of all the notes issued, in an amount not exceeding the par value of the stock owned and possessed by them respectively, and the manner of enforcing such liability shall be as follows: in case the said bank shall violate the provisions of any law applicable to it, so as to forfeit its charter, or becomes insolvent in failing circumstances by reason of the mismanagement of its affairs, and is compelled to make an assignment under the provisions of this Assignment in act, or under the provisions of the act of twelfth March, one thousand case of insoleight hundred and forty-two, entitled "An Act to provide for the resumption of specie payments by the banks," the assignees so appointed shall proceed to make a fair and equitable appraisement of the assets of the said bank of every description, at their cash value, and also to make a list of all the debts due by the said bank; and if it shall appear that the assets are insufficient to redeem the notes in circulation, the stockholders of the said bank shall be liable to make good such deficiency in proportion to the respective amounts of stock held by each, at the time such assignment is made: Provided, That their joint liability shall in no case exceed the amount of the par value of their stock. SECTION 16. It shall be the duty of the assignees aforesaid to cause a scire facias, in the name of the commonwealth of Pennsylvania, to be issued by the prothonotary of the court of common pleas of Chester county, against all the stockholders of the said bank, reciting the amount of such deficiency, and requiring them to appear at the next court of common pleas in said county, and show cause why execution should not be issued against them for such amount; and such scire facias shall also set forth the proportions due from each of the said stockholders; and it shall be the duty of the sheriff of said county to serve the said writ upon all stockholders named in said writ residing in his bailiwick ; and it shall be lawful for the court of common pleas, or a judge in vacation, to make such order in reference to giving notices to stockholders, non-residents of the county, and named in said writ, as the case may require: Provided, That the writ of scire facias shall not Proviso. abate by reason of the non-joinder of any stockholder; and in case it shall appear that one or more persons in said writ named are not liable, under the provisions of this act, it shall not vitiate the proceedings against the others.

Assignees, duty

of.

SECTION 17. On the return day of the said writ of scire facias, it shall Writs of execube the duty of the said court to render judgment against the stockholders tion to be awardnamed in said writ, for the several amounts for which they are respec- ed against stocktively liable, if no sufficient cause shall be shown to the contrary, and to award writs of execution as in other cases.

holders.

SECTION 18. If the amount assessed on the shares of any stockholder, Persons making under the provisions of the last section, shall not be collected from such transfer of stock stockholder by reason of his insolvency or his absence from this state, liable for one year the sum remaining due on such assessment shall be recoverable against after such transthe person from whom the delinquent stockholder, at any time within fer. one year previous to the assignment of the said bank, shall have received a transfer of the shares, or any portion of the shares then held by him; and any person having made such transfer, being made a party by an alias writ of scire facias, shall be liable in the same manner and

Proviso.

Individuals own

ing stock, liable for their proportions at the time of assignment, but may, before or after process issued, pay their proportionable share.

The term stock holder to extend to every equita

ble owner of stock appearing on the books, &c.

Provisions of certain act made ap

plicable to all as signments made by this bank.

Order of payment.

Frauds, how punished.

for the same proportion that he would have been liable had he continued to hold the shares so transferred: Provided, That any person having made an assignment or transfer of his or her stock in said bank, may discharge himself or herself from liability under the provisions of this section, by showing that the transactions or loans which caused the insolvency of said bank, were made after such assignment or transfer, or such part thereof as he or she may show accrued after such transfer or assignment.

SECTION 19. Every individual who owned stock in his or her own name, or in the name of any other person or persons, at the time of such assignment, shall be deemed liable for his or her proportions, under the provisions of this act; but it shall be lawful for any stockholder of the said bank, either before or after process shall have issued, to pay his or her proportionable share of liability to the assignees, and receive a full discharge from them; and the process shall be proceeded in only against the other stockholders that are liable.

SECTION 20. The term stockholder, as used in the preceding sections of this act, shall extend to every equitable owner of stock appearing on the books of the said bank at the time of its insolvency, in the name of another person, and to every person who shall have advanced the instalment or purchase money of any shares of stock standing in the name of any of his children, under the age of twenty-one years; but no trustee appointed by a last will and testament, or by a court of competent authority, and no legal or equitable owner of stock under the age of twenty-one years, shall be individually liable on account of the shares so held.

SECTION 21. 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 22. The said assignees shall pay out of the assets and property of the said bank, in case of an assignment, the debts and liabilities in the following order:

First, note-holders.
Second, depositors.

Third, all other creditors, except stockholders who shall be last paid, SECTION 23. 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 24. Every insolvency of said bank shall be deemed frauduInsolvency to be deemed fraudulent, unless its affairs shall appear upon investigation to have been fairly lent unless, &c. 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.

The term insolvency, how to be construed.

SECTION 25. 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 afoffice of the prothonotary of the court of common pleas of Chester fairs after assigncounty, verified by oath or affirmation, a full statement of its affairs, ment.

containing :

I. An account of the capital stock of the bank, the amount paid in, Statement. and the amount thereof held by such corporation.

II. The 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 said assignment.

SECTION 26. 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 to directors for examination, and if the court shall not be in session at such the court. 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.

of.

SECTION 27. The auditors thus appointed shall have power to compel the production of the books and papers, and to subpoena and exam- Auditors, powers ine 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 the result of their investigation; and in case they report that the insolvency was wilfully 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.

Make report.

SECTION 28. The said court shall thereupon proceed to the investi Court to investigation 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 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.

When this act to go into effect. Proviso.

No director of said bank to

ap

pear as drawer or endorser for a

greater amount than $5,000.

If the bank shall

SECTION 29. The provisions of this act shall go into effect upon the expiration of the present charter: Provided, That the stockholders, at a meeting to be called for that purpose, shall by a majority of votes 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.

SECTION 30. No director of said bank shall appear as drawer or endorser, or as both drawer and endorser, at any one time for a greater amount than five thousand dollars, and the gross amount discounted for, or loaned to all the directors and other officers of said bank, and to the houses or firms in which they may be interested, directly or indirectly, shall not exceed at any one time the sum of thirty thousand dollars.

SECTION 31. If the said bank shall at any time fail or refuse to refail to redeem its deem its notes and pay its liabilities in gold and silver coin, upon demand notes, &c. in being made at the banking house of said bank during banking hours, gold and silver such failure or refusal shall be deemed and held to be an absolute forcoin, then charter feiture of the charter of said bank. to be deemed forfeited. Reservation.

Repeal.

SECTION 32. 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 33. 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 fifth day of April, one thousand eight hundred and

forty-nine.

WM. F. JOHNSTON.

No. 288.

AN ACT

To extend the charter of the Columbia Bank and Bridge 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 Charter extended the privileges conferred upon the Columbia Bank and Bridge Company, for the term of by an act, entitled "A further supplement to an act to authorize the fifteen years. governor of this commonwealth to incorporate a company for the purpose of making and erecting a bridge over the river Susquehanna, in the county of Lancaster, at or near the town of Columbia," passed the eighth day of March, Anno Domini, one thousand eight hundred and