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whom apportioned among bran

may be withdrawn from one branch and placed in another.

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. Capital ; Sec. 8. The capital stock of said bank shall be two millions of by whom tó 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

by individuals, companies, copartnerships or corporations, and ches; when, may be increased as hereinafter prescribed ; and said stock shall

be apportioned by the directors of the state bank appointed on the 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. May accept Sec. 9. The said bank or any branch thereof, may accept, general gov- receive, and become responsible for the deposites and public re

venues 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.

deposites of

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post notes: not to purchase or sell

less than par.

into the affairs of bank or branches : when officer to report to governor; proceedings

ted on report.

Sec. 10. No notes shall be issued of a less denomination than Not to issue

notes less one doilar, nor shall it be lawsul for said bank or any branch than a dollar; thereof, to issue or put in circulation any post note of a less denomination than fifty dollars, or which is not made payable to order, iess theme 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,

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 area commissioner or commissioners, or to any agent or committee appointed by the legislature, or to any director or directors appointed 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 he 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.

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

" entries. 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

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be chosen b

ors.

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holding any office of honor, trust or profit in this state, and shall

moreover be liable for the sum embezzled. Any person apbank inaking pointed to examine said bank or any branch, who shall know

ort. ingly make a false report or statement, shall be subject to a like

punishment. Seven direct- 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. Directors of 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 Sec. 15. It shall be the duty of the president of the state bank side, ato te est to preside at all meetings of the board, and to decide on all

questions on which the board is equally divided by his casting Calte specialy vote, in addition to his vote as director ; and he shall have power meetings, &c.

removed;

tion to directors.

Directors or bank and

spectively, to

cashiers, &c.

President of bank to preside at meet

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director, and give casting vote. May call special

state bank may limit discounts of

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.

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 mayolimist 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 pro. portion. 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.

Sec. 17. No president, cashier, clerk, teller, or attorney of said who prohibbank, or any branch thereof, shall be permitted to vote at any ing for direcelection for directors, as the attorney, agent or proxy of any ney for anostockholder; 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.

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ed and filed;

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Real estate. 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 fiveimade, 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 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

authorized. Oath to be Sec. 20. The president, directors, and all other officers of said cers ; before state bank ard branches, shall take and subscribe, before enter to be record: ing 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 Sec. 21. Five directors, the president being one of them, shall quired to ** be necessary to constitute a board for the transaction of business siness in 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

of directors of each branch, reports of their business and

of 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 condition of more of their number to visit and inspect the condition and affairs

of each branch when and as often as they may deem necessary;

directors re

transact business in bank or branches.

Directors of

report to state bank.

Directors of

examine into condition of branches.

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