THOMAS KING CARROLL, ESQ. GOVERNOR.
1829.
county, be, and the same is hereby revived and continued
in force, until the first day of January in the year one thousand
eight hundred and thirty-five.
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CHAP. 61.
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Sec. 2. And be it enacted,
That it shall be the duty of the
said Planters Bank, as fast as its funds are called in, to apply
them in the first place, to the payment of its debts, until the
whole shall be satisfied, giving prior to each dividend among
the creditors, at least thirty days notice, in some newspaper
or newspapers, published in this State or District of Columbia,
or both, of the amount and time when the same is to be
paid.
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Payment of debts
to creditors.
—notice to be given
of dividends.
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Sec. 3. And be it enacted,
That when the available funds
of the Bank are equal to ten per centum on the amount of its
debts, a dividend among its creditors in the way pointed out
by the aforegoing section, shall be declared and paid.
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When to be declared.
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Sec. 4. And be it enacted,
That no original note or bill shall
be discounted, or note or bill renewed, except where the proceeds
of such [notice] or bill, shall be applied to the payment
of a debt or debts, due the Bank, to be particularly stated in
writing, at the time the same is offered to be discounted; And
provided, that the proceeds of such note or bill, shall not go
to the credit of, or be subject, to the order of the person or
persons for whom the same may be discounted, but they shall
be at once applied to the satisfaction of the debts] or debts,
[or debts] intended to be paid; And provided further, that until
such proceeds are so applied, the parties bound for the
original debt or debts, shall not be released from the liability.
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Discounts, how be
applied.
Provisos.
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Sec. 5. And be it enacted,
That the usual Bank interest shall
be allowed on all notes or bills discounted by the Bank, to be
paid as in other Banking Institutions, in advance.
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Interest.
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Sec. 6. And be it enacted,
That after all debts due from the
Bank shall be paid, it shall be the duty of the Directors semi
annually, that is to say, on the first Thursday of March, and
the first Thursday of September, in each and every year, and
oftener if practicable, during the continuance of the charter,
to make a dividend among the stockholders, of all moneys received
on account of the institution, giving thirty days notice,
by publication in some newspaper or newspapers, of the time
when such dividend is to be made.
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Semi-annual dividends
to stockholders.
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Sec. 7. And be it enacted,
That when all the creditors of
the Bank are fully paid and satisfied, its own stock may be
received in payment of debts due the institution, at such a discount,
as the board of Directors shall think expedient, taking
care to receive it at such a reduction as in no wise to endanger
the equal rights of all, or any of the Stockholders.
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Stock received in
payment.
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Sec. 8. And be it enacted,
That it shall be the duty of the
board of Directors to require such gradual curtailments of its
debtors as will ensure the finally winding up the affairs of the
Bank, within the period limited for the renewed charter, provided
the same can be done consistently with the interest of
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Curtailments—
discounts—notice
of progress.
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