Notes to be received in payment of state taxes and dues. Banks doing business under leges and duties of. SECTION 38. That the notes issued by any bank incorporated under this act shall at all times be receivable in payment of all state taxes and other state dues. SECTION 39. That the banks of this commonwealth doing business under other laws than this act, are hereby authorized, other acts, privi- by a vote of the stockholders of each of said institutions, to call in not less than twenty-five per centum per annum of their circulating notes, and upon depositing with the auditor general an equal amount of the bonds of this commonwealth or of the United States, as provided in the tenth section of this act, shall be entitled to receive an equal amount of circulating notes in blank, of the denominations such as they may require, numbered, registered, countersigned and stamped as required by the provisions of this law; and when fifty per centum of the circulating notes of the old bank are called in and cancelled, the said bank shall be entitled to letters patent from the governor, and have all the privileges and advantages of this law as fully as is provided for if the said bank had been originally formed under this act; but the remaining fifty per centum of the notes of the old bank shall be withdrawn and cancelled within two years thereafter, and their place, or so far as necessary for the uses of the said bank, supplied with circulating notes under the provisions of this act, or the said bank shall be proceeded against by the auditor general and closed, as in case of an act of insolvency under this law. SECTION 40. If the directors of any bank established under tions of this law the provisions of this law, shall discount for themselves or either by directors to be of them, or for any shareholder in the said bank, an amount act of insolvency equal to the stock in the said bank owned and held by the directors or shareholder, with the intent and for the purpose of his or they withdrawing the amount of capital stock paid in by them or either of them, or if any bank shall either directly or indi rectly pledge, hypothecate or exchange any of its notes of circulation for the purpose of securing money to be paid in on its capital stock, it shall be taken and regarded as an act of insolvency, upon which the auditor general shall institute the proceedings provided by this law, in case a bank has suspended payment of its notes in gold and silver. Certain viola regarded as an Repeal. Reservation. Amount of specie each bank to have on hand. SECTION 41. Any laws of this commonwealth changed or altered by the provisions of this act, or inconsistent with it, are hereby repealed, so far as applicable to the banks which may accept of its provisions or be incorporated under this law. SECTION 42. That the general assembly may alter or repeal this act at pleasure; but no act altering or repealing this act shall inflict any injustice or wrong upon the stockholders of any bank. SECTION 43. That each bank shall at all times have on hand in gold or silver coin, or its equivalent, in its vaults, an amount equal to eight per centum of all its circulating notes of every Outstanding cir- description whatsoever, and whenever the amount of its out culation. standing circulating notes shall exceed the above named proportion, no more of its notes shall be paid out, or otherwise put in circulation by such bank, nor shall such bank increase its liabilities by making any new loans or discounts, nor make any dividends of its profits, until the required proportion between its outstanding circulating notes and gold and silver coin, or its equivalent, shall be restored. ELISHA W. DAVIS, Speaker of the House of Representatives. ROBT. M. PALMER, Speaker of the Senate. APPROVED-The first day of May, Anno Domini one thousand eight hundred and sixty-one. A. G. CURTIN. No. 474. AN ACT To authorize the Trustees of Union Seminary, New Berlin, Union county, to borrow money. 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 the trustees of the Union seminary of the East and Central Pennsylvania company of the Evangelical association in the United States of North America, be and they are hereby authorized to borrow, on the credit of the said institution, a sum of money not exceeding three thousand dollars. ELISHA W. DAVIS, Speaker of the House of Representatives. КОВТ. М. РALMER, Speaker of the Senate. APPROVED-The first day of May, Anno Domini one thousand eight hundred and sixty-one. A. G. CURTIN. No. 475. AN ACT To abolish the Perkiomen Independent School District, of Montgomery county. 