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Notes to be payable on demand,
AN ACT to amend the act entitled " An act to amend the act entitled an act to authorize the business of Banking," passed May 14, 1840.
PASSED April 10, 1850.
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
$1. The fourth section of the act entitled "an act to amend the act entitled an act to authorize the business of banking," passed May 14, 1840, is hereby amended so as to read as follows:
$4. No banking association or individual banker as such shall issue or put in circulation any bill or note of said assoand without ciation or individual banker, unless the same shall be made
payable on demand and without interest; except bills of exchange on foreign countries or places beyond the limits or the jurisdiction of the United States, which bills may be made payable at or within the customary usance or at or within ninety days' sight, and every violation of this section by any officer or member of a banking association or by any individual banker shall be deemed and adjudged a misdemeanor, punishable by fine or imprisonment, or both, in the discretion of the court having cognizance thereof.
AN ACT to provide for the final distribution of the funds held by the comptroller belonging to the creditors of insolvent banks and bankers.
PASSED April 10, 1850.
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
$1. It shall be the duty of the comptroller to make a final tribution to distribution of the funds in his hands arising from the sale of securities deposited with him, under the act to authorise the business of banking by associations or individual bankers, which have failed, or may hereafter fail to redeem their circulating notes, which distribution shall be made in the manner herein prescribed. At the expiration of six years after the first sale made by the comptroller, of the securities of any such insolvent banking association or individual banker, the comptroller shall issue a final notice to the holders of the circulating notes issued by such banking association, or individual banker, requiring the presentation of such notes within six months after the date of said notice, and any of such
circulating notes which shall not be presented within the time thus specified, shall cease to be a charge or claim upon the funds of said banking association or individual banker remaining in the hands of the comptroller. Any of such Final nocirculating notes which shall be presented within the period above limited, shall be received and paid by the comptroller, at the same rate which shall have been paid on like notes previously presented, and if all the notes of any banking association or individual banker so presented shall have been redeemed at their par value, he shall pay to said association or banker the residue of the fund remaining in his hands belonging thereto. But in case said notes shall not have been redeemed at par, then the holder shall be entitled to a certificate showing the balance, if any, due thereon.
$ 2. At the expiration of the notice of six months required to be given, by the preceding section, the comptroller shall ascertain the amount of the residue of the fund remaining in his hands belonging to the creditors of such insolvent association or banker, and after deducting therefrom all expenses justly chargeable thereon, he shall make a pro rata distribution of the residue upon the outstanding certificates given for the balance due to the holders of the circulating notes of said association or banker, which shall have been redeemed in part, and it shall be the duty of the comptroller to issue a notice to the holders of such certificates stating the rate or amount payable thereon, and requiring said holders to present the same within six months after the date of said notice; and any of said certificates which shall not be presented within the time thus specified, shall cease to be a charge or claim upon the residuary fund in the hands of the comptroller.
53. After making the final distribution directed in the last Unclaimed preceding section, if any portion of said fund shall remain appropri unclaimed, the same shall be deposited in the treasury, and applied towards paying the ordinary expenses of the free banking department.
AN ACT to organize a Bank Department.
$4. The notice required to be given by this act to the Notice, how creditors of insolvent banking associations or individual published. bankers, shall be published at least six weeks in one or more newspapers which the comptroller shall deem best calculated to inform such creditors, and the cost of such publication shall be defrayed out of the fund to which said notice shall refer.
PASSED April 12, 1851; "three-fifths being present." The People of the State of New York, represented in Senate and Assembly, do enact as follows :
to be esti
Fund, how mated and
51. There is hereby established a separate and distinct Bank dedepartment which shall be charged with the execution of the partment.
laws heretofore passed, or that may be hereafter passed in relation to the banks, which are subject to the act to create a fund for the benefit of the creditors of certain monied corporations, and for other purposes, passed April 2, 1829, or in relation to banking associations and individual bankers, formed or transacting business under the act to authorize the business of banking, passed April 18, 1838, and the several acts in addition to or amendatory thereof.
S2. The chief officer of the said department, shall be denominated the superintendent of the banking department. He shall be appointed by the governor, by and with the advice and consent of the senate, and shall hold his office for the term of three years. He shall receive an annual salary of five thousand dollars, to be paid quarterly, in the first instance out of the treasury on the warrant of the comptroller. He shall employ from time to time the necessary clerks to discharge such duties as he shall assign them, whose compen sation shall be paid to them monthly on his certificate, and upon the warrant of the comptroller in the first instance out His deputy of the treasury; he shall appoint one of the said clerks to be his deputy, who shall possess the powers and perform the duties attached by law to the office of the principal during a vacancy in such office, and during the absence or inability of his principal. Within fifteen days from the time of notice of their appointments respectively, the superintendent and his deputy shall take and subscribe the oath of office prescribed by the constitution, and file the same in the office of the secretary of state, and the said officers shall be in all respects subject to the provisions of the sixth title of chapter five of the first part of the Revised Statutes, so far as the same may be applicable. And the said superintendent of the banking department shall give to the people of this state a bond in the penalty of fifty thousand dollars with two sureties to be approved by the comptroller and treasurer of this state, conditioned for the faithful discharge of the duties of his office, and the said superintendent shall not, either directly or indirectly, be interested in any bank or banking association, or as an individual banker.
