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sufficient service; and they shall proceed to collect the debts due said bank, and sell the real estate belonging thereto, under such restrictions and regulations as are hereafter provided for, and the debtors to said bank shall have a right to renew their notes to said commissioners whether ihe same shall be reduced to judgment or otherwise, by paying one-fifth part of the sum due or owing, with interest and costs if any, and giving good security for the residue, every seven months.

Sec. 7. The said commissioners shall proceed to take an Shall take an account of all the gold and silver on hand and of the amount account of

the specie due due to note holders and depositers, and to other creditors

to creditors except stockholders on account of stock, and shall, as soon thereafter as the certificates hereinafter mentioned can be engraved and prepared, proceed to pay out specie to such creditors, pro rata, at the counter of the principal bank, as Pay out the fast as such demands shall be presented for payment, and specie pro ra. shall issue certificates, not bearing interest for the residue of ta to creditors the debts, upon delivery of the notes presented as a receipt against such other demand; the said commissioners shall, from time to time as they may collect specie funds, declare a divi- Shall declare dend payable on said certificates, and shall give notice thereof dividends &

receive certiin the State paper; the certificates aforesaid shall be received by ficates in paysaid commissioners in payment of any debts due the said bank, nient of debts and in payment for any real estate sold by said commissioners, or for the redemption of any lands sold under execution at the suit of the said bank or said commissioners, and shall entitle the holder thereof to receive such dividend as aforesaid.

SEC. 8. The said commissioners, in selling the real estate Real estate of said bank, shall not sell any of the same for less than two

not sold for

less than two thirds of its value, to be ascertained by the appraisal of three thirds its aphouseholders, under oath, to be appointed by the judge of the praised value circuit court, of the county where such real estate may be situated; nor shall any of the real estate of said bank be sold on execution or otherwise, for less than two-thirds of its value to be ascertained in like manner.

Sec. 9. The said commissioners shall not sell or otherwise State indebt-,' dispose of any State indebtedness, of the State of Illinois, edness to the which may come into their possession, until they have applied be sold until all the assets of the bank which can be made available for the other assets of payment of debts, but shall hold and retain the said indebted the bank are

exhausted ness for the purpose of indemnifying the State for the stock she now holds in said bank; Provided, that nothing in this state shall be section contained shall be so construed as to prevent the State entitled :o ber from obtaining her full dividend, in proportion to the stock dividend on she now holds, at the final settlement of said bank; And provided, also, that said commissioners shall not sell or dispose of the evidences of State indebtedness below their par value.

Sec. 10. The said commissioners shall proceed, with all pos-Com’rs to sible despatch, to make a final settlement of the affairs of said make monthly bank, and shall make monthly reports of their proceedings to Governor

bank not to

her stock

- penses &c

the Governor, and the same shall be published in the paper May appoint published by the public printer without charge; and said coma clerk

missioners shall have power to appoint a clerk to their board,
prescribe his duties and fix bis compensation whenever the

public good may, in their opinion, demand such appointment.
Com’rs may
retain $10,000

Sec. 11. The said commissioners are hereby authorized to to defray ex. retain the sum of ten thousand dollars of cash in said bank, to

pay taxes on real estate, and to pay other necessary expenses
of winding up the said bank; and the per diem of said com-
wissioners and clerk shall be considered a part of said ueces-

sary expenses.
Penalty for Sec. 12. If any of the said commissioners shall embezzle
embezzling any of the effects or property of said bank, real or personal,
money

or shall render a false account of their proceedings, or shall
refuse to pay over monies in their hands to any person or per-
sons entitled to the same, such commissioner shall be adjudged
to be guilty of felony, and shall, upon conviction, be punished
by confinement in the penitentiary, for any term not exceed-
ing ten

years.

SEÇ. 13. The Governor may ill any vacancy which may Gov. may all

happen in the board of commissioners aforesaid, by death,

resignation or removal. All'y. Geu'l Sec. 14. The Attorney General, circuit attorneys, and clerks circuit attys of courts, and officers charged with the execution of process, services free shall

, upon request of said commissioners or any one of them, of charge. render their services in all cases arising under this act, with:

out charge to th: State, as a part of their official duty; any
law to the contrary notwithstanding.

Sec. 15. This act to be in force from and after the third
day of March next.

APPROVED, February 25th, 1843.

vacanies

In force, AN ACT to reduce the public debt one million of dollars, and to put the Feb. 25, 1843

Bank of Illinois into liquidation.

