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by the United States to this State, for the support of a seminary of learning, and the moneys, which may be raised from such lands, by rent, lease, or sale, or from any other quarter, for the purpose aforesaid, shall be and remain a fund for the exclusive support of a State University, for the promotion of the arts, literature, and the sciences; and it shall be the duty of the General Assembly, as early as may be, to provide effectual means for the improvement and perma nent security of the funds and endowments of such institution.
Establishment of Banks. · One State bank may be established, with such number of branches as the General Assembly may, from time to time, deem expedient: Provided, that no branch bank shall be established, nor bank charter renewed, under the authority of this State, without the concurrence of two-thirds of both houses of the General Assembly; and provided, also, that not more than one bank nor branch bank shall be established, nor bank charter renewed, at any one session of the General Assembly; nor shall any bank or branch bank be established. or bank charter renewed, but in conformity with the following rules:
1st. At least two-fifths of the capital stock shall be reserved for the State.
2d. A proportion of power in the direction of the bank shall be reserved to the State, equal at least to its proportion of stock therein.
3d. The State, and the individual stockholders, shall be liable respectively, for the debts of the bank, in proportion to their stock holden therein.
4th. The remedy for collecting debts shall be reciprocal, for and against the bank.
5th. No bank shall commence operations until half of the capital stock subscribed for be actually paid in gold or silver, which amount shall, in no case be less than one hundred thousand dollars.
6th. In case any bank or branch bank shall neglect or refuse to pay, on demand, any bill, note, or obligation, issued by the corporation, according to the promise therein expressed, the holder of any such note, bill, or obligation, shall be entitled to receive and recover interest thereon, until the same shall be paid, or specie payments are resumed, by said bank, at the rate of twelve per cent. per annum from the date of such demand, unless the General Assembly shall sanction such suspension of specie payments; and the General Assembly shall have power, after such neglect or refusal, to adopt such measures as they may deem proper, to protect and secure the rights of all concerned: and to declare the charter of such bank forfeited.
7th. After the establishment of a general State bank, the banks of this State now existing may be admitted as branches thereof, upon such terms as the Legislature and the said banks may agree, subject nevertheless to the preceding rules.