salaries of the Bank Commissioners out of said fund or the interest which shall accrue thereon.

SEC. 56. Whenever any bank or branch shall become insolvent, and shall be proceeded against as such, it shall be the duty of the proper Court, immediately after a final dividend of the property and effects of such insolvent bank or branch shall have been made among the creditors thereof, to cause an order to be entered on its minutes, setting forth:

First-The total amount of debts against said corporation or branch, ascertained and established by the said Court, including lawful interest thereon.

Secondly-The nett amount of moneys derived from property and effects of said corporation or branch, and applied, under the direction of said Court, towards the satisfaction of such debts; and,

Thirdly-The total amount of moneys then requisite to pay off and discharge the said debts. Such order shall also direct the bank or receiver appointed to take charge of the property and effects of said bank or branch, to apply to and receive from the Auditor and Treasurer of this State, in the manner hereinafter provided, the sum which shall be required to pay off and discharge the said debts.

SEC. 57. Upon such receiver's filing with the Auditor and Treasurer of the State, a copy of such order, duly certified by the proper officer, and countersigned by the proper officer, it shall be the duty of the said Auditor to draw his warrant on the Treasurer, in favor of such receiver, for such amount (not exceeding the amount of the bank fund,) as may be declared by the said Court to be necessary to satisfy the debts of said corporation or branch; and the moneys paid to such receiver, by such warrant, shall be paid out by him, under the direction of the Court, to the several creditors of the said corporation or branch.

SEC. 58. The present capital of the bank and assets and liabilities, shall be divided among the different branches herein located, in proportion to their capital herein named, respectively. And the holders of the present private stock in said bank, shall receive thereon transfers of stock at such branches as the directors of the State Bank shall designate; and from thenceforth said private stock shall only be transferred on the books

of such branches.

SEC. 59. No transfers of the capital or assets and liabilities of said bank shall be made to any new branch or branches, herein located, until the same shall be duly organized, according to the provisions of this

act.

SEC. 60. directors, with the president, shall be necessary to constitute a board for the transaction of business; but 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.

SEC. 61. It shall be the duty of the board of directors of the State Bank, in the first week of the General Assembly, in each year, to make a report to both Houses of the General Assembly, of the affairs and business of said bank and each branch thereof, setting forth in regard to each: First-The amount of available funds on hand, designating each kind. Second-The amount of notes discounted; and the amount of notes that do not exceed one hundred dollars each; the amount that do not exceed five hundred dollars each; and the amount of notes that do not exceed

one thousand dollars each: and the amount of notes that do not exceed two thousand dollars each: and the amount of notes that do not exceed five thousand dollars each: and the amount of notes that do not exceed ten thousand dollars each: and all notes that exceed ten thousand dollars, the names of the principals and all endorsers on each note, shall be given. Third-The amount of bills of exchange to be reported in the same manner as the discounted notes. Fourth-The amount and condition of the surplus or contingent fund. Fifth-The amount of notes in circulation. Sixth-The number of officers and servants, and the compensation to each. Seventh-The amount of rents paid, if any. Eighth-The value of houses for banking purposes. Ninth-The value of other property and real estate, and whether the same has been regularly offered for sale, as required by law. Tenth-The amount of debts due to and from other banks and branches. Eleventh-All such other matters, as shall by them be deemed material and important, or shall be required of them by the General Assembly or bank commissioners. A like report shall be furnished to the General Assembly by the board of directors of each branch. Such report, made by the directors of each branch, shall contain such statement of the condition of the same, as aforesaid, as the same is found on the third Saturday of November in such year, at two o'clock in the afternoon.

SEC. 62. The stockholders of each branch shall, by ballot, annually elect not less than nor more than directors for such branch-the number to be settled by the directors of the State Bank. And the directors of the State Bank shall appoint three directors for each branch: such branch directors shall hold their office for one year, and until their successors are chosen and do fully qualify.

SEC. 63. The said branch directors, at their first meeting after such election, shall choose one of their number to be president, and shall have power to appoint a cashier, and such other officers and agents as they may think necessary, whose terms of office and whose compensation, together with that of the president, shall be established by the directors: they shall also have power to fill all vacancies accruing in their body, except those appointed by the State Bank, which shall be filled by the directors appointed on the part of the State.