1

Governor Sec. 1. Be it enacted by the People of the State of Illinois,
Stale stock

in represented in the General Assembly, That the Governor shall the Bank of bc authorised to negotiate a sale of the stock held by the State Illinois in the “Bank of Mlinois" to said bank, upon the following

terms: that is to say, that the bank shall surrender to the Go-
vernor for the use of the State, as an equivalent for said stock,
an amount of the liabilities of the State equal on their face to
the sum of one million of dollars; onc half of said amount to be
surrendered as aforesaid within five days after the passage of
this act, and the residue, with six per cent. interest thereon
from the date of sale, within twelve months after the passage
bereof.

Sec. 2. If the Governor shall sell the stock of the State, as
aforesaid, he shall, upon the receipt of the first half of the con-

Siate liabili.

sideration therefor, as aforesaid, assign to the bank for the Upon such use of the private stockholders therein, one half of the stock of bule being

made be shall the Statc in said institution, and an undivided half of all the make an asinterest and right of the State in the choses in action, moneys, siguient and property of the bank, both real and personal, but the residue of said stock shall be subject to a lien in favor of the State until the residue of the consideration therefor shall be fully paid and discharged, and if the bank shall pay the residue of said consideration at the time appointed in the preceding section, then the said residue of the State stock, and all the rights and interests of the State in the choses, in action, moneys, and property of the bank, both real and personal, shall be assigned thereto by the Governor, as and for the use aforesaid, but if If the Bank of the bank shall fail to make payment as aforesaid, then the said

to pay for the residue of stock shall revert to and be held by the State in the stock Goversame right in which it is now held, and in case of such reversion nor may sell it shall be the duty of the Governor thereupon to sell and as any person sign the same with all the right and interest of the State in and receive the property of the bank, both real and personal, and in its the amount in choses in action, to any person or persons who will purchase ties the same and pay therefor an amount in the liabilities of the State equal on thcir face to the sum of five hundred thousand dollars, and the purchaser or purchasers of said stock shall be entitled to elect and have the three directors provided for on Rights of the behalf of the State, in the third section of this act, who shall purchasers of be elected by the said purchaser or purchasers of the said stock, said stock &o according to the usage of the bank in that respect; Provided, that if the bank shall make default in paying the residue of the Forfei:ure on consideration for the stock of the State as aforesaid, the bank the part of shall forfeit to the State an amount of money equal to the in

case of failure terest upon five hundred thousand dollars for twelve months, to pay at the rate of six per cent per annum, which shall be paid by the bank to the State in addition to any dividends and profits which the Stac may be entitled to under the provisions of this act, upon the final settlement of its affairs.

Sec. 3. Upon the receipt of the first half of the considera- . tion for the stock of the State as aforesaid, the directory

of the

Directory of bank shall be reduced to eight in number, three of whom shall the bank rebe appointed by the Governor and senate, whose tenures of duced office shall be the same as now provided by law, and five by the private stockholders of the bank, according to usage

in that respect; Provided, that the directors on the part of the State shall be forever withdrawn from the bank upon full payment being made by the bank for the stock of the State as aforesaid.

SEC. 4. If the bank shall accept of the provisions of this act under its corporate seal, within thirty days after the passage Bank to go herent, to be filed in the office of the Secretary of State, then into liquidaand in that case it shall go into liquidation, and be finally tion wound up according to the rules and regulations hereby established.

the bank in

Who shall

And take oach

tion

Governor to Sec. 5. The Governor shall nominate, and by and with the appoint coninissioner advice and consent of the Senate, appoint a commissioner, to

be styled "the Commissioner of the Bank of Illinois," who shall be commissioned by the Governor, and, under his direc

tion, shall enter into bond with approved security in the give bond

penal sum of one hundred thousand dollars to the Governor, for the use of all persons interested or to be interested, conditioned for the faithful performance of the duties of his office according to law, and who shall also before entering upon the duties of his said office, be sworn faithfully and truly to perforn the duties thereof, which oath shall be in writing, and be filed in

the office of Secretary of State; said commissioner shall receive Compensa

such compensation for services actually perforined, not exceeding three dollars per day, as may be allowed by the Governor, and shall hold his office for two years unless sooner removed by the Governor for 'good cause, to be reported to the next General Assembly, and in case of such removal, the Governor shall have power to fill the vacancy by an appointment to endure until the next succeeding session of the General Assembly.

