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An Act to place the Bank of the State of Arkansas in liquidation. 1842-1843 77 (1842)

handle is hein.slavery/ssactsar0047 and id is 1 raw text is: 77 An Act to place the Bank of the State of Arkansas in liquidation. SECTION 1. Takes away the power to loan money in any manner whatever. 2. Provides for two receivers. 3. Bond to be given, in what amount. 4. Vacancy in the office of receiver, how filled. 5. Provides for the appointment of an agent, to assist receivers in an ex- aminatiot of the banks. 6. Provides for an attorney, and assigns his duties. 7. Board of managers, of whom to con. sist. 8. Receivers, points out the special duty of each. 9. What notice to be given to debtors. 10. To obtain a renewal, what necessary to be done by the debtor. 11. If security be good, btt one renewal necessary. 12. Receivers liable, if debt lost from negligence. 13. After suit commenced, upon what terms it may abate, and the debtor permitted to renew. - 14. When bonds of the State to be taken in payment. 15. Duty of the receivers at the different branches. 16. Duty of the receivers at the principal bank. 17. Receivers of the principal bank to exercise a superintending control over the other receivers. 18. Depositors, officers, and mechanics SECTION to be paid in the kind of funds con. tracted for. 19. Other banking institutions to be set. tied with, as soon as practicable. 20. Receivers to pay upon each note pre. sented so much gold and silver as - the whole amount of good funds bears to the amount in circulation. 21. The par funds that remain after tak. ing up the circulation, to be appro. priated to the payment of the inter- est on the bonds of the State. 22. If any be left in their hands, after paying such interest, to be reported to the next legislature. 23. Attorney or executive receiver to at. tend the sale of all property sold for the bank. 24. Receiver and attorney placed on the same footing with other debtors. 25. Compensation of attorney and receiv. ers fixed. 26. Duty of attorney pointed out. L27. Fixes ihe punishment for false and fraudulent statements by receivers. 28. This act not intended to destroy the corporate existence of the bank. 29. Cancelled bonds delivered to the au. ditor by the receivers. 30. Debtors to the Bank not subject to garnisment by her creditors. 31. Debtor may substitute others in his stead, when the bank is not made less secure thereby. 32. When to take effect. Be it enacted by the General Assembly of the State of Arkansas, That the Bank of the State of Arkansas and branches shall hereafter have no power to issue notes in discount of any check, promissory note, bill, bond, or other obligation, or to loan money in any manner whatever. SEc. 2. Be it further enacted, That the General Assembly, at the present session, shall elect, by a joint vote of both houses, two receivers for the principal bank, and two receivers for each of the branches; one to be styled the executive receiver, and the other the financial receiver; who, upon qualifying, as hereinafter mentioned, shall be commissioned by the Governor, and hold their offices fof two years, and until their successors shall be elected, qualified, and commissioned. SEC. 3. Be it further enacted, That each and every receiver of the principal bank, before he is commissioned, shall enter into bond to the State of Arkansas, with good and sufficient security, to be approved by the Governor and Treasurer of the State, in the sum of seventy- five thousand dollars, and each receiver of the branches shall enter into bond in the sum of fifty thousand dollars, conditioned that he will

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