PART L apply the dividends on any stock, or the interest on any bonds and mortgages in his hands deposited by the bank, banking association, or banker, so neglecting to make the payment of such charges with interest at the rate of seven per cent, and the moneys so received by the said superintendent on account of such charges, shall be deposited and paid by him into the treasury of this state, to reimburse all sums advanced from the treasury for such expenses; and in case of there being no stocks, bonds or mortgages in the bank department deposited by such bank, association or banker, then the said superintendent may maintain an action in his name of office against the delinquent bank, association or banks, for the recovery of such charges, and the sums collected therein shall be paid into the treasury, and neither the said superintendent nor any clerk or person employed in his office shall take or receive directly or indirectly, any compensation or pay for any services or extra services rendered in the banking department, other than the compensation allowed by law; and any person violating this provision, shall be deemed guilty of a misde Sec. 14 of 18, 1838. meanor. S8. The provisions of the fourteenth section of the "Act to act of April authorise the business of banking," passed April eighteenth, eighteen hundred and thirty-eight, are hereby extended to the said superintendent and the officers and clerks employed in the bank department. Superintendent to fix day for reports. $9. Instead of the comptroller, secretary of state and treasurer, it shall be the duty of the superintendent of the bank department to fix upon and determine a day in respect to which the reports of incorporated banks, banking associations and individual bankers shall be made, as provided in chapter four hundred and nineteen of the Session Laws of one thousand eight hundred and forty-seven; and the said superintendent shall, at least once in each quarter of a year, fix and designate some Saturday in each preceding quarter in respect to which the said reports shall be made, and shall give notice thereof in the manner prescribed in the said chapter four hundred and nineteen; and the said reports shall be made to the said superintendent as directed in the said chapter, and all willful false swearing in respect to such reports shall be deemed perjury, and subject to the punishments prescribed by law for that offence. In case of neglect to make such report within fifteen days from the mailing of the notice designating said day upon which such report shall be made, it shall be the duty of the superintendent to cause the books, papers and affairs of the bank, association or banker, so neglecting, to be examined as directed by the third section of the said chapter four hundred and nineteen; and the reasonable expenses of such examination, to be certified by the said superintendent, shall be charged to the bank, association or banker so neglecting, and shall be collected in the manner herein prescribed in respect to other charges against them; and it shall also be the duty of the superintendent, in case of the failure or neglect of any bank, banking association or individual banker to make said report within the time above mentioned, to prosecute the same in any court of record, and recover the sum of one hundred dollars for such neglect or refusal; and the money so recovered shall be paid into the treasury of this state, to be used for the purpose of defraying the miscellaneous expenses of the bank department. As amended by Laws of 1857, ch. 189. CHAP. XX. how to be $10. The provisions of the second section of the act chapter Mortgages, three hundred and forty of the laws of eighteen hundred and held. forty-eight, amending the "Act authorising the business of banking," shall extend and be applicable to banking associations and individual bankers organized before the passage of the said chapter three hundred and forty, as well as to those organized subsequently; but no one mortgage of lands shall hereafter be received as security for circulating bills to an amount greater than five thousand dollars; and any mortgage heretofore received or hereafter received for circulating bills, may be held by the superintendent of the banking department for the full nominal amount thereof notwithstanding a less amount of bills may have been or shall be delivered upon the deposit of such mortgage, and the whole nominal amount of such mortgage may be collected by any purchaser thereof in case it shall be necessary to sell such mortgage at its nominal amount to meet the liabilities of the banking association or banker by whom it was deposited; but the same may be sold as for the amount of bills delivered upon its deposit when there is no deficiency of other means to meet the said liabilities. port. S 11. It shall be the duty of the superintendent of the Annual rebanking department to report annually to the legislature, at the commencement of its first session: 1. A summary of the state and condition of every incorporated bank, banking association and individual banker, from whom reports have been received the preceding year, at the several dates to which such reports refer, with an abstract of the whole amount of banking capital returned by them, of the whole amount of their debts and liabilities, specifying particularly the amount of circulating notes outstanding, and the total amount of means and resources, specifying the amount of specie held by them at the times of their several returns, and such other information in relation to said banks, associations and bankers, as in his judgment may be useful: 2. A statement of the banking associations and bankers whose business has been closed during the year, with the amount of their circulation redeemed and the rate of such redemption per cent. and the amount outstanding: 3. To suggest any amendment to the laws relative to banking by which the system may be improved and the security of bill-holders and depositors may be increased: