PART I Damages for nonpayment. Proviso. by the first section of chapter forty-six of the laws of eigh teen hundred and forty-one, is hereby further amended so that it shall read as follows: In case the maker or makers of any such circulating note or notes, countersigned and registered as aforesaid, shall at any time hereafter, on lawful demand during the usual hours of business, between the hours of ten and three o'clock, at the place where such note or notes is or are payable, fail or refuse to redeem such note or notes in the lawful money of the United States, the holder of such note or notes making such demand, may cause the same to be protested, in one package, for non-payment, by a notary public, under his seal of office, in the usual manner, unless the president, cashier or teller of such bank shall offer to waive demand and notice of the protest, and shall in pursuance of such offer, make, sign and deliver to the party making such demand, an admission in writing, stating the time of the demand, the amount demanded, and the facts of the nonpayment thereof, and the comptroller, on receiving and filing in his office such admission or protest, together with such note or notes, shall forthwith give notice in writing to the maker or makers of such note or notes, to pay the same; and if he or they shall omit to do so for fifteen days after such notice, the comptroller shall immediately thereupon (unless he shall be satisfied that there is good and legal defence against the payment of such note or notes) give notice in the state paper, that all the circulating notes issued by such person or association will be redeemed out of the trust funds in his hands for that purpose, and the comptroller shall be required to apply the said trust funds belonging to the maker or makers of such notes, to the payment pro rata, of all the circulating notes put in circulation by the maker or makers of such dishonored notes, pursuant to the provisions of this act, and adopt such measures for the payment of such notes, as will in his opinion most effectually prevent loss to the holders thereof. Ante, p. 128. S5. The twenty-ninth section of said chapter two hundred and sixty of the Laws of eighteen hundred and thirty-eight, is hereby amended so as to read as follows: $29. Such association or individual banker shall be liable to pay the holder of every bill or note put in circulation as money, the payment of which shall have been demanded and refused, at the banking house or usual place of business of such association or banker, damages for non-payment thereof in lieu of interest at and after the rate of seven per cent. per annum, from the time of such refusal until the payment of such evidence of debt and damages thereon. Ante. p. 134. $6. Nothing contained in the third, fourth and fifth sections of this act, shall apply to cases where circulating notes registered in the comptroller's office shall be presented for payment to the agent of any incorporated bank, banking association, or individual banker, appointed according to the provisions of chapter two hundred and two of the Laws of eighteen hundred and forty, entitled "An act relating to the redemption of bank notes," nor to any bank, banking association, or individual banker,, for whom there shall not be at the time an agent duly appointed as prescribed in the said act; nor to banks, associations, or individual bankers, whose place of business is in either of the cities of New York, Albany, Brooklyn or Troy. CHAP. 223. AN ACT to amend an act entitled "An act concerning foreign bank notes." PASSED April 13, 1853 The People of the State of New York, represented in Senate and Assembly, do enact as follows: CHAP. XX. 1. Section two of the act entitled "An act concerning Amend foreign bank notes," passed May 7, 1839, is hereby amended ment of act so as to read as follows: It shall not be lawful for any incorporated banking institution within this state, or any association or any individual or individuals, authorized to carry on the business of banking by virtue of the act entitled "An act to authorize the business of banking," directly or indirectly, on any pretence whatever, to procure or receive, or to offer to receive, from any corporation, association, person or persons whomsoever, any bank bill, or note or other evidence of debt in the similitude of a bank note, issued or purporting to have been issued by any corporation, association or individual situated or residing without this state, at a greater rate of discount than is or shall be at the time fixed by law for the redemption of the bills of the banks of this state' at their agencies; nor shall it be lawful for any banking institution, association, individual or individuals, in the first part of this section mentioned, to issue, utter or circulate as money, or in any way, directly or indirectly, to aid or assist in the issuing, uttering or circulating as money, within this state, of any such bank bill, note or other evidence of debt, issued or purporting to have been issued by any corporation, association or individual situate or residing without this state, or to procure or receive in any manner whatever any such bank bill, note or evidence of debt, with intent to issue, utter or circulate, or with intent to aid or assist in issuing, uttering or circulating, the same as money within this state; but nothing Saving in this act contained shall be construed to prohibit any bank or banking institution receiving and paying out such foreign bank bills as they shall receive at par in the ordinary course of their business; and nothing in this section contained shall prohibit the said banking institutions, associations and individual bankers, in the first part of this section mentioned, nor shall they be prohibited, from receiving foreign notes from clause. PART I. Rates of discount. Saving clause. Penalties. Reports or their dealers and customers in the regular and usual course of their business, at a rate of discount not exceeding that which is or shall be at the time fixed by law for the redemption of the bills of the banks of this state at their agencies, or from obtaining from the corporations, associations or individuals, by which or by whom such foreign notes were made, the payment or redemption thereof. 