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Hearing how court for that purpose. No depositions shall be required to ducted be taken, but witnesses may be sworn, and their evidences
heard in open court, and upon a hearing of the cause the judge shall have power to alter, modify, or dissolve the injunction or make it perpetual; and if it shall appear that the bank has violated any provisions of this act, or if it should manifestly appear that the creditors or stockholders will be defraud. ed, then the said court shall have power to decree a forfeiture
of the charter of the said bank. If the bank SEC. 10. If the said bank shall forfeit its charter, as afore. shall forleat... said, it shall not thereby forfeit any of its personal effects; iis charter its real & person: its lands shall not revert, nor shall it be released from any al estate shall liability, nor shall any person be released from liability to the not thereby bank, nor shall any security for the payment of money, either be forfeited
to or from the bank, be in any wise impaired or violated, but the said court or judges shall appoint three honest and capa. ble men to act as the receivers of said bank, who shall execute
bonds with approved security, conditioned for the faithful, Receivers to be appointed true, and diligent performance of the duties of their appointwho shall give ment, and who shall take and subscribe the following oath: bonds & cake 661 do solemnly swear (or affirm) that I will faithfully, truly, oath
and diligently perform the duties of receiver of the bank of Illinois;" which bonds and oaths shall be filed in the office of the Auditor of Public Accounts. Said receivers shall have
power and perform the duties of receivers, as in other cases, Po 4 ers and power and perfor duties of re. and shall proceed in the management of the affairs of said bank. ceivers in collecting and paying its debts, in selling its real estate and
other property, according 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, the debtor shall have the right to renew the evidence of his indebtness, with security, upon the payment of one-fifth part of his debt every seven months. The said receivers shall not sell any real or personal property of the bank for less than two-thirds of its appraised value, to be ascertained by the appraisal of three householders, or a majority of them, on oath, to be appointed by the judge of the circuit court of the county where the property may be situated; 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 claims, which certificate
shall be received as is provided in the sixth scction of this act. In what man. Sec. 11. The said bank, in collecting its debts, shall not ner debts shall collect more than one-fifth part of the debt at any one be collected time of any debtor who will pay the said fifth part, and all
interest, whether the debt exist by judgment or otherwise, and renew his note or other liability, with security, to be paid in seven months; Provided, that the bank shall not hereafter be allowed to charge a greater rate of interest than six per cent. per annum on the renewal of any note.
Sec. 12. The real estate of said bank shall be appraised by Real estate of three householders, or a majority of them, on oath, to be ap
in the bank to
Love apo be appraised pointed by the judge of the circuit court of the county where and sold at its the real estate may be situated; said real estate, when so ap- appraised praised, sha!l be subject to sale, and shall be sold whenever value thereafter the appraised value shall be offered for the same; Real estate the real estate of the said bank shall not be sold on execution how sold for less than two-thirds of its appraised value, to be ascertained. as aforesaid. No debtor of the bank shall be garnisheed by Debtors not
garnisheed any holder of the certificates authorised to be issued to credi. Sac tors under the provisions of this act.
S&C. 13. The said bank shall be required to abolish all its Branches branches, and the notes issued by said branches shall be paya- abolished ble at the principal bank.
Sec. 14. If the bank shall fail to make full payment for the State to restock of the State; and any part of the same shall revert to
o share of divi. the State, and shall not be afterwards sold by the State, as dends if bank herein provided for, it shall be the duty of said commissioner fails to make to see that the State, as the holder of so much stock, shall pay!
"stock receive its pro rata share of the dividends and profits of the bank, if any there shall be, and also the amount of any forfeiture which may accrue to the State under the provisions of this act, upon the final settlement of its affairs. SEC. 15. It shall be the duty of the Governor, upon the
e ties received receipt of any of the liabilities of the State, under the provis- of the bank ions of this act, to cause the same to be registered by their ro be registernumbers, amounts, and dates, in the office of Secretary of ed & destroy. Staty, and shall then produce the same to be destroyed by fire in the presence of the General Assembly, if the same be in session, and if the General Assembly be not in session, to cause the same to be destroyed in like manner in the presence of the Auditor and Treasurer, and inake report of his actings and doings in the premises to the next General Assembly. .
