such purpose, appoint a day, giving at least thirty days previous notice of such time and place in one or more of the newspapers printed at the seat of government of this State or elsewhere; and if the whole of the capital stock herein authorized to be subscribed for, shall not be taken within twenty days after the books shall be opened as aforesaid, the said commissioners or a majority of them, shall open other books on such days and at such places as they shall deem expedient, giving at least twenty days notice of the time and place of re-opening said books, in one or more of the newspapers printed at or near the place of re-opening said books.

kept open.

SEC. 10. The books for subscription shall be kept open Length of time until all the original stock to be subscribed by individuals for books to be shall have been taken, and the sum of ten dollars on each share subscribed for, shall be paid to the said commissioners at the time of making such subscription; such payments shall be made in specie, bills of the Bank of the United States, or certificates of deposite in any of the Deposite Banks of the United States, in New York or Philadelphia. As soon as the Directors shall have been chosen, and the commissioners hereby appointed shall have been notified of their election, they shall pay over the whole amount of subscription severally paid to, and received by them in the same description of moneys so by them received, into the hands of the President and Directors of the said corporation, taking their receipts therefor, to be delivered over to the Cashier of said corporation as soon as he shall have given bond according to law: Provided, That if, on closing the books, it shall be found that more than one million four hundred thousand dollars have been subscribed, 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 one thousand dollars, until all are reduced to that amount; then from all equally, until the whole amount shall not exceed one million four hundred thousand dollars. SEC. 11. The stock, property and prudential concerns of Concerns of said corporation, shall be conducted by nine directors, be- said bank, how ing stockholders and citizens of this State, but no person shall be a director who shall not at the time of his appointment hold at least ten shares of the stock of the incorporation. SEC. 12. The election of directors under this act, shall be held at such time and place in the town of Springfield, as rectors, when shall be directed by the said commissioners, who, or a ma- and where to be jority of whom, are hereby appointed inspectors of the held. first election; and the persons then elected as directors, shall hold their offices until the second Tuesday of June, 1836, and until others are elected.

managed.

Election of di

SEC. 13. The directors for every subsequent year, shall Shall be elected be elected on the second Tuesday of June in every year, annually there- at such time of the day, and at such place within the town

after.

Number of

stockholder

to.

of Springfield, and under the direction of such persons as a majority of the directors, for the time being, shall, by a resolution to be entered on their minutes, appoint, and shall hold their offices for one year, or until others are

elected in their stead.

SEc. 14. After the first election, no stockholder who shall votes that each not have held his stock for which he votes, for three calendar months previous to the day of election, shall be entishall be entitled tled to vote, and the number of votes to which such stockholders shall be entitled in voting for directors, shall be in the proportion following-that is to say, for each and every share, not exceeding four shares, one vote; for every two shares above four and not exceeding thirty, one vote; for every four shares above thirty and not exceeding ninety, one vote; for every six shares above ninety and not exceeding one hundred and fifty, one vote; and for every ten shares above one hundred and fifty, one vote. But no person, co-partnership, or corporation, shall be entitled to a greater number than one hundred votes. In all elections for directors, votes may be given either in person or by proxy; but no person shall vote by proxy more than one hundred votes, and no individual stockholder who shall be a resident of the county where the election is to be held at the time of such election, shall vote by proxy unless in case of unavoidable absence, except females or minors: Provided, no President, Cashier, or other officer of said Bank or Branches thereof, shall be permitted to vote at any election for directors as the attorney, agent or proxy of any stockholder: Provided, also, that no President, Cashier or Director of the Bank shall, during the term of his office, be eligible to a seat in either branch of the General Assembly of this State.

Election to be by ballot.

equal number of

votes.

SEC. 15. All elections shall be by ballot, and the nine persons who shall have greatest number of votes, shall be In case two or the Directors; and if at any election two or more persons more have an have an equal number of votes for directors, then the directors who shall have been duly elected, shall proceed by ballot, and by plurality of votes determine which of the said persons so having an equal number of votes, shall be director or directors, so as to complete the whole number; and if any director shall cease to be a stockholder to the amount of ten shares, his office shall be vacant; and whenever any vacancy shall happen among the directors, from such or any other cause, such vacancy shall be filled for the remainder of the year in which it shall happen, by the directors, for the time being, or a majority of them.

sident.

SEC. 16. The directors elected, as soon as may be after Election of pretheir election, shall proceed to choose by ballot, one of their number to be their President, who shall preside in the board until the next annual election; and in case of his death or resignation, they may proceed to fill the vacancy created thereby for the residue of his term. They shall have power to appoint a Cashier and all subordinate officers of the said corporation, fix their compensation, define their powers, and prescribe their duties; who shall give such bonds and in such penal sums, with such conditions, and with such securities as the directors shall prescribe, and hold their several offices during the pleasure of a majority of said directors.

SEC. 17. That a general meeting of the stockholders General meetshall be held on the second Monday of June, 1836, and on ings of stockholders, when the second Monday of June annually, thereafter, at the held. time and place of holding the election for directors; and the directors for the year immediately preceding, shall present an exact and particular statement of the state, condition, and affairs of said Bank; and the stockholders present, shall have power to examine into all matters connected with said Bank, its pecuniary concerns and general welfare, and to adopt such measures as shall appear to them needful and proper, touching the management of said corporation and its effects, as shall not be inconsistent with the provisions of this charter.

Authroized to borrow money.

same.

