ing

Testimony how taken

Day of hear appoint a day for the hearing of the cause, not exceeding ten days after the date of the writ, and he, or any other judge, may hold the court for that purpose. No depositions shall be required to be taken, but witnesses may be sworn, and their evidence heard in open court; upon a bearing of the cause, the Power of the judge shall have power to alter, modify, or dissolve the injudge at the hearing junction, or make it perpetual, and if it should manifestly appear that the creditors or stockholders will be defrauded, then Court may de- the said court shall have power to decree a forfeiture of the clare charter charter of said bank.

forfeited Effect of for

feiture of charter

Court may

Duty of receivers

Specie to be

"

SEC. 6. If the said bank shall forfeit its charter, as aforesaid, it shall not thereby forfeit any of its personal effects; its lands shall not revert, nor shall it be released from any liabili ty to its creditors, nor shall any security for the payment of money, either to or from the bank, be annihilated, but the said appoint receivers who shall court, or judge, shall appoint three honest and capable men give bond to act as receivers of said bank, who under the direction of of the court, shall enter into bond with approved security for the faithful performance of the duties imposed upon them by this act; who shall have the power, and perform the duties of receivers, as in other cases, and shall proceed in the management of the affairs of said bank, in collecting and paying its debts, and selling its real estate and other property, according paid out pro to such rules and regulations, not inconsistent with law, as shall be made by such court or judge in that behalf, except that the specie shall be paid out pro rata to creditors, and in collecting the debts due the bank, shall renew all notes with security, upon the payment of one-fifth part of the debt by Property not the debtor. The said receivers shall not sell any real or personal property of the bank for less than two thirds of its apthirds its ap- praised value, to be ascertained by the appraisement of three praisement householders upon oath, to be appointed by the judge of the circuit court of the county where the property may be situated. Payments by All payments to be made by the receivers shall be made pro rata amongst the creditors, who, upon giving up their demands to the receivers, shall receive a certificate for the residue of their claim; which certificate shall be received as is provided in the second section of this act.

rata & notes

received upon payment of one-fifth

sold for less

than two

receivers to be pro rata

Bank to file its accept

ance of this

act in office

State

State bonds

SEC. 7. The State Bank of Illinois shall, within three days after the passage of this act, signify its acceptance of the provisions of this act, by writing, signed by the president and of the Sec. of Cashier, under the seal of the bank, and to be filed in the office of Secretary of State; and the said bank shall, within five days $2,050,000 of after the passage of this act, deliver to the Governor, acting on &c. to be de. behalf of the State, an amount of State bonds, scrip, and other livered to Go- evidences of debt, without interest, equal on their face to the sum of two millions and fifty thousand dollars, reported by the bank in five days bank as on hand, on the first of December, one thousand eight Bank stock hundred and forty two, in which event the Governor is hereState to be as- by authorised on the part of the State to assign to the bank signed to bank two millions and fifty thousand dollars of bank stock, owned

vernor by

owned by

by the State in said bank, and all the interest of the State in the assets of the bank, real, personal, and mixed, except so much of the said assets as the State may be entitled to as the sate directholder of fifty thousand dollars of the stock of said bank, in ors withwhich event, also, the State directors in said bank, except the drawn commissioner aforesaid, shall be withdrawn.

notes

SEC. 8. Said bank, in collecting its debts, shall not collect Debtors more than one-fifth part of the debt due at the passage of this may renew act, at any one time of any debtor, by note or judgment, who will pay the one-fifth part and all interests and costs, and renew, or give his note with good security, to be paid in seven. months; Provided, that in case the bank shall become subject Bank charge to the operation of this act, the bank shall not in any case but 6 per cent charge more than six per cent. interest upon the renewal of interest any bill discounted; And provided, also, that the time of renewal and payment shall not be changed except with consent. Place of payof the debtor, and that the said debtor shall have the privilege ment of making such payment and renewal in the county where his debt is now payable, and the bank shall appoint agents in the Bank agents counties in which branches have been or are now located, appointed for the purpose of carrying this section into effect. In case any debtor of the bank shall obtain a certificate or certificates, issued under the provisions of this act, and shall surrender the Surrender of same to the officers of the bank, or the holder of any note certificates in given to the bank for endorsement thereon, the amount of such debts due the certificate or certificates shall be endorsed on such note, and bank the endorsement shall bear interest at the same rate per cent. as was allowed upon the note upon which such endorsement is made.