Sec. 16. The certificate to be issued under the provisions Form of certiof this act shall be in the following form: “This certificate for ficale
- dollars and cents, will at all times be received
SEC. 17. If the bank shall accept of the foregoing provisions Act to put the of this act, and shall go into liquidation as aforesaid, then and in han
intu liquidathat case the provisions of an act entitled "an act to put the Bank tion suspenof Illinois into liquidation," shall be suspended for and during ded the term of four years from and after the fourth day of March, A. D. one thousand eight hundred and forty-three, and no longer, and for the purpose of enabling the bank to signify
such acceptance and to go into liquidation as aforesaid, the operation of the provisions of the act, the title of which is above recited, shall be and the same are hereby suspended for the period of thirty days from and after the passage hereof.
APPROVED, February 25th, 1843.
In force, AN ACT in relation to the specie in the Bank of Illinois at Shawneetown. Mar. 4, 1843.
Sec. 1. Be it enacted by the People of the State of Illinois, Specie in
represented in the General Assembly, That no execution against Bank of Ills.
** the president, directors, and company of the Bank of Illinois, execution commonly called the Shawneetown Bank, or against said bank
shall be levied upon any of the specie of the bank, unless the officers of said bank shall refuse, for an unreasonable length of time, to pay out its specie pro rata to its creditors, accord. ing to the provisions of (an act to reduce the public debt one million of dollars, and to put the Bank of Illinois into liquidadation," approved the twenty-fifth day of February, one thuu. sand eight hundred and forty-three. Said specie shall be cxempt from any and all executions now in existence, or hereafter to issu'e against said bank, upon the terms and conditions aforesaid, any law of this State to the contrary notwithstanding.
APPROVED, March 4th, 1843.
In force, ‘AN ACT to repeal the the charter of the Bank of Cairo.
AN ACT to repeal th Mar. 4, 1843.
Sec. 1. Be it enacted by the People of the State of Illinois, repreCairo Bank sented in the General Assembly, That all the provisions of an charter re
act entitled “an act to incorporate the city and Bank of pealed
Cairo," approved January 9th, 1818, which grant to certain persons therein named and to others who may become stockholders in the Bank of Cairo, the privilege of banking and issuing notes as a currency, are and the same are hereby re
pealed. Property of, Sec. 2. All the property, real and personal, and the choses vest in com’r in action of said bank, shall vest, by virtue of this act, in one
commissioner or trustee, to be appointed in the manner here
after provided for. Gov. to apo Sec. 3. The Governor shall, by and with the advice and point com’r consent of the Senate, appoint one commissioner who shall
be commissioned by the Governor, to be called the Commissioner of the Bank of Cairo, and who shall, before he enters
upon the discharge of the duties of his office, take and subHis oath
scribe the following oath or affirmation: “I do solemnly swear (or affirm) that I am in no wise interested in the Bank of Cairo either as a creditor, debtor or stockholder, and that I will truly and faithfully perform all the duties of my office of Bank Commissioner of the Bank of Cairo, according to law and ac
cording to the best of my ability;" which oath or affirmation shall be filed with the Secretary of State.
Sec. 4. The said commissioner shall also be required, before Com'r to give he enters upon the performance of the duties of his office, to bonds 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 twenty thousand dollars each, with good security to be approved by the Governor, and to be filed in the office of the Secretary of State; the said bond shall be conditioned for the faithful performance of duty by said commissioner, and to render a just and true account of his actings and doings in his said office, and to pay over all moneys which may appear to be due to any person or persons, whether creditors or stockholders of said bank.