PART I. 4. To report the names and compensation of the clerks employed by him, and the whole amount of the expenses of the department during the year, and the amount if any for which the treasury shall be in advance: such report shall be made by or before the last day of the year, and the usual number of copies for the use of the legislature, and two hundred and fifty copies for the use of the department shall be printed in readiness for distribution on the meeting of the legislature, by the printer employed to print legislative documents, the expense of which shall be charged among the general expenses of the department, and collected as herein provided. CHAP. 203. AN ACT to amend the several acts relating to Incorporated Banks, Banking Associations and Individual Bankers. PASSED April 17, 1851. The People of the State of New York, represented in Senate and Assembly, do enact as follows: S1. Section one of the act relating to the redemption of bank notes, passed May 4th, 1840, is hereby amended so as to read as follows: Offices of $ 1. Every moneyed incorporation in this state having redemption banking powers, and issuing bills or notes of circulation, and Rate of discount. Demand for non-pay every banking association and individual banker, carrying on banking business under the act to authorize the business of banking, except those whose place of business is in the cities of New York, Albany, Brooklyn or Troy, shall, on before the first day of July next, appoint an agent, who shall keep an office in the city of New York, Albany, or Troy, for the redemption of all circulating notes issued by said corporation, banking association, or individual banker, which shall be presented to such agent for payment or redemption. 2. Section four of the said act is hereby amended so as to read as follows: $4. It shall be the duty of every such corporation, banking association and individual banker out of the cities of New York, Albany, Brooklyn and Troy, to redeem and pay on demand all circulating notes issued by such corporation, banking association or individual banker presented for redemption or payment at the office of their said agent, in the city of New York, Albany or Troy, at a rate of discount not exceeding one-quarter of one per cent. 3. Whenever any action shall be brought against any and protest incorporated bank, banking association, or individual banker, for the recovery of the amount due on any circulating note or notes registered in the comptroller's office, the payment of which shall have been demanded at the banking house, or ment. usual place of business of the defendant, if it shall appear on the trial, or otherwise, to the court in which such suit is brought, that at the time such demand of payment was made, the defendant offered in payment the circulating note or notes issued by any bank association or banker, other than the defendant, which were at the time at par in the city of New York, Albany, or Troy, or a draft or drafts on any bank association or banker in the city of New York, Albany or Troy, or either of the same, for the amount of the circulating note or notes so presented, with an affidavit, if required, that such draft or drafts is or are available to their full amount, to insure the immediate payment thereof on presentation, or in case any action shall be commenced upon such note or notes before the expiration of fifteen days from the time of the first demand thereof, as above mentioned; and provided such bank, association or individual banker shall be ready and prepared to redeem such note or notes in the lawful money of the United States, at the counter or ordinary place of business of such bank, association or banker, at the expiration of said fifteen days from the time of the first demand thereof, with interest, then in either case, the plaintiff in such action shall not recover any costs, fees, or disbursements whatever against the defendants, and shall be entitled to recover no more than seven per cent interest, in lieu of all damages for the non-payment of the said circulating note or notes; but no interest shall be recovered upon such note or notes in any action, unless the plaintiff or holder thereof shall have again presented the same for payment, at the banking house or ordinary place of business of such defendant, on or after the fifteenth day after such first demand, and before the twentieth day, and the defendant shall have neglected and refused to pay the same with interest to that time, as aforesaid. And if such bank, association, or banker, at the time of the first presentation of said circulating note or notes, shall have offered to pay current bank notes or drafts, or both, or either, in the manner above provided, and shall at the time of the second presentation, pay or tender the amount of such note or notes thus demanded, in the lawful money of the United States, at their banking house or ordinary place of business, then such bank, association, or banker shall not be deemed to have suspended or refused specie payment, within the meaning of any statutes authorizing proceedings for the dissolution of the charter of such bank, or authorizing proceedings to restrain or enjoin the ordinary business of such bank, association, or banker, nor shall such bank, association, or banker, in such case, be liable to any other or greater damages for the non-payment of such circulating note or notes, than as above provided, any provision in the charter of any bank, or any other statute to the contrary notwithstanding. CHAP. XX $4. The fourth section of chapter two hundred and sixty Notes, how of the laws of eighteen hundred and thirty-eight as amended protested. PART L Damages for nonpayment. Proviso. by the first section of chapter forty-six of the laws of eighteen 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. $ 5. 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: S 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. $ 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 |