SEC. 64. No director appointed by the directors of the State Bank, shall be chosen more than twice in three years.

SEC. 65. No branch director, except the president, shall receive compensation for his services, unless by vote of the stockholders.

SEC. 66. No person shall be elected a director of a branch by the stockholders who shall be in arrears to such branch, nor unless such person shall be a resident of this State, and a stockholder, owning in his own right, and not in trust, ten shares in such branch; but in case there should not be a sufficient number of stockholders owning ten shares, to constitute the directory, they may elect out of those having the highest number of

shares.

SEC. 67. If, during the term of office, any director shall become in arrears, or fail in business, remove from the State, or cease to own the requisite amount of stock, or otherwise become disqualified, it shall be the duty of said board of directors forthwith to vacate his seat and appoint another in his place.

SEC. GS. No person shall be a director in more than one branch at the same time, nor shall two or more partners be at the same time direc tors of the same branch, or of the State Bank or any branch thereof; nor shall a director of any monied corporation, having power to discount and receive deposites in this State, be a director of any branch.

SEC. 69. The board of directors of each branch shall have power to require such security from their officers and agents, for the faithful performance of their duties, as they may deem necessary.

SEC. 70. It shall be their duty to make a report of their business and condition of their branch to the board of directors of the State Bank, once in each month, and oftener, if thereto required by said board, setting forth all the particulars required in their reports to the General Assembly, and shall also send copies of their monthly reports to each branch.

SEC. 71. The board of directors of each branch shall keep a book or books, in which shall be entered and faithfully recorded a journal of all their proceedings, which book shall be open to the inspection of all the stockholders, at all regular meetings of the same; and also be open to the inspection of any three stockholders holding together, in their own right, twenty shares of stock, upon application by them made to the president or

cashier.

SEC. 72. All elections by the several boards of directors shall be viva voce, and recorded.

SEC. 73. The directors of cach branch shall have power to make and prescribe such by-laws, rules, and regulations, as they shall deem needful, touching: First-The government of their respective branches, and the management and disposition of its stock, business, property, estate, and effects. Second-The time, manner, and terms, upon which discounts and deposites shall be made and received in and by the same. The duties and conduct of the officers, clerks, and servants, employed by the same; and Fourth-All such matters as may appertain to the concerns of such branch, subject to the control of the directors of the State Bank in the case, according to the powers herein given to the directors of the State Bank.

Third

SEC. 74. In the management of their business, the board of directors shal! observe the following rules: First-No branch shall loan money on the pledge or security of its own stock. Second-No person shall be accommodated with a loan, while in arrears for stock, for interest, or for loans, had either on his own account or as security for others, and then due, unless the sum so due be retained and first paid out of such loan. Third-In the renewal of notes, the security shall never in any case be lessened. Fourth-No director shall be allowed to borrow out of a bank on any other than the usual banking terms. Fifth-The president, cashier, and directors, for the time being, of any branch, or of the State Bank, shall not be permitted to endorse for each other; nor shall they vote on questions in which they are interested. Sixth-All applications for loans of three hundred dollars and upwards, shall be rejected, unless five concurring votes, out of seven directors, shall be given; and so on, in proportion, if any greater number of directors are present; and if any such application is granted, the ayes and noes shall be faithfully entered by the cashier on the minutes of the board. Seventh-No corporation of any description shall at any time be permitted to be indebted at one branch in a greater

sum than five thousand dollars, for moneys loaned or deposited, unless by permission of the board of directors of the State Bank. Eighth-It shall be the duty of the board of directors of each branch, as often as once in three months, to cause a strict examination to be made of the accounts of the cashier, and to count all the moneys and assets of the branch; and a full and complete settlement thereof shall be entered on the journals of the proceedings of said board. Ninth-No person shall be entitled to receive any dividend of profits on stock owned while indebted to said bank for any debt or demand, then due and payable; but the same shall be placed to his credit, until said debt or demand is paid. Tenth-Seven directors shall be necessary to constitute a board for the transaction of all business.