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 the independent school district known as the Perkiomenville independent school district, of the county of Montgomery, and composed of portions of Frederick, Marlborough, and Upper Salford townships, be and the same is hereby abolished. ELISHA W. DAVIS, Speaker of the House of Representatives. JOHN P. PENNEY, Speaker of the Senate pro tem. APPROVED-The eighteenth day of April, Anno Domini one thousand eight hundred and sixty-one. A. G. CURTIN. No. 476. A FURTHER SUPPLEMENT To an act incorporating the Westminster Collegiate Institute, approved the twenty-seventh day of April, Anno Domini one thousand eight hundred and fifty-two. SECTION 1. Be it enacted by the Senate and House of Represen tatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That the board of trustees of said institute, shall have full power to transfer said institute, at any future period, to any new location within the bounds of this commonwealth; and such transfer shall not invalidate the charter, scholarship, just obligations, or claims of said institute. J. H. SELTZER, Speaker of the House of Representatives pro tem. JOHN P. PENNEY, Speaker of the Senate pro tem. APPROVED-The first day of May, Anno Domini one thousand eight hundred and sixty-one. A. G. CURTIN. No. 477. AN ACT To establish the Union School District of Chester and Delaware counties. SECTION 1. Be it enacted by the Senate and House of Represen tatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That from and after the passage of this act, the territory embraced School district within the following limits, to wit: Beginning at a stone in the established. Street road, known as the corner of Charles H. Tanguy and Joseph Hiser, and following the line of said Tanguy to the Boundaries. line of Jabez Lawton; thence along the line of said Lawton to the line of Charles Baldwin; thence along the line of said Baldwin to the line of Jesse Russell; thence around said line of Russell to the line of Charles Baldwin again; thence along said line to the line of Anthony Baker; thence along said line to the line of Ellwood Smedley; thence along said line to the line of Robert M'Cormick; thence along said line to the Ashbridge road; thence along said road to the corner of Sharpless Lewis and Benjamin Smedley, in said road; thence along the line of said Lewis to the line of Leman Watson; thence along said line to the line of Hannah Marshall; thence along said line to the line of Abraham James; thence along said line to the line of Joseph Dutton; thence along said line to the line of Benjamin Hickman; thence along said line to the line of Abraham W. Baily; thence along said line to the place of beginning, be and the same is hereby erected into a separate school district, to be called the Union school district of Chester and Delaware counties; and the said district so erected shall be entitled to receive its proportion of the state appropriation, and also its proportion of taxes raised for school purposes in the townships of Thorn- State appropriabury and Edgmont, Delaware county, and Willistown and West- school purposes. town, Chester county, parts of which townships compose the said district. tion and taxes for SECTION 2. That Charles Baldwin, Homer Eachus, Abraham School directors the next regular election for that purpose, at which time the Election. appoint a treasurer for the present year, to exercise the same Treasurer to be powers and perform the same duties that are now exercised and appointed. performed by the treasurers of other school districts. J. H. SELTZER, Speaker of the House of Representatives pro tem. JOHN P. PENNEY, Speaker of the Senate pro tem. APPROVED-The first day of May, Anno Domini one thousand eight hundred and sixty-one. A. G. CURTIN. No. 478. AN ACT To repeal the act relating to Auctioneers in the city of Erie, approved the thirtieth day of April, one thousand eight hundred and fifty-five. SECTION 1. Be it enacted by the Senate and House of Represen tatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That the act, entitled "An Act relating to auctioneers in the city of Erie," approved the thirtieth day of April, Anno Domini one thousand eight hundred and fifty-five, be and the same is hereby repealed. ELISHA W. DAVIS, Speaker of the House of Representatives. ROBT. M. PALMER, Speaker of the Senate. APPROVED-The first day of May, Anno Domini one thousand eight hundred and sixty-one. A. G. CURTIN. No. 479. A SUPPLEMENT To an act to incorporate the Mifflin and Centre County Railroad Company. SECTION I. Be it enacted by the Senate and House of Represen tatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That the capital stock of the Mifflin and Centre County railroad company shall be reduced to one hundred thousand dollars, and shall be divided into two thousand shares of fifty dollars each. J. H. SELTZER, Speaker of the House of Representatives pro tem. JOHN P. PENNEY, Speaker of the Senate pro tem. APPROVED-The first day of May, Anno Domini one thousand eight hundred and sixty-one. A. G. CURTIN. |