E. LOUIS LOWE, ESQUIRE, GOVERNOR.
643
said effects and liabilities in proportion to their
respective
capitals, and the time and manner of payment
thereof and to provide for and determine the manner of
payment of the outstanding liabilities of the said bank,
and its branches, as now organised, and said award, distribution
and determination in four parts to be made
and executed under hand and seal of said persons or a
majority of them, shall be delivered, one part thereof
to each of said banks, to be established as aforesaid, and
the remaining part deposited in the Treasury Office of
this State; in case a vacancy may occur no matter from
what cause in the persons thus appointed, the said
banks shall have power respectively to fill such vacancy,
and in case there should be an equal vote
among the four persons thus appointed then they or a
majority of them, shall have the power to appoint an
umpire.
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SEC. 16. And be it enacted,
That any one of the
said distinct banks hereby separated from the parent
bank, and from each other may be organised under this
act, although the others, or either of them, may not accept
the provisions of this act, or avail themselves
thereof.
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Any one of
district banks
may organise.
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SEC. 17. And be it enacted,
That if the president
and directors or a majority of the stockholders in general
meeting assembled of any banking institution incorporated
under this act, shall at any time determine
to close its banking operations, thenceforth it shall not
be lawful for such corporation to resume the exercise of
its banking powers and franchises, but the same shall
be closed, and after the payment of its debts and liabilities,
the remaining assets and property of such corporations
shall be divided amongst the stockholders or
their assigns.
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Closing
of
banking operations.
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