25 N. Y., 165. Ante, p. 139. $2. It shall not be lawful for any person within this state to issue, utter or circulate as money, or in any way, directly or indirectly, to aid or assist in the issuing, uttering or circulating as money, within this state, of any bank bill, note or other evidence of debt in the similitude of a bank bill or note, issued or purporting to have been issued by any corporation, association or individual situated or residing without this state, which shall have been received by such person at a greater rate of discount than is or shall be at the time fixed by law for the redemption of the bills of the banks of this state at their agencies, or to procure or receive, in any manner whatsoever, or to offer to receive, any such bank bill, note or evidence of debt, at a greater rate of discount than is or for the time shall be fixed by law for the redemption of the banks of this state at their agencies, with intent to issue, utter or circulate, or with intent to aid or assist in issuing, uttering or circulating, the same as money within this state; but nothing in this section contained shall prohibit any person not authorized to carry on the business of banking within this state, nor shall any such person be prohibited, from receiving foreign notes in the regular and usual course of business, or from obtaining from the corporations, associations or individuals by which or by whom such foreign notes were made, the payment or redemption thereof. 18 N. Y., 243; 15 N. Y., 9; 14 N. Y., 162. S3. The penalties provided in section four of the act hereby amended shall apply to any violation of this act. CHAP. 250. AN ACT relating to incorporated banks, banking associations, and individual bankers, located and doing business in the city of New York. PASSED April 15, 1853. The People of the State of New York, represented in Senate and Assembly, do enact as follows: 1. In addition to the quarterly reports now required by statements. law to be made to the superintendent of the banking department, by incorporated banks, banking associations, or individual bankers in this state, every incorporated bank, banking association or individual banker, located and doing business CHAP. XX. in the city of New York, shall publish or cause to be published on the morning of every Tuesday, in a newspaper printed in said city, to be designated by the superintendent, a statement, under the oath of the president or cashier, showing the condition of the bank, banking association or individual banker making such statement, on the morning of each day of the week next preceding the date of such statement, in respect to the following items and particulars, to wit: average amount of loans and discounts, specie, deposits and circulation. $2. Such statement shall be published at the expense of Forfeiture. the bank, banking association or individual banker making the same; and if any bank, banking association or individual banker shall refuse or neglect to make the statement required in the first section of this act for two successive Tuesdays, it shall forfeit its charter (if an incorporated bank), and its privileges as a banking association or individual banker; and every such bank, banking association or individual banker may be proceeded against, and its affairs closed, in any manner now required by law in case of an insolvent bank or banking association. The terms "banking association" and "individual banker," as used in this act, shall be deemed to apply only to such banking associations and individual bankers as are or may be organized under the "act of April 18, 1838," and the several amendments thereto. CHAP. 138. AN ACT for the withdrawal of the circulating bills of incorporated banks, whose charters have expired or may hereafter expire. PASSED April 3, 1854. The People of the State of New York, represented in Senate and Assembly, do enact as follows: $1. The circulating notes issued by any incorporated bank, Notes to be whose charter has expired or shall hereafter expire, shall be returned withdrawn from circulation by the trustees or legal represen- stroyed. tatives thereof, and returned to the superintendent of the bank department, to be destroyed, as follows: The notes of banks whose charters have already expired, one-third part of its circulating notes in one year, one other third part within two years, and the remaining one-third part within three years from the time this act shall take effect. And the circulating notes of all banks whose charters shall hereafter expire, as follows: One-third part in one year, one other one-third part thereof in two years, and the remaining one-third in three years from the time their charters shall respectively expire. But this section shall not prevent any person, individual Proviso. banker or banking association from presenting to the trustees PART I Notes not to be re issued. Security for notes not returned. or legal representative of such expired incorporated bank such circulating notes for payment at any time. And nothing contained in this act shall in any manner affect or impair the duties, liabilities or obligations of the trustees, directors or stockholders of such expired incorporated banks, or the rights or remedies of any of the holders of such circulating notes. S2. Every banking association transformed from an incorporated bank, and the officers and agents of every such association, and the trustees and agents of all such expired incorporated banks, shall be prohibited from issuing, paying out, or in any way directly or indirectly, circulating the notes of any incorporated bank whose charter has expired, or shall hereafter expire, after the time limited by the first section of this act for its withdrawal from circulation. And every such association, officer, agent or trustee that shall offend against any of the provisions of this act, shall be liable to the penalties prescribed by law for issuing bills or promissory notes, for the purpose of putting them into circulation as money. without being authorized by law. $ 3. And in case of any failure to return such circulating notes to the superintendent of the bank department to be destroyed, as provided for in the first section of this act, the said trustees or legal representative of such expired incorporated bank shall deposit with such superintendent an amount in cash, which shall be equal to the circulating notes required to be returned as aforesaid, to be held as security until the said circulating notes are returned to said superintendent to be destroyed, except as to the last one-third part of said circulating notes, for which no deposit of money shall be required. But said last one-third part of said circulating notes shall be withdrawn from circulation and destroyed, as far as practicable, as provided for in the first section of this act. And if any trustee or legal representative of such expired bank shall neglect or refuse to comply with the provisions of this act, it shall be the duty of such superintendent to proceed to wind up the affairs of such expired bank in the same manner as if it were an insolvent corporation. CHAP. 185. AN ACT directing the copies and certificates of association of banks to be transferred from the secretary's office to the banking department. PASSED April 10, 1854. The People of the State of New York, represented in Senato and Assembly, do enact as follows: S 1. All copies of certificates of association under and by virtue of the general free banking law and the acts amendatory thereof, filed in the office of the secretary of state, shall |