PART I. Holder of to 14 per S29. Such association shall be liable to pay the holder of bill entitled every bill or note put in circulation as money, the payment cent in case of which shall have been demanded and refused, damages of neo-pay for non-payment thereof, in lieu of interest, at and after the rate of fourteen per cent per annum, from the time of such refusal until the payment of such evidence of debt, and the damages thereon. ment demand. List of names of sharehold ers to be kept, and See Laws of 1851, ch. 203; post, p. 174; 8 Cow., 88; 5 Cow., 161. $30. The president and cashier of every association formed pursuant to the provisions of this act, shall at all times keep a true and correct list of the names of all the shareholders of where filed. such association, and shall file a copy of such list in the office of the clerk of the county where any office of such association may be located, and also in the office of the Comptroller, on the first Mondays of January and July in every year. Bills less than $1000 not to be made pay $ 31. It shall not be lawful for any association formed under the provisions of this act, to make any of its bills or able at any notes of a denomination less than one thousand dollars, to be cept the of put in circulation as money, payable at any other place than fice of the at the office where the business of the association is carried on and conducted. place ex association. Repealing clause. stocks now $ 32. The legislature may at any time alter or repeal this act. 21 N. Y., 16; 2 D., 380; 1 D., 9; 7 H., 504. [§ 33 of original act repealed by § 6 of chapter 263, Laws of 1840.] CHAP. 363. AN ACT to amena the act entitled "An act to authorize the business of banking." PASSED May 14, 1840. The People of the State of New York, represented in Senate and Assembly, do enact as follows : § 1. [Substitutes a new section for the second section of the original act, which is inserted in the preceding publication of the same.] 17 B., 386; 5 B., 27; 3 H., 388. Not to affect S2. The provisions of the said second section shall not be held by construed to prevent the stocks now held by the Comptroller comptroller. under the act hereby amended, from being hereafter trans Amount of securities to be deposited. ferred to and received by him at their market value in the same manner as though this act had not been passed. $3. No association of persons shall commence the business of banking under the said act, until such association shall have deposited with the Comptroller the securities required by law, to the amount of one hundred thousand dollars. See Laws of 1844, ch. 281. Post, p. 149. Notes to be S 4. No banking association or individual banker as such demand, shall issue or put in circulation any bill or note of said asso payable on CHAP. XX. ciation or individual banker, unless the same shall be made and withpayable on demand and without interest; and every violation out interest of this section by any officer or member of a banking associa- Penalty. tion or by any individual banker shall be deemed and adjudged a misdemeanor, punishable by fine or imprisonment, or both, in the discretion of the court having cognizance thereof. See Laws of 1850, ch. 251; 17 N. Y., 539; 15 N. Y., 9; 14 N. Y., 178; 7 N. Y., 515; 3 N. Y., 19; 26 B., 568; 17 B., 309, 384; 8 B., 233, Mutilated $5. It shall be the duty of the Comptroller to receive notes may mutilated circulating notes issued by him, and to deliver in be exchang lien thereof other circulating notes to the same amount. 9 Pai., 459. ed. 56. The thirty-third section of the act hereby amended is Section repealed. repealed. terest and may be re $7. Whenever the securities deposited for the redemption When inof circulating notes, shall in the opinion of the Comptroller dividends become insufficient for that purpose, he may receive the divi- turned. dend on all stocks as well as the interest on bonds and mortgages, and shall deposit the same in some safe bank or banking association in the city of Albany, in his name, in trust for the association or banker to whom the same may belong. The deposit to be made on such terms and at such rate of interest as the Comptroller may deem most conducive to the interest of such association or banker, and to be withdrawn and paid over, whenever in the opinion of the Comptroller, the securities of such association or banker, shall be sufficient to warrant it. of legisla amine bank $8. It shall be the duty of the joint committee, annually Committee chosen to examine the Treasurer's accounts, to examine such ture, to exof the securities deposited in the Comptroller's office, by department banking associations, and individual bankers, together with books and papers therein relating to the business of banking, as the said committee may deem necessary, to enable them to report the true state and conditions of that department to the legislature. bonds, &c., $9. It shall be lawful for the president of any banking Certain association, or any individual banker, to make or execute directly to bonds and mortgages, direct to the comptroller to secure the comptroller payment of circulating bills or notes, issued under the act to authorize the business of banking, and all such bonds and mortgages heretofore received by the comptroller, for such purpose, shall be valid. protesting, $10. All fees for protesting the circulating notes issued by Fees of any banking association or individual banker, shall be paid how paid. by the person procuring the services to be performed, for which such association or banker, shall be liable, but no part of the securities deposited by such association or banker, shall be applied to the payment of such fees. Powers of Sii. Every banking association and individual banker, bank com PART I. associa missioners, carrying on banking business, or who shall hereafter carry on extended to banking business, under the act to authorize the business of tions, &c. banking, shall be subject to the inspection and supervision of the bank commissioners, whose powers and duties, shall be the same, in respect to said banking association or individual banker, as they are, or may be, in respect to any of the incorporated banks of this state. When and ations, to ed against. See Laws of 1843, ch. 218, § 6. Post, p. 144. $12. In case any of the said associations or individual how associ bankers, shall refuse to submit its books, papers and concerns, be proceed to the inspection of said commissioners, or either of them, or whose officers shall refuse to submit to be examined upon oath, touching the concerns of such association or individual banker, by said commissioners, or either of them, or which shall be found to have violated any law of this state, binding upon such association or individual banker, such association or individual banker, shall be liable to be proceeded against