As amended by Laws of 1857, ch. 103.
Oath of office.
Powers of S3. The superintendent of the banking department shall dent. possess all the powers, perform all the duties and be subject to all the obligations and penalties now conferred by law upon the comptroller of this state, or to which the comptroller is subject in relation to banks, incorporated and banking associations formed and bankers transacting business under the laws specified in the first section of this act, and the said laws and all acts amendatory thereof, or in addition thereto are hereby modified and amended, so that every power and duty thereby conferred on the comptroller, shall from and after the appointment of such superintendent, be transferred
to and conferred upon the said superintendent subject to the modifications contained in this act.
$4. The said superintendent with the approval of the Seal. governor, shall devise a seal with suitable inscriptions for his office, a description of which with a certificate of approval by the governor shall be filed in the office of the secretary of the state with an impression thereof, which shall thereupon be and become the seal of office of the superintendent of the banking department, and the same may be renewed whenever necessary. Every certificate, assignment, and conveyance executed by the said superintendent in pursuance of any authority conferred on him by law, and sealed with his seal of office shall be received in evidence, and may be recorded in the proper recording offices in the same manner, and with the like effect as a deed regularly acknowledged or proved before an officer authorized by law to take the proof or acknowledgment of deeds, and all copies of papers in the office of the said superintendent certified by him, and authenticated by the said seal, shall in all cases be evidence equally, and in like manner as the original. An impression of such seal directly on paper shall be as valid as if made on a wafer
§ 5. All plates for bank bills deposited with the comptroller, Papers, all papers for bills, all securities, stocks, bonds and mortgages to be transand all other papers whatever in the comptroller's office rela- superintenting to the business of the banking department, shall on demand be delivered and transferred to the superintendent thereof, and be and remain in his charge and custody.
6. There shall be assigned to the said superintendent by Rooms and the trustees of the state hall, suitable rooms therein for conducting the business of the said department, and the said superintendent shall from time to time furnish the necessary furniture, stationery, fuel, lights, and other proper conveniences for the transaction of the said business; the expense of which shall be paid on the certificate of the superintendent, and the warrant of the comptroller in the first instance out of the treasury.
$7. All the expenses incurred in and about the conducting Expenses, the business of the said department, including the salary of frayed. said superintendent and his clerks, shall be defrayed and paid by the incorporated banks, banking associations, and bankers, in whose behalf they are incurred. The expenses incurred, and services performed, specially for any incorporated bank, banking association, or banker, including the delivery of new bank bills for such as may be returned, and the destruction of the latter shall be charged to such incorporated bank, banking associations or banker, and all other expenses of the said department, shall be charged to the said incorporated banks, banking associations and bankers, in such proportions as the said superintendent shall deem just and reasonable. If such charges are not paid after due notice, the superintendent may
PART I. apply the dividends on any stock, or the interest on any bonds and mortgages in his hands deposited by the bank, banking association, or banker, so neglecting to make the payment of such charges with interest at the rate of seven per cent, and the moneys so received by the said superintendent on account of such charges, shall be deposited and paid by him into the treasury of this state, to reimburse all sums advanced from the treasury for such expenses; and in case of there being no stocks, bonds or mortgages in the bank department deposited by such bank, association or banker, then the said superintendent may maintain an action in his name of office against the delinquent bank, association or banks, for the recovery of such charges, and the sums collected therein shall be paid into the treasury, and neither the said superintendent nor any clerk or person employed in his office shall take or receive directly or indirectly, any compensation or pay for any services or extra services rendered in the banking department, other than the compensation allowed by law; and any person violating this provision, shall be deemed guilty of a misde
Sec. 14 of
$ 8. The provisions of the fourteenth section of the "Act to act of April authorise the business of banking," passed April eighteenth,
eighteen hundred and thirty-eight, are hereby extended to the said superintendent and the officers and clerks employed in the bank department.
$ 9. Instead of the comptroller, secretary of state and treasurer, it shall be the duty of the superintendent of the bank department to fix upon and determine a day in respect to which the reports of incorporated banks, banking associations and individual bankers shall be made, as provided in chapter four hundred and nineteen of the Session Laws of one thousand eight hundred and forty-seven; and the said superintendent shall, at least once in each quarter of a year, fix and designate some Saturday in each preceding quarter in respect to which the said reports shall be made, and shall give notice thereof in the manner prescribed in the said chapter four hundred and nineteen; and the said reports shall be made to the said superintendent as directed in the said chapter, and all willful false swearing in respect to such reports shall be deemed perjury, and subject to the punishments prescribed by law for that offence. In case of neglect to make such report within fifteen days from the mailing of the notice designating said day upon which such report shall be made, it shall be the duty of the superintendent to cause the books, papers and affairs of the bank, association or banker, so neglecting, to be examined as directed by the third section of the said chapter four hundred and nineteen; and the reasonable expenses of such examination, to be certified by the said superintendent, shall be charged to the bank, association or banker so neglecting, and shall be collected in the manner herein prescribed in respect to other charges against them; and it shall also be