in this Commonwealth he shall suffer such punishment as is inflicted by the laws of this Commonwealth on any person guilty of the crime of perjury.

SECTION 12. That the said bank shall pay into the treasury of the Per centum to Commonwealth within three months after the expiration of the present be paid into charter, two per centum upon the whole amount of the capital stock State Treasury. 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 addional taxation.

Notes of a less

SECTION 13. Neither the said Honesdale Bank nor any other bank hereafter chartered, shall issue and put in circulation any bill or note denomination of said banks payable at any other place than at said bank, nor other than five dolwise than payable on demand, nor of a denomination less than five dollars prohibited. lars. 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 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 15. The stockholders of the said Honesdale Bank shall be

Dividend.

Individual

vency.

joint ly liable to the creditors of said bank being note holders in their liability. 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 and in failing circumstances by reason of the mismanagement of its affairs, and is compelled to make an assignment under the provisions of this act or Assignment in under the provisions of the act of twelfth March, one thousand eight case of insolhundred 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 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.

Refusal to reSECTION 16. If the said bank shall at any time fail or refuse to redeem notes in deem its notes and pay its liabilities in gold and silver coin, upon despecie to be mand being made at the banking house of said bank during banking deemed a forhours, such failure or refusal shall be deemed and held to be an absolute feiture of charforfeiture of the charter of said bank.

ter.

SECTION 17. It shall be the duty of the assignees aforesaid to cause Duty of asa scire facias, in the name of the Commonwealth of Pennsylvania, to signees. be issued by the prothonotary of Wayne 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 such of the said stockholders; and

On return of

scire facias execution may be awarded.

Stockholders liable for one year after transfer.

Stockholders at

it shall be the duty of the sheriff of said county to serve the said writs upon all stockholders named in said writs residing within 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 noti ces 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 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 others.

SECTION 18. On the return day of said writ of scire facias, it shall be the duty of the said court to render judgment against the stockhold ers named in said writ for the several amounts for which they are respectively liable, if no sufficient cause shall be shown to the contrary, and to award writs of execution as in other cases.

SECTION 19. If the amount assessed on the shares of any stock holder, under the provisions of the last section, shall not be collected from such stockholder by reason of his insolvency or his absence from this State, the sum remaining due on such assessment shall be recoverable against the person from whom the delinquent stockholder, at any time within 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 for the same proportion that he would have been liable had he continued to hold the shares so transferred: Provided, That any per son having made a 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 20. Every individual who owned stock in his or her own time of assign 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 tionably liable. the provisions of this act. But it shall be lawful for

ment propor

Meaning of term stockholder.

Provisions of certain act

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 21. 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.

June, one thousand eight hundred and thirty-six, entitled "An Act SECTION 22. The several provisions of the act of the fourteenth of made applicable relating to assignees for the benefit of creditors and other trustees, to assignments shall be held to apply to all assignments made by the said bank; and by this bank. 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 ac

complish 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 23. The said assignees shall pay out of the assets and Order of payproperty of the said bank, in case of an assignment, the debts and lia- ment. bilities in the following order:

First, note holders.

Second, depositors.

punished.

Third, all other creditors except stockholders, who shall be last paid. SECTION 24. If the insolvency of the said bank be wilfully fraudulent, the directors of the said bank by whose acts or omissions the in- Frauds, how solvency 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 reimbursement.

SECTION 25. Every insolvency of said bank shall be deemed fraudu- When insollent unless its affairs shall appear upon investigation to have been fairly vency deemed and legally administered, and generally with the same care and dili- fraudulent. gence that agents receiving a compensation for their services are bound

by law to observe.

SECTION 26. The term insolvency used in this act shall be construed Term insolvento apply to the said bank when it is compelled to make an assignment cy construed. according to the provisions of the nineteenth section of this act, and it shall be thereupon the duty of the directors of the said bank for the Directors to file time being, within ten days after such assignment, to file in the office affairs after asof the prothonotary of the Court of Common Pleas of Wayne county, signment. verified by oath or affirmation, a full statement of its affairs, contain

ing,

I. An account of the capital stock of the bank, the amount paid in, 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 the said assignment.

statement of

Statement.

Statement, when to be pre

SECTION 27. If the court shall be in session when the statement is filed, the same shall be immediately presented to the court by the said directors for examination, and if the court shall not be in session at sented to court. 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 and duties

of.

Court to investigate the matters

contained in report.

to take effect.

SECTION 28. The auditors thus appointed shall have power to compel the production of the books and papers, and to subpoena and examine 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.

SECTION 29. The said court shall thereupon proceed to the investiga tion of the matters contained in said report, and shall determine whether the insolvency of said bank was wilfully fraudulent or otherwise. Or if they deem it necessary for the purpose of justice, they may 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 decrces, and enforce execution thereof, as are by law vested in the said courts in cases of trust.

SECTION 30. The provisions of this act shall go into effect upon the When this act expiration of the present charter: Provided, That the stockholders at their next annual meeting, or at a meeting to be called for that purpose, shall by a majority of the 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.

Directors not to

SECTION 31. No director of said bank shall appear as drawer or enappear as draw-dorser, or as both drawer and endorser, at any one time for a greater ers and endor- amount than five thousand dollars; and the gross amount discounted for sers, &c. 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.

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.

APPROVED-The fifth day of April, A. D., one thousand eight hun

dred and forty-nine.

WM. F. JOHNSTON.

470.

AN ACT

To incorporate the Delaware and Cobb's Gap Railroad Company.

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

Moses W. Coolbaugh, Simeon W. Schoonover, Thomas Grattan, Henry Commissioners. M. Labor, Adam Överfield, John Place, Benjamin V. Bush, Alpheus Hollister, Franklin Starburd, James H. Stroud, Rudolphus Bingham, William Nyce, and Samuel Taylor, or any five of them, be, and they are hereby appointed commissioners to open books, receive subscriptions, and organize a company by the name, style, and title, of "The Style. Delaware and Cobb's Gap Railroad Company," with all the powers and subject to all the provisions and restrictions prescribed by an act entitled "An Act regulating railroad companies," approved the nineteenth day of February, one thousand eight hundred and forty-nine.

SECTION 2. The capital stock of said company shall consist of Capital stock. eighteen thousand shares of fifty dollars each.

SECTION 3. Said company shall have the right to build or construct a railroad beginning at the river Delaware, at or near the Delaware Water Gap, and thence by such practicable route with moderate grades as will in the opinion of the president and directors of said company most conduce to the public interest, and terminating at or near Cobb's. Gap, in the county of Luzerne or Wayne, and to connect with any railroad or public improvement that is or may be constructed at either end of the said route, as the said president and directors may deem expedient, and also to extend a branch or lateral railroad from said railroad to any point in the Lackawanna Valley east of the Lackawanna creek. And the company are hereby also authorized and empowered to extend a branch of the said railroad up the river Delware to the neighborhood of Station or Carpenter's Point, and there connect with the New York and Erie Railroad, or any other railroad which may have connected with it in Pennsylvania; and also, if necessary, extend the southern terminus of their road down said river so as to connect with the Belvidere and Delaware railroad; and for this purpose to construct a bridge across the river Delaware at any point between the upper end of the Delaware Water Gap and Belvidere.

WILLIAM F. PACKER,
Speaker of the House of Representatives.

GEO. DARSIE,

Speaker of the Senate.

APPROVED-The seventh day of April, A. D., one thousand eight

Location.

hundred and forty-nine.

WM. F. JOHNSTON.