Property to be mortgaged, how appraised.

Dividends on stock may be sold.

Subscriptions in gold or silver.

property a mortgage upon which may be offered in security for the stock subscribed, it shall be the duty of the commissioners, directors or the managers in each of the counties, to appoint three discreet men, residents of the several counties (who shall first take an oath for the faithful performance of their duty) to appraise the land upon which the mortgage is tendered, at a fair cash price, and make report of the same in writing, to the directors, commissioners or managers by whom they were appointed.

SEC. 22. That any stockholder may sell the dividends to be paid upon his stock, and the directors are required in their by-laws to prescribe the manner the same shall be transferred; but such sale shall not entitle the purchaser to a vote, and that the vote shall always be with the land mortgaged, or the money paid into the State or Territorial Treasury for the redemption of any mortgage; this transfer to be made as prescribed by the by-laws of said corporation.

SEC. 23. That the said commissioners or managers are hereby authorized and required to allow subscriptions in gold or silver currency of the United States, either by residents or non-residents of [of this Territory, Provided, however that the full amount of each share shall be paid when so subscribed.

SEC. 24. That so soon as the amount of two hundred and fifty thousand dollars is subscribed, the commissioners or directors may proceed to emit the bonds mentioned in the first section of this act, for so much as may have been subscribed and secured as Bank when to go aforesaid; and the said commissioners or directors shall and they into operation. are hereby authorized to put the bank in operation, so soon as the said sum of two hundred and fifty thousand dollars shall be obtained, Provided, that Congress shall have sanctioned this charter.

SEC. 25. That if einer of the commissioners who shall be appointed in pursuance of the provisions of this act shall agree to any distribution of the stock of said Bank and if said stock shall be distributed contrary to the spirit of said section, or if any such commissioner or manager shall knowingly permit any subscription to be made to said capital stock in contravention or violation of any of the provisions of this act, or if any commissioner or manager shall refuse to relinquish his office, or surrender the books and papers required of him in the ninth section of this act, to be Commissioners surrendered by the time limited in said ninth section, such violating the provisions of this act commissioner or manager shall for each and every such offence be guilty of felony. deemed and is hereby declared to be guilty of felony; and if any such commissioner or director who shall be in office in pursuance

to be deemed

of the provisions of this act shall knowingly and with the intent to defraud any person or persons, issue any bonds in contravention or violation of the provision of the fourth or fifth sections of this act, or of any other of the provisions of this act, shall take or receive or agree to take or receive of any person any greater rate of interest than is provided in the seventh section of this act, or shall knowingly consent to the making of loans by said bank to a greater extent than is authorized in the seventh section of this act, or shall knowingly consent to controverting or incurring debts binding upon said corporation to a greater extent than is provided in the seventh section of this act, or shall knowingly consent to the violation of the faith implied by the receipt of any deposite authorized to be received by this act; and shall refuse to permit any examination, or furnish any information which he is authorized or required to give by the eleventh or thirteenth sections of this act, or shall with the intent to defraud any person or persons violate or contravene any of the provisions of the fourteenth section of this act, or shall as such director deal or be engaged in the manufacture of any article or thing in contravention or violation of the provisions of the eighteenth section of this act, such director shall for each and every such offence be deemed and is hereby declared to be guilty of felony. That if any person appointed to appraise any lands in pursuance of the provisions of the nineteenth section of this act shall wilfully and with the intent to defraud any person or persons appraise any lands at a greater sum than their just value in money shall for each and every such offence be deemed and is hereby declared to be guilty of felony; and any person who shall be convicted of any offence under this act shall be punished by confiuement at hard labor in the prison, for a term not exceeding How punished. ten years, and be fined not exceeding ten thousand dollars, or either of such punishments in the discretion of the court.

SEC. 26. That all persons applying for loans or discounts shall No preference [all] stand equally, and no preference shall be given to any person, given to persons applying for whether director, stockholder, or other person, and the only question loans. shall be as to the sufficiency of the applicant or his security; and no director shall be permitted at any one time to become indebted Directors not to to the bank by discount or by endorsement exceeding the sum of $10,000. ten thousand dollars.

be indebted over

SEC. 27. Any person holding an appointment under the President of the United States, Delegate, and members of Congress, the Executive, and members of the Legislature of the State or Territory hold the office of Wisconsin, and any other person who may hereafter be prohib- of director.

Who may not

Bank to act as

fiscal agent when

required.

Shall transmit

funds of territory free of charge and pay interest on deposite..

Books may be

director or

president.

ited by law, shall be and are hereby declared incapable of holding the office of director in said bank.

SEC. 28. Said Bank shall act as the fiscal agent of the Territory or future State when required, and shall when required negotiate all loans for the Territory or future State, either in Europe or America, on the most advantageous terms that can be obtained without charge, and shall when required, transfer the funds of the Territory or future State, from one part of the same to another, wherever there is a branch, without charge for the same. Whenever the Territory or future State shall see proper to deposite any money in said bank, the bank shall pay an interest on the same at the rate of six per cent. per annum: Provided, that the special deposites for a less time than twelve months, or funds which the bank may have to remit from one part of the Territory or State to another, shall not be charged with any interest.