SEC. 75. If any cashier, officer, agent, or servant, of said bank, or of its branches or agencies, shall embezzle or appropriate, without authority from the president and directors, any funds or property of said bank or branch, to his or their own use, with intent to cheat or defraud, the same shall be deemed felony; and on conviction thereof, the offender or offenders shall be punishable by imprisonment, not less than two nor more than ten years.

SEC. 76. The capital stock of said State Bank shall be and is hereby increased millions of dollars, in shares of one hundred dollars each; one half thereof to be subscribed for and owned by the State of Illinois, and the other half by individuals or corporations, or both. Said additional increase of capital stock shall be equally divided among the several branches hereby created, in proportion to the capital stock of each, as fixed in this act, to be subscribed for and taken according to the provisions of this act. And if at any time that amount 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 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 addition to 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 portion of the State stock from any branch, for the purpose of being replaced, as State stock, in the branch from which it was taken, or in any new branch that may be organized, or in any of the other branches.

SEC. 77. Within six months from the passage of this act, the directors of the State Bank shall, after giving thirty days' notice in all the public newspapers in this State, cause to be opened books for the subscription of stock at such places herein designated, for the location of new branches under the direction of three commissioners whom they shall appoint. Said books to be kept open between the hours of 9 A. M. and 3, P. M. of each day, for the space of thirty days.

SEC. 78. When it shall be ascertained how much of the capital stock of the present branches of the State Bank will be withdrawn to furnish capital to other branches hereby created; or how much, (if any) such capital will be increased by the distribution herein contemplated, it shall be the duty of the board of directors of the State Bank, to cause books to be opened, as aforesaid, for subscriptions for the capital stock of said

branches, in like manner as if said branches had not previously existed, but were created by this act.

SEC. 79. If stock to more than the amount required to be taken, on the part of the private stockholders, shall be subscribed for within the time, for either of the branches aforesaid, it shall be the duty of the commissioners having charge of the stock subscription books, to examine as to the responsibility of the subscribers for the stock, and by them deemed responsible or not, to make their report in writing to the direc tors of the State Bank without delay.

SEC. 80. If, on closing the books, at any of such places, it shall be found that more than the amount required is subscribed for for any branch, the excess shall be taken first from such as reside out of this State; then from corporations; and should there still be an excess, the same shall be taken in proportion from the subscriptions over five hundred dollars, until all are reduced to that amount; then from all equally, until the whole amount shal! not exceed the amount required as additional capital to said branch.

SEC. 81. If a sufficient amount of stock shall be subscribed for by responsible persons at any of the branches herein located, it shall be the duty of the State Bank directors to give notice to the subscribers for stock, of the time when the first payment on their stock shall be made, which shall be given by publication in the nearest newspaper to each branch, sixty days before any payment shall be required to be made, and said instalment shall be ten per cent. in cash on the amount of capital stock required to be taken at such branch.

SEC. 82. The directors of the State Bank, at the time of giving notice requiring the payment of the first instalment upon the stock, shall also, in like manner, give notice that an election will be held on the day succeeding that appointed for the payment of the said instalment on the stock, between the hours of 10, A. M. and 4, P. M. on the same day, at the same place where such branch is located, for the election of directors on the part of the stockholders, in their respective branches, and as 3000 as such directors shall fully qualify, according to the provisions of this act, the commissioners shall pay over to them the moneys received, and deliver the subscription books.

SEC. 83. In the case of failure on the part of any subscriber for said stock to meet the first instalment, the commissioners having in charge the subscription books for stock, shall immediately reopen said books for the space of twelve hours, for the purpose of permitting subscriptions for such share or shares on which payment has failed to be made, and should there be more subscribers than there are shares to be subscribed for, the preference shall be given to such as are not holders of shares.

SEC. 81. After the directors of said new branch have fully organized according to the provisions of this act, they shall immediately give notice to the stockholders of said branch, that a further payment of ninety per cent. on their stock is required to be made in bonds and mortgages on unincumbered lands within this State, worth, independently of any buildings thereon, at least double the amount for which they shall be so mortgaged. And it shall be the duty of the bank commissioners, or either of them, to prescribe such rules and regulations for ascertaining the title and value of such lands as they or he may deem necessary, in order