by said commissioners, in the same manuer and with the like effect as any incorporated bank may be proceeded against for a violation of its charter. Former act cer own See Laws of 1843, ch. 218, § 6. Post, p. 144. [Section 13 repealed by Laws of 1843, ch. 218, § 6.] $14. Nothing in the act hereby amended, shall be conventore strued to prevent any body corporate, which may have power tain corpor- to hold, receive or transfer, shares of public debt, bank stock ing stock or the like personal property, from also holding, receiving or transferring any transferable shares of the stock of associa tions organized under the said act. of associa tions. Associations and bankers to statement to bank commissioners vearly. CHAP. 319. AN ACT to amend the act entitled "An act to authorize the business of banking." PASSED May 26, 1841. The People of the State of New York, represented in Senate and Assembly, do enact as follows: $1. Every banking association and individual banker carrying on banking business, or who shall hereafter carry on return a full banking business under the act to authorize the business of banking, shall annually make out and transmit to the bank commissioners in the form prescribed by them, a full statement of its affairs, verified by the oaths of its president and cashier, which statements shall be deposited by such banking association or individual banker respectively, in the office of the secretary of state, sealed and directed to said commissioners on or before the twentieth day of January in each year, after the passage of this act, or after the time of their having respectively commenced the business of banking as prescribed 3 H., 388; 2 S. Ch., 23. Sections 1, 2, 3, 4 are affected by Laws of 1843, CHAP. XX. Statement how to be $2. Such statement so transmitted shall contain, 1. The amount of the certified stock of the capital stock of made ont. the banking association or individual banker, paid in or invested according to law, or in pursuance of its articles of association and the amount of such stock as then possessed: 2. The value of the real estate of the association or individual banker, specifying what portion is occupied by the association or individual banker for the transaction of business: 3. The shares of stock held by such association or individual banker, whether absolutely or as collateral security, specifying each kind and description of stock and the number and value of the shares of each: 4. The debts owing to the association or individual banker, specifying such as are due from moneyed or other corporations or associations, the names of such corporations or associations, and the amount due from each, and also specifying the amount secured by bond and mortgage or judgment; the amount which ought to be included in the computation of losses, and the total amount of such debts then collectible: 5. The amount of debts owing by the association or individual banker, specifying such as are payable on demand, and such as are due to moneyed or other corporations, associations or individual bankers, the names of such corporations or associations or individual bankers, and the amount due to each: 6. The amount of claims against the association or individual banker, not acknowledged by it or him as debts: 7. The amount for which the association or individual banker is bound as surety, or for which it may become liable on the happening of contingent events, whether upon policies of insurance or otherwise: 8. The amount of the notes or bills then in circulation, of 'said association or individual banker, of loans and discounts and of specie on hand: 9. The amount on the first of July next preceding, of notes or bills in circulation, of loans and discounts, and of specie on hand of such association or individual banker: 10. The amount of the losses of the association or individual banker (if any) charged, specifying whether charged on its or his capital or profits since the last preceding statement, and of the dividends declared and made during the same period: 11. The amount of real estate mortgages and of state stocks, together with the description of such stocks deposited by each association or individual banker, with the Comptroller as security for the circulating notes issued; the market value of said stocks as near as the same can be ascertained, and the date to which payment of interest has been made upon such real PART I. Penalty for neglect. Bank commissioners forms of estate mortgages and stocks, and whether said interest has been paid to such banking association or individual banker, or passed to their or his credit on the books of the Comptroller. 3. Every association that shall neglect to make out and transmit the statement required as prescribed in the first section of this act, may be proceeded against and dissolved as an insolvent association, and every individual banker subject to this law who shall so neglect, shall be restrained from the further prosecution of his business. S4. It shall be the duty of the bank commissioners to pre to prepare pare forms of the statements, and to transmit a copy thereof statements. together with such instructions as they may deem necessary, to every association or individual banker which is or shall be bound to furnish such statements under the provisions of this act. The expenses of printing the forms of said statements and instructions shall be paid by the Treasurer on the warrant of the Comptroller, and the amount thereof retained by the Comptroller and paid into the treasury, out of the interest of the securities deposited with the Comptroller by the said banking associations and individual bankers, in proportion to the amount of securities deposited by each. Assign ments made by comptroller may be recorded. Secretary of state to of April 18, 1838, and amend 2 II., 242. S5. The twenty-sixth section of the act hereby amended is repealed. [Sec. 6 substitutes a new one for the first section of the act of 1838, which has has been inserted accordingly.] Aute, p. 127. S 7. Every assignment of any bond or mortgage executed by the Comptroller under his official seal, in pursuance of the provisions of the said act, or which may be otherwise authorized by law, may bé recorded in the same manner and with the like effect as a deed regularly acknowledged or proved before any officer authorized by law to take the proof and acknowledgment of deeds. [For Sectious 8 and 9 see Laws of 1859, ch. 236.] $10. It shall be the duty of the Secretary of State to pubpublish act lish with the session laws for the year 1841, a chapter containing the act to authorize the business of banking, passed April 18, 1838, as amended by subsequent enactments showing in a corrected and condensed form, the provisions of law at present in operation affecting the associations or individuals now doing business under the said acts. ments. |