SEC. 29. Any director of said bank, or of any branch of the same examined by any may examine and inspect the books of said bank and of the branch of which he may be a director, whether the board of directors be in session or not; and the president or any director of the principal bank, may examine and inspect any of the books and accounts of any of the branches which may be established at any time, whether the board of directors may be in session or not.

Commissioners.

Managers to open books of subscription.

SEC. 30. That Wm. S. Hamilton, Horace White, Richard Mc'Kim, William J. Madden, Charles M. Rogers, Daniel Whitney, Thomas P. Burnett, Martial Detandebaratts, Thomas Hugill, John Catlin, Hercules L. Dousman, Thomas P. Street, Henry Miller, Morris Pixley, Sylvester D. Cowles, John W. Denniston, Henry F. Phoenix, Elias Smith, Michael Myers, Christopher Bowen, and Martin C. Whitman, be, and they are hereby appointed commissioners to perform the duty prescribed by this act.

SEC. 31. That the following persons be, and are hereby appointed managers to open books of subsoription, and to perform the duties required by this act, in the counties hereinafter mentioned to wit:

At Madison, Dane county, the commissioners or a majority thereof.

In Grant County,-Wm. B. Vinyard, Sylvester Gridly, and Orris McCartney.

In Iowa County,-Benjamin Funk, Thomas D. Potts and Cromwell Loyd.

In Crawford County,-Levi R. Marsh, B. W. Brisbris and G. W. Pine.

In Green County,-Wm. Rittenhouse, Wm. Bowen and David C. Bridge.

In Walworth County,-Truman Hibbard, Andrew Ferguson and Wm. Bowman.

In Rock County,-Lucius G. Fisher, Wm. H. H. Bailey and Nathan G. Storrs.

In Brown County,-Randal Wilcox, Thomas Green and Mason C. Darling.

In Racine County,—John ̈ Bullen, Gilbert Knapp and Peter Martin.

In Milwaukee County,-David Jackson, Jeremiah B. Zander and A. F. Pratt.

Duration of char

SEC. 32. That this charter shall be and continue in force until the year one thousand eight hundred and sixty three, and take effect ter. as soon as the sanction of Congress shall have been obtained. Provided, That whenever the Legislative Assembly of this Territory or state, that may hereafter be, shall be of opinion that this charter has been violated, and that the same has been forfeited, it may be lawful, by joint resolution, to direct a scire facias to issue from the District Court of the Judicial District, in which the mother Bank may be situated, in the name of the Territory of Wisconsin, or the State that may hereafter be, calling on said Bank to show cause why its charter shall not be declared forfeited, and the service of said scire facias upon the president and any two of the directors of the principal Bank, shall be a sufficient service; and upon the return of the scire facias, said court shall examine into the truth of such alleged violations; and if such violations be made to appear, thence to pronounce and adjudge that the said charter is forfeited and annulled, Provided, however, that the said scire Proviso. facias shall specify the nature of the complaint, and the ground upon which the forfeiture is claimed. Every issue of fact between the Territory or state, and said Bank, shall be tried by a jury empannelled in said court for that purpose. And if at any time it appears by scire facias, or other judicial proceedings, in any court of record in this Territory, or State that may be, that said Bank has violated its charter by exceeding the amount of issue herein authorised, or in any other manner, the directors voting for, or who may have sanctioned such violation of the charter, shall be responsible in their private property for any loss or damage which may be sustained by any person or persons, in consequence of such violation; said individual liability shall be enforced against said directors, when said Bank shall have ceased to pay its debts and redeem its notes at its usual place of business, and judgment shall

have been regularly first obtained against said Bank, and execution shall have been returned unsatisfied, and that no property of the said Bank can be found to satisfy the same, and not before. And if said Bank shall not be put in operation within two years after this act shall have received the sanction of Congress, this charter shall be null and void.

SEC. 33. That in case the Legislative Assembly of this Territory, or the Legislative authority which may hereafter exist in a State to be erected in this Territory, shall deem it expedient for the better regulating said bank, to require it to be subject to a Safety fund sya general safety fund system, similar to the one now in use in the State of New York, it shall have full power to do so.

tem.

Approved, February 25, 1839.

Repeal of sec. 2 in former act.

Election.

meet and canvass votes.

NO. 33.

AN ACT to amend an act entitled an act to organize Rock county, and for other purposes relating to the same.

Be it enacted by the Council and House of Representatives of the Territory of Wisconsin,

SECTION 1. That the second section of the above mentioned act be, and the same is hereby repealed.

SEC. 2. That for the purpose of choosing the first county officers for said county, the legal voters of the same shall hold an election at their respective election precincts on the third Monday of March A. D. 1839.

SEC. 3. That the inspectors of elections in the various election Inspectors of, to precincts in said county, shall meet at Janesville, in said county, on the first Monday after the election, held pursuant to the second section of this act, and shall then and there canvass the votes given in for the county officers, and shall give to the persons who shall be duly elected, certificates of their election.

first commissioners.

SEC. 4. That the person who shall have the highest number of votes for county commissioner, shall hold the office until the close Classification of of the annual session of the board in January, A. D. 1842; the person who shall have the next highest number, shall hold his office until the close of the annual session of the board in January A. D. 1841'; and the person who shall have the next highest number, shall hold his office until the close of the annual session of said board in January A. D. 1840; and in case two or more persons shall have the