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Session Laws, 1878
Volume 399, Page 749   View pdf image (33K)
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JOHN LEE CARROLL, ESQUIRE, GOVERNOR. 749

of this State, or the United States, to an amount

 

exceeding ten thousand dollars, or to any other

 

State of this Union, or to any foreign prince or

 

State, to any amount whatever, without the pre-

 

vious consent of the Legislature, nor to any one

 

corporation or person an amount exceeding at any

 

one time ten per cent, of the capital stock actually

 

paid in ; and the capital stock and funds of said

 

corporation shall be deemed and taken to be per-

 

sonal and not real estate.

 

SEC. 24. And be it enacted, That it shall not be

 

lawful for the said corporation to make discounts

 

in or pay out any bonds or money other than gold

What to pay
out.

or silver coin, the lawful currency of the United

 

States, notes issued by the authority of this char-

 

ter, and notes of other banking institutions re-

 

ceived at their par value by the corporation paying

 

them out.

 

SEC. 25. And be it enacted, That if at any time

 

the said corporation shall neglect or refuse to pay

 

in gold or silver, or lawful money of the United
States, any of its notes, bills or obligations, or
money received on deposit, in violation of the

Obligations-
how paid.

promises, contract or undertaking of the said cor-

 

poration, the person or persons entitled to demand

 

and receive such payment shall respectively receive
and recover interest on said bills, notes, obligations

 

and deposit, until the same shall be fully paid and

 

satisfied, at the rate of six per centum per annum

 

from the time of such demand.

 

SEC. 26. And be enacted, That the continuance

 

of said corporation shall be on the condition that

 

stockholders thereof shall be individually respon-
sible, equally and ratably, and not one for another,

Equally re-
sponsible.

for all debts, contracts and liabilities of said cor-

 

poration to the extent of the amount of their

 

stock therein, at the par value thereof, in addition

 

to the amount invested in such shares ; and upon

 

this further condition, that this act and every part

 

thereof may be altered from time to time or re-

 

pealed.

 

SEC. 27. And be it enacted, That if the corpora-

 

tion shall at any time suspend its payments, the

 


 

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Session Laws, 1878
Volume 399, Page 749   View pdf image (33K)
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