Sec. 6. The Bank of Hlinois shall go into liquidation

within thirty days after the passage of this act, and, at the end Bank shall of that time, shall pay out all its specie on hand except fifteen pay out all its thousand dollars; the said payments of specie shall be made at specie pro rata upon its

the counter of the principal bank at Shawneetown, pro rata, indebtedness that is, proportionably on all its liabilities and indebtedness, except to

whether of the principal bank or branches except upon its stockholders

indebtedness to stockholders as the same may be presented for payment, and shall annually thereafter pay out the specie found on hand, exccpt the fifteen thousand dollars reserved as aforesaid, in manner aforesaid, including like payments upon the certificates of balances hereinafter provided for, except

to stockholders as aforesaid; and the said bank shall make and And give cer- deliver certificates, signed by the president and cashier, to tificates for residue

each creditor for the residue of his debt after deducting the payment in specie, from the whole amount of such debt, which certificate shall be registered by the commissioner aforesaid,

in a book by him kept for that purpose; said certificates shall Certificates be issued for such sums, not less than ten dollars, as will suit the not to be less convenience of the creditors of the bank, and shall be received

in payment of any debt due or to become due to the bank, dollars

and in payment for any real estate purchased or to be purchased of the bank, and in redemption of any lands sold or to be sold, and bought or to be bought by the bank on execution, but tlie bank shall not, directly or indirectly, purchase any of the certificates issued under the provisions of this act.

Sec. 7. The said bank shall not in future discountany note,

lend any money, buy or sell any bill of exchange, issue any Bank herenf paper for circulation or receive any deposites, or do any other ter not to do act usually done by banks, but shall confine all its operations any banking business to winding up its affairs, collecting and securing its debts,

than ten

And renew its notes &c.

paying the debts of the bank, selling its real and personal Only to wind estate, issuing the certificates for balances, provided for in up its affairs the sixth section of this act, and to renewing the notes of its debtors from time to time, upon the payment of one-fifth part each time, and to suing and being sued, in relation to all its For this purdealings; for which purpose, and for no others whatever, the pose the charcharter of said bank is continued for the term of four years ed four years from the fourth day of March, A. D. one thousand eight hun. dred and forty-three; Provided, that if the said bank accepts Proviso the provisions of this act the charter of the same shall be and Charter reis hereby repealed at and upon the expiration of the said term four years of four years from the fourth day of March as aforesaid.

Sec. 8. The aforesaid creditors of the bank shall, before Creditors to they shall be entitled to receive the certificates aforesaid, de-deliver up

bank notes & Jiver

up

to the bank all notes and other evidences of debt held other eviden. by them, and receipt for all judgments and other demands in ces of indebt

edness favor of such creditors against the said bank.

Sec. 9. The bank commissioner aforesaid shall superintend Powers and the proceedings of said bank, and shall exercise due vigilance commissioner over the proceedings of the same, and for that purpose he shall have free access to the books, papers, vouchers, vaults, and cash of said bank, and shall have power in prosecuting his enquiries to administer an oath to the president, directors, cashiers, tellers, clerks, and all other persons, and compel them or either of them to testify in relation to the said bank, or in relation to any matter or thing touching the proceedings of its officers, affecting the interest of the State, the creditors of the bank, or of the stockholders; and upon the refusal of any of them to be sworn or testify, he shall have power to issue his warrant to any sheriff, and commit such president, cashier, clerk, teller, or other person to the common jail of the county, until he or they shall consent to be sworn or testify, as the case may bes and if the said commisioner shall at any time discover that any dishonest practices are countenanced by said bank, or any of its officers, in the management of its business, or that it is about to violate any provision of law, missioner in

Duty of comthen the said commissioner shall immediately certify the fact case any of toʻsome justice of the Supreme Court, whose duty it shall there. the provisions upon be to issue an injunction against said bank, which shall about to be be executed as in other cases, and made returnable to the violated circuit court of Gallatin county, sitting as a court of chancery, and sha!l be proceeded in as in other cases in chancery, except that the said circuit court of Gallatin county, on the chancery side thereof, shall always be and remain open to hear causes arising under this act. The injunction to be issued shall absolutely restrain the said bank and all officers and persons connected with it from doing any act whatever in relation to the matter enjoined until the further order of the said Judge to apcourt. The judge who issued the injunction shall appoint a point a day day for the hearing of the cause, not exceeding ten days after for the hearthe date of the writ, and he or any other judge may hold the than ten day.

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