SEC. 18. The said corporation shall have power to receive on deposite, or borrow at such rate of interest as may be agreed upon, any sum of money not exceeding one million of dollars, and the same to loan on bond and May loan the mortgage of unincumbered real estate within the State; but no Ioan on such real estate shall be made in any case for more than one half of the appraised value thereof, for a term of time not exceeding five years, and at no higher rate of interest than ten per centum per annum.

SEC 19. The said corporation shall not commence busi- When to comness until two hundred and fifty thousand dollars of the mence business. capital stock shall have been paid to said corporation in specie; and as soon as such payment shall have been made, the said directors shall notify the Governor of this State that they are ready to commence business; and thereupon, the said Governor shall appoint some suitable person or persons, to examine and count the money paid in on account of said capital stock, and then being actually in the vaults or possession of said corporation, whose duty it shall be, at the expense of said corporation, to make such examination, and ascertain by the oath of the President and Cashier of the said corporation, that the said capital has been, bona fide, paid in by the stockholders of the said

Directors to re

of sums subscri

corporation, in payment of instalments under the regulations of this charter, and for no other purpose whatever, and that it has actually been received as part of said capital stock; and thereupon, such person or persons so appointed by the Governor, shall forthwith make due return of such examination, and the facts connected therewith, to the Governor; and when the return shall be made to him, as aforesaid, that the said sum of two hundred and fifty thousand dollars of the capital stock of the said corporation has been paid in and actually exists in the vaults in possession of said corporation, he shall cause proclamation to be made of the same, which shall be published, at the expense of the said corporation, in at least four of the newspapers printed in this State; and on the first publication of such proclamation, it shall be lawful for the said corporation to commence business, and not before.

SEC. 20. The directors shall have power to require the quire payment stockholders, respectively, to make payment of all sums of bed and unpaid. money by them subscribed and remaining unpaid, at such times and in such proportion as such directors shall see fit, under the pain of the forfeiture of the share upon which such payments are required, and all previous payments thereon, to the said corporation.

Shall give notice of such payments.

SEC. 21. The directors shall give notice of every such call by notice, to be published at least once a week, for eight weeks successively, in two or more newspapers in this State, one of which shall be at the seat of government of this State; which notice, so to be published, shall be a sufficient call on such stockholders to authorize, in case of default to comply therewith, the forfeiture above provided. All evidences of SEC. 22. The obligations, contracts, bills, notes and other debt obligatory evidences of debt, made or issued by the said corporation, on said corpor- and being assignable and negotiable in like manner as if

ation.

Rates of interest allowed.

made or issued by a private person; and those payable to bearer by delivery; and every evidence of debt assigned by the said corporation by endorsement thereon, shall enable the assignee thereof to maintain an action thereupon in his own name; but every note, bill or evidence of debt, purporting to be a bank note to be issued by the said corporation, shall be deemed and taken to be payable at the banking house of the said corporation, unless otherwise specified on its face.

SEC. 23. It shall be lawful for the said corporation, and they are hereby authorized, to demand and receive, for all sums of money loaned by them, the following rates of interest, to wit: On loans for sixty days or under, at the rate of six per cent. per annum; on loans over six months and under twelve, eight per cent. per annum: Provided, That

the interest may be taken in advance and in accordance with the usual practice of banking institutions.

ceed twice and

SEC. 24. The said corporation shall not issue or have in Notes in circucirculation at any time an amount of notes or bills put in lation not to excirculation as money, exceeding twice and a half of its capi- a half the capital stock paid in and possessed, exclusive of the sums due on tal stock. deposites; nor shall its loans and discounts at any time exceed three times the amount of such stock, exclusive of the deposites as aforesaid; and in case of excess, the directors, under whose administration it shall have happened, shall be liable in their natural and private capacities. Any director or directors who may be absent when such excess is created or contracted, or who may have dissented from the act whereby the same was created or contracted, may respectively exonerate themselves from being so liable, by entering his protest to the same on the book of the minutes of the proceedings of the said corporation.

of debt.

SEC. 25. If, at any time, the corporation hereby created, Refusal to reshall neglect or refuse, for ten days after demand, at the deem evidence banking house, during the regular hours of business, to redeem, in specie, any evidence of debt issued by the said corporation, the said corporation shall discontinue and close all its operations of business, except the securing and collecting of debts due or to become due to the said corporation, and the charter hereby granted shall be forfeited.

fused.

SEC. 26. The said corporation shall be liable to pay to Payment dethe holders of every evidence of debt made by it-the manded and repayment of which shall have been demanded and refused damages for the non-payment thereof in lieu of interest at and after the rate of ten per centum per annum, from the time of such refusal until the payment of such evidence of debt and the damages thereon.

SEC. 27. The stock of the said corporation shall be as- Stock assignasignable and transferable according to such rules as shall ble. be adopted, in that behalf, by the by-laws and ordinances

thereof.

of stock reserved to the State

SEC. 28. Whenever the one hundred thousand dollars When the am't reserved in this charter to be subscribed for by the State of Illinois, shall have been, by virtue of law, subscribed shall be subfor, and the amount thereof paid in by the said State, the scribed. Governor shall nominate, and, by and with the advice and consent of the Senate, appoint two directors on the part of the State, to represent her in the said corporation, whose rights, powers and duties, shall be, in all respects, the same as those of the directors chosen by the stockholders.

SEC. 29. It shall be the duty of the directors of the said Directors shall corporation, to make dividends half-yearly, or otherwise,

make dividends