payment of

how

To be offered

for sale at

SEC. 9. The real estate of the bank, excepting so much Real estate thereof as may be necessary to be reserved, shall be apprais- appraised and ed by three householders on oath, or a majority of them resi dent in the county where the real estate shall be situated, to be appointed by the Governor; and after due notice, and within six months after the passage of this act, the said real estate shall be offered for sale at public auction, and shall be struck off to the highest bidder, at or above the appraised value there-auction but of; any real estate failing to sell at its appraised value, or an not below aрadvance thereon as aforesaid, shall be subject to private pur- pruisement chase, and shall be sold whenever thereafter the appraised Real estate value shall be offered for the same; Provided, that no real estate sold on of said bank shall be sold on execution for less than two-thirds of its appraised value, to be ascertained by the appraisal of praised value three householders on oath, or a majority of them, to be appointed by the judge of the circuit court in the county where

execution at two thirds its ap

the estate shall be situated. No debtor of the bank shall be Debtors not garnisheed by any holder of certificates authorised to be issued garnisheed to creditors under the provisions of this act.

SEC. 10. The State shall continue to own fifty thousand State to retain dollars of stock heretofore subscribed in said bank, for the pur$50,00 stock pose of continuing the constitutional existence of the same to

enable it to wind up its affairs, and for no other purpose whatever; and at the expiration of the time, by this act allowed to the bank to wind up its affairs, the said bank shall surrender to the Governor of the State an amount of bonds, or other State indebtedness, or gold and silver coin, equal to the amount Disposition made of said of stock authorised to be retained by said bank, and when stock on the the same shall be so surrendered, it shall then be the duty of winding up of the Governor to surrender said fifty thousand dollars of stock to said bank.

bank

Matters of

tween State

and bank to

be arbitrated

SEC. 11. All other matters of difference between the State difference be- and the bank, shall be submitted to arbitration, one of the arbitrators to be appointed by the Governor, and another by the bank, and if they two cannot agree, they may choose a third, whose umpirage shall be final, and if the State shall be found indebted to the bank, the Governor is hereby authorised to issue certificates of indebtedness to said bank, under the seal of carried into State, and if the bank shall be found to be indebted to the State, the debt shall be paid by said bank, by a surrender of State liabilities to the Governor, to an amount on their face equal to such debt.

effect

Branch banks abolished

Bonds regis tered and burned

Sec. 31 of orinal charter repealed

No stock

SEC. 12. The said bank shall be required to abolish its branches, and the notes issued at said branches shall be payable at the principal bank.

SEC. 13. If the bonds, scrip, and other evidences of debt, heretofore mentioned, shall be delivered to the Governor, in pursuance of this act, he shall cause the same to be registered by their numbers, amounts, and dates, in the office of Secretary of State, and shall then produce the same to be destroyed in the presence of the General Assembly.

SEC. 14. That the thirty-first section of an act to incorporate the subscribers to the Bank of the State of lilinois, be and the same is hereby repealed; and hereafter the laws now in force, or hereafter to be in force, regulating the mode of selling property for the collection of debts, shall apply to the debts due to the said bank, the same as to those due to individuals.

SEC. 15. That in no case shall any dividend or dividends holder to re- be made to any stockholder, until depositors, billholders and end till credi- certificate holders shall have been paid.

ceive divid

tors are paid

tificate

SEC. 16. The certificates to be issued under the provisions Form of cer- of this act, shall be in the following form: "This certificate for dollars cents, will at all times be received by the State Bank of Illinois in payment of any debt due the bank, and for any property which the bank may have for sale. It will also entitle the bearer to the proper proportion of all dividends which may be made to the creditors of the bank. President.

Cashier."

APPROVED, January 24th, 1843.

AN ACT supplemental to an act entitled "An act to diminish the State In force, debt and put the State Bank into liquidation.” Jan. 27, 1813.

State Bank

SEC. 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That from and after the Specie of passage of this act, no execution against the president, direc- not subject to tors and company of the State Bank of Illinois, or against execution said Bank, shall be levied upon any of the specie belonging

to the same, unless its officers shall unreasonably refuse to pay Exceptions out the said specie, pro rata, to its creditors, according to the provisions of an act entitled "An act to diminish the State debt and put the State Bank into liquidation," approved January 24th, 1843.

APPROVED, January 27th, 1843.

AN ACT to put the Bank of Illinois into liquidation.

In force,

Mar. 3, 1843.

