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upon the capital actually paid in, may be closed and wound up by and under the direction of the board of directors of the state bank, as in case of insolvency, unless the discounts of such branch shall have been limited and controlled by the directors of the state bank, so as to prevent said stock from yielding such profit. Sec. 8. The capital stock of said bank shall be two millions of by whom to dollars, in shares of fifty dollars each, one half thereof to be subhow and by scribed for and owned by the state of Michigan, and the other half

Capital; shares; stock,

be owned;

whom appor

tioned by individuals, companies, copartnerships or corporations, and

among bran

ches; when

may be withdrawn from one

placed in another.

state capital may be increased as hereinafter prescribed; and said stock shall be apportioned by the directors of the state bank appointed on the branch and part of the state, among the several branches hereby established, in such manner as they, or a majority of them, may think just and equitable, taking into consideration the population and commerce of the different parts of the state, both present and prospective : Provided, however, That not less than one hundred and fifty thousand dollars shall be apportioned to any one branch; but if at any time the amount so apportioned cannot be profitably used in any branch, the directors of the state bank, by and with the consent of the directors of such branch, may withdraw such portion of the state capital as cannot be profitably employed in said branch and place it in such of the other branches as can most advantageously use the same; and such portion, when placed in a branch, shall, for the time it shall remain therein, be considered as so much of an addition of its capital, and it may govern its operations accordingly; and the branch from which such state stock is taken shall be regulated in its operations according to its remaining capital; and the directors of the state bank may, when they deem it expedient, withdraw such a portion of the state stock from any branch for the purpose of being replaced as state stock in the branch from which it shall have been taken, or in any new branch which shall be organized, or in any of the other branches. Sec. 9. The said bank or any branch thereof, may accept, general gov- receive, and become responsible for the deposites and public revenues of the United States, upon such terms and conditions as may be agreed on by the agents of the general government and a majority of the directors of the state bank, and any branch may receive on deposite, (except as herein prohibited,) moneys, bullion, plate, and other articles of value of small bulk, on such terms and conditions as may be agreed upon by the parties.

May accept

deposites of

ernment.

notes less

post notes;

Sec. 10. No notes shall be issued of a less denomination than Not to issue one dollar, nor shall it be lawful for said bank or any branch than a dollar; thereof, to issue or put in circulation any post note of a less deno- not to purmination than fifty dollars, or which is not made payable to order, less than par. on demand; and it shall not be lawful for said bank to purchase or sell its own stock at less than the par value,

chase or sell

its stock

may examine

fairs of bank

when officer to report to

proceedings

ted on report.

Sec. 11. The state bank, and each and every branch, shall be What officers open at any time, and at all times, to the examination of a bank into the af commissioner or commissioners, or to any agent or committee or branches; appointed by the legislature, or to any director or directors ap-governor; pointed by the board of directors of the state bank for that purpose, to be instituwho shall have power to inspect the books, papers, moneys, and effects of said bank, and to administer all necesssary oaths, and to take depositions concerning the condition and management thereof, or the conduct of any director, officer, or other person connected with, or employed in such institution, concerning its business operations; and if such bank commissioner or commissioners, or committee, agent or agents, shall be of opinion that said bank or branch, as the case may be, has violated this charter, he or they shall report the same to the governor, who shall direct the attorney general to institute proceedings against such bank or branch, in chancery, and if on the hearing, any violation is shown on the part of the officers of the state bank, they shall be forthwith removed, or so many as participated therein; if such violation be by a branch, its chartered rights shall be forfeited, and its affairs wound up as in cases of insolvency provided for in the thirtyfourth section of this act.

money, bank

king false

entries.

Sec. 12. If any president, director, cashier, other officer, or Embezzling person employed in said bank, or any of its branches, or, if any notes, or macommissioner, officer or agent of the board of fund commissioners, statements or shall embezzle, or fraudulently convert to his or their use, any money, bank note, bill of exchange, check, bond or other security, under his or their care and management, or shall wilfully and knowingly make or exhibit false papers, or false statements, or make false entries in the books of said bank, or any branch thereof, with intent to defraud, or to deceive, he shall be deemed guilty of felony, and on conviction, shall be sentenced to imprisonment in the state penitentiary for any term not less than three nor more than twenty years, at the discretion of the court trying said offence, and shall forever thereafter be disqualified from

Person appointed to examine

holding any office of honor, trust or profit in this state, and shall moreover be liable for the sum embezzled. Any person apbank making pointed to examine said bank or any branch, who shall knowfalse report. ingly make a false report or statement, shall be subject to a like punishment.

Seven directors to be

legislature,

chosen by

be chosen by

ors.

Sec. 13. For the direction and management of said state bank, elected by there shall be seven directors elected by a joint vote of both and one to be houses of the legislature, who shall respectively hold their offices each branch. one, two and three years from and after the third Monday in January, one thousand eight hundred and thirty-nine, two going out of office each year; and said directors shall, at their first meeting after their election, determine by lot the periods they shall respectively hold their offices; and also one director shall be President to chosen by each branch in the manner hereinafter prescribed. A state direct president shall be chosen by a majority of the directors appointed by the legislature, not one of their number, who shall be a director by virtue of his office, with power to vote as a director, and shall hold his office for five years, and whose compensation shall be fixed by the said directors for the first term, and after that by President or the board of directors of the state bank; but said president, or tors may be any one or more of the directors on the part of the state, may be compensa- removed at any time by a joint resolution of two-thirds of each branch of the legislature. The board of directors of the state bank may fix the compensation of each member, but it shall not exceed three doliars per day, for actual service rendered. After the first election of directors, the legislature shall annually, on the third Monday in January, or so soon thereafter as may be, fill in like manner all vacancies that may have or shall be about to occur in the office of director on the part of the state in said bank.

state direc

removed;

tion to direc

tors.