SEC. 5. If the said commissioner shall embezzle any of the Penalty for effects or property of said bank, or shall render a false account embezzling of his proceedings, or shall refuse to pay over any moneys in funds his hands to any person or persons entitled to the same, such commissioner shall be adjudged to be guilty of felony; and shall, upon conviction, be punished by confinement in the pen. itentiary for. a term not exceeding ten years.
Sec. 6. Said commissioner shall, immediately after his ap- Powers and pointment, proceed to Kaskaskia and take possession of the duties of comgoods, chattels, rights, credits, effects, cash, and bank bills of said bank, wheresoever the same may be found; and shall also take possession of the banking house of said bank, in the said town of Kaskaskia; and if the said commissioner should be obstructed by any person or persons in the performance of the duties required to be performed by him, by virtue of this act, he shall call to his aid any sheriff, coroner, or constable, of the respective county, whose duty it shall be, if necessary, to call upon the power of the county to aid the said officers in the performance of their duty.
SEC. 7. If any person or persons shall wilfully obstruct the Penalty for commissioner in the performance of his duty, or obstruct any obstructing of the officers called to his aid under the provisions of this act, or shall embezzle any of the goods, chattels, effects, cash, or bank bills of said bank, or remove or secrete the same for the purpose of placing them beyond the control of the said commissioner, he or they shall be liable to be indicted, and upon conviction, shall be imprisoned in the penitentiary for a term not exceeding ten years.
Sec. 8. The said commissioner shall have power to inquire Special powinto the state and condition of said bank, by summoning, attaching, and swearing witnesses, and by sending for persons and papers, and requiring the production of the same by attachment; and if any of the directors, officers, or agents of said bank, or other person shall refuse, without justifiable cause, to appear and testify when thereto required as aforesaid, such directors, officers, agents, or other, persons, shall be
indictable; and upon conviction, shall be fined in any sum not less than one thousand dollars, and be imprisoned in the county jail for a term not less than one month.
Sec. 9. The said bank shall not be released from any lia. bilities to creditors, nor shall its real estate revert, nor shall any person be released from liability to said bank, nor shall any security for the payment of money or for the performance of any other matter to or by the bank, or any other person, be impaired by any thing contained in this act; the said commissioner shall sue and be sued by the name and style of the Commissioners of the Bank of Cairo, in all cases where the said bank might have sued or might have been sued, and he 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; debtors shall have a right to renew their notes, whether the same shall be reduced to judgment or otherwise, by paying one-fifth part of the sum now due or owing, with interests and costs, if any,
and giving good security for the residuc every seven months. Com'r to take SEC. 10. The said commissioner shall take an account of account or any specie that may be on hand, and of the amount due to
note holders and depositors, and to other creditors, except
stockholders on account of stock, and shall proceed to pay Pay out spe. cie pro rata out specie to such creditors, pro ratu, at the counter of the
bank, as fast as such demands shall be presented for payment, Issue certific and shall issue certificates, not bearing interest, for the resi. cates for the due of the debts, upon the delivery of the notes as a receipt residue
against such other demand; the certificates aforesaid shall be received in payment of any debi duc the bank, and in payment for any real estate sold by said commissioner, and shall entitle the holder to receive his proportionable share of any
dividend that may be declared by said commissioner. Shall sell the Sec. 11. The said commissioner, in selling the real estate real estate
of said bank, shall not sell any of the same for less than twothirds of its value, to be ascertained by the appraisal of three householders, under oath, to be appointed by the judge of the 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. Shall enquire Sec. 12. The said commissioner shall make a thorough
man. examination into the mode and manner in which the said ner the bank her
en con bank has been managed by its officers, and if he discovers ducted that any of the officers of said bank, or any of their agents,
have, in any manner, violated the penal laws of this State, he shall cause them to be indicted and to be brought to punishment, and said commissioner shall proceed, with all possible despatch to make a final settlement of the affairs of said bank, and shall make monthly reports of his proceedings to the Governor, who shall cause them to be published by the public printer, if he deems it necessary.
Sec. 13. The said commissioner shall receive the sum of