SEC. 1. Be it enacted by the People of the State of Illinois, Charter of the represented in the General Assembly, That an act entitled "An Bank of Illi act to incorporate the president, directors and company, of nois and all the Bank of Illinois, at Shawneetown," approved December the acts supplementary twenty-eighth, one thousand eight hundred and sixteen; also, thereto rethe "act to extend for a limited time the charter of the Bank pealed of Illinois, at Shawneetown," approved February twelfth, one thousand eight hundred and thirty-five; also, an act supplemental to an act entitled "an act to incorporate the president, directors and company of the Bank of Illinois, at Shaw- Estate and neetown," approved February twenty-eighth, one thousand property of eight hundred and thirty-seven, be and the same are hereby exist but to be repealed; and the estate of said bank, real and personal, shall vested in not revert, but shall vest in three commissioners to be appoint- com'rs &c ed in the manner hereinafter provided; and all liabilities of said bank to creditors, shall henceforth attach to said commissioners, and all debts due or liabilities incurred to said bank, shall be deemed to be due and performable to said commissioners.

bank not to

com'rs

SEC. 2. That the Governor by and with the advice and Gov. to apconsent of the Senate, shall appoint three commissioners, who point three shall have the power and perform the duties hereinafter required of them; and to be called the Commissioners of the Bank of Illinois, and who shall be commissioned by the Governor; the said commissioners shall continue in office for the term of two years, unless sooner removed by the Governor for good cause, to be communicated to the next session of the General Assembly; and the said commissioners shall receive the sum of three dollars per day for their services, the number of days to be ascertained by affidavit of said commissioners, and allowed by the Governor.

Their com

pensation

SEC. 3. The said commissioners, before they enter upon Com'rs shall the discharge of the duties of their office, shall take and subscribe take oath

to bonds

the following oath or affirmation: "I do solemnly swear (or afffirm) that I am in no wise interested in the Bank of Illinois at Shawneetown, either as a creditor, debtor or stockholder, and that I will faithfully andtruly perform all the duties of the office of bank commissioner of the Bank of Illinois, according to law, and according to the best of my ability;" which affidavit or affirmation, in writing, shall be filed with the Secretary of State; and the said commissioners shall also be required, before they enter upon And enter in. the duties of their respective offices, each to enter into bond to the Governor of the State, and to his successors in office, for the use of any person now, or who may hereafter become interested, in the sum of fifty thousand dollars, with good security, to be approved by the Governor and some two justices of the supreme court, and to be filed in the office of the Secretary of State; the said bonds shall be conditioned for the faithful performance of duty by the said commissioners respectively, and to render a just and true account of their actings and doings in their said offices, and to pay over all monies which may appear to be due to any person or persons interested in said bank, as creditors, stockholders, or otherwise.

Duty of commissioners

Their power & authority

SEC. 4. The said commissioners, or either of them, are hereby required, immediately after they shall have been qualified as aforesaid, to proceed to Shawneetown, and to any other place where the said bank has a branch bank located, and shall then and there take possession of the banking house of said bank or branches; and also, of all the goods, chattels, title papers, credits, effects, cash, and bank bills, belonging to said bank, wheresoever the same may be found. SEC. 5. The said commissioners, or either of them, if obstructed in the execution of the powers vested in them by virtue of this act, shall have authority to call upon the sheriff, coroner, or any constable of the proper county, who is hereby required to assist said commissioner or commissioners and to call to his aid the power of the county; and if any officer or agent of said bank, or any other person or persons, shall wilfully resist or hinder, or in anywise obstruct the said commissioner or commissioners, or any other person or persons called to his or their aid as aforesaid, in the performance of any of the duties imposed upon them by this act, or shall embezzle, sePenalty for crete, or in any manner remove any of the books, papers or obstructing funds of said bank, in order to place the same beyond the charge of their reach of said commissioners, he or they shall be deemed guilty duties of felony; and on conviction thereof, shall be imprisoned in the penitentiary for a term not exceeding ten years.

com'rs in dis

Com❜rs may

persons and

SEC. 6. The said commissioners shall have power to inquire, swear witnes- into the state and condition of said bank, by summoning, atses, send for taching and swearing witnesses, and by sending for persons papers, sue & and papers, and requiring the production of the same by atbe sued, col- tachment; and the said commissioners shall sue and be sued lect debts, sell the real esby the name and style of the Commissioners of the Bank of tate of bank Illinois, and service of process on either one of them shall be