Directors of

bank and

spectively, to

cashiers, &c.

Sec. 14. The board of directors of the state bank, and also of branches re each branch, shall have power to appoint their respective cashappoint their iers, clerks, tellers and other inferior officers and agents, for the purpose of carrying on their business, to fix their term of office and compensation, and require such bond and security from them as they may from time to time deem expedient.

President of bank to pre

Sec. 15. It shall be the duty of the president of the state bank side at meet to preside at all meetings of the board, and to decide on all

ings, vote as

director, and

give casting questions on which the board is equally divided by his casting

vote. May

call special vote, in addition to his vote as director; and he shall have power

meetings, &c.

to call special meetings thereof when he may deem it necessary, and generally to do and transact all other business naturally appertaining to his office, or conferred upon him by this act.

state bank

may limit

Sec. 16. The directors of the state bank shall have power to Directors of limit and control the discounts and loans of the branches or any discounts of of them, after they shall amount to once and a quarter the amount branches,&c. of capital stock paid in, but may from time to time authorize the several branches or any of them to extend their discounts and loans to an amount which shall not exceed two and a half times the capital actually paid in; and for this purpose the debts due to them, exclusive of deposites and cash balances in other banks and branches, may be extended twice and one half the amount of the capital actually paid in, but shall never exceed that proportion. And said directors shall have power to regulate and adjust the accounts and balances between the branches, and it shall be their duty to regulate and equalize the state funds and public deposites that may be in bank, and may transfer the same from one branch to another, as circumstances may require, but shall in no case withdraw any part of the capital stock of any branch, or any part of its own local funds, without the consent of the board of directors of such branch, to be used in any other branches, except in cases requiring such branch to be closed as herein provided for; and they shall have power to make and prescribe all necessary by-laws to carry the powers herein conferred into effect.

ited from vot

any ing for direcany ney for ano

tors, as attor

ther. Who

president, di

cashier.

Sec. 17. No president, cashier, clerk, teller, or attorney of said who prohibbank, or any branch thereof, shall be permitted to vote at election for directors, as the attorney, agent or proxy of stockholder; and it shall not be lawful for any member of either from being branch of the legislature, or the person administering the govern. rector or ment of this state, the secretary of state, the auditor, treasurer, or attorney general, any judge of the supreme or circuit court, bank commissioner, commissioner of internal improvement, or superintendent of public instruction, or any person holding an office or appointment under the authority of the general government, to hold the office of president, cashier or director of the said bank, or of any branch thereof; nor shall any stockholder or director of any other bank be a director, president or officer of said state

bank.

Real estate

mortgaged to

redeemed

within five

is sold for

taxes.

Sec. 18. No sale or forfeiture for unpaid taxes of any real

bank may be estate mortgaged to said bank to secure the payment of loans made, shall, until the lapse of five years from such sale, operate to prevent said bank from redeeming the same on payment of such taxes and damages and interest thereon, as are required by law in other cases of lands forfeited and sold on account of unpaid taxes, if at any time after such sale and forfeiture such real estate shall become the property of the bank for the payment of any such debt,

Directors not

to locate oth

Sec. 19. It shall not be lawful for the directors of the state er branches. bank to locate any other branch or branches than is herein

Oath to be

taken by offi

whom taken;

ed and ;

trial for per

jury.

authorized.

Sec. 20. The president, directors, and all other officers of said cers; before state bank and branches, shall take and subscribe, before enter to be recording on the duties of their respective offices, the following oath or evidence on affirmation : I do solemnly swear (or affirm as the case may be,) that I will support the constitution of the United States and the constitution of this state, and that I will faithfully discharge the duties of according to the best of my ability," which oath or affirmation shall be administered by a notary public and recorded in a book to be kept by the bank or branch, as the case may be, and said notary shall cause the said oath or affirmation, duly signed and certified, to be filed in the county clerk's office of the county where the said bank or branch may be situated, and which may be given in evidence upon any examination or trial for perjury; and it shall be the duty of each and every officer of said state bank to communicate to the board of directors of the state bank any violation of the said charter, and in case of neglect or refusal shall be deemed guilty of perjury.

Number of directors re quired to

transact business in

bank or branches.

Directors of

Sec. 21. Five directors, the president being one of them, shall be necessary to constitute a board for the transaction of business in said state bank or any branch; and in case of sickness or absence of the president, his place may be supplied for the time being, by any director whom the board may appoint; and the branches to said board of directors shall have power to require of the board bank. of directors of each branch, reports of their business and condition, as often as may be deemed expedient, and not less sta e bank to than once each month, and shall have power to appoint one or more of their number to visit and inspect the condition and affairs of each branch when and as often as they may deem necessary;

report to state

Directors of

examine into condition of branches.

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