The General Assembly convened at Providence, on the second Monday in January, 1865, (being the 9th,) in conformity with the provisions of the third Section of Article 4 of the Constitution, as amended by the electors on the first Tuesday of November, 1854, and adjourned on Friday, the seventeenth day of March, following, to meet again in Newport, on the last Tuesday in May, 1865.

ACTS AND RESOLVES

PASSED AT THE

JANUARY SESSION, 1865.

[The Chapters are numbered continuously from the Revised Statutes.]

AN ACT ENABLING ANY OF THE INCORPORATED BANKS OF Passed THIS STATE TO CLOSE UP THEIR BUSINESS WITH THE VIEW March 7, OF ORGANIZING AS NATIONAL BANKS.

It is enacted by the General Assembly as follows:

1865.

missioners.

SECTION 1. There shall be elected by the General Assembly, in Grand Committee, three Bank Commis- Bank Com sioners, who shall hold their offices for the term of one year and until their successors are elected and qualified, two of whom shall be a quorum for the transaction of business. They shall be engaged to the faithful dis- Their duties. charge of the duties of their offices, which are hereinafter prescribed. They shall receive a compensation of eight compensadollars per day which shall include expenses for every day actually employed, to be paid by the Banks employing their services.

SEC. 2. Whenever the Directors of any Bank incorporated under authority of this State, shall certify to the Bank Commissioners that two-thirds of the stockholders of such Bank desire to close up the business thereof,

tion.

National

Banks.

pursued.

as

under its present charter, with the view of organizing Orings as a National Banking Association, under the laws of the United States, or of transferring its property and estate to any existing National Banking Association, it shall be the duty of the Bank Commissioners to examine Course to be into the affairs thereof, and shall ascertain the outstanding liabilities of such Bank, and shall thereupon fix the penal sum in a bond which it is hereby provided shall be given by the persons interested in the said Bank, or some of them, to the General Treasurer, and his successor in office, conditioned to pay and discharge all the liabilities of the said Bank upon demand being made therefor, within the usual banking hours, and at a place, and of the agent of such Bank, residing or to reside in the town or city where such Bank is located, and in said bond to be designated, which said bond shall be given with sureties satisfactory to the General Treasurer and the Bank Commissioners for a sum not less than the liabilities of said Bank, and after a form to be approved by the Attorney General.

Bond of
Bank.

SEC. 3. Whenever any bond shall have been given and accepted as aforesaid, it shall be the duty of the Bank for whom it was given to give public notice for at least sixty days, by public advertisement in some newspaper, if any, in the county where such Bank is located, and also in some newspaper published in Providence, to all persons having claims against the said Bank to present them at the place designated in the said bond for payment.

SEC. 4. Whenever demand shall have been made for the payment of any claim covered by the provisions of under the said bond, and payment thereof shall have been refused,

of claims

the person holding such claim may bring a suit upon the said bond in the name of the General Treasurer, endorsing the name of the claimant on the back of the writ, in the Supreme Court for the county where such Of judgment. Bank was located, and if he prevails in such suit, judg ment shall be rendered thereon in favor of the General Treasurer, for the penal sum named in said bond, and execution shall issue in favor of the claimant, for the amount that shall be found due upon his claim, with costs, and such reasonable counsel fee as may appear to the court to be proper to be allowed to his counsel for

services in said suit; and if said claim shall appear to be unlawful, the defendants in such case shall recover their costs against the claimant, and no judgment shall be entered for the penalty of the said bond; and like proceedings may be had in the case of any other claimant, until judgment shall have been rendered for the General Treasurer for the penal sum in said bond.

on bond.

SEC. 5. Whenever, after judgment shall have been rendered upon the bond in manner aforesaid, and demand orjudgments shall be made as aforesaid for the payment of any other outstanding claim, and payment thereof shall have been refused, the claimant may sue out a writ of scire facias upon the judgment recovered upon said bond as aforesaid for said claim, endorsing his name upon the back of said writ, and if upon the trial of the suit the claim shall be found due, execution shall be awarded to such claimant for the amount due, with costs and counsel fees to be allowed as aforesaid; and the like further proceedings shall be had until all outstanding liabilities. of such Bank shall have been satisfied and paid.

of property

Banks.

SEC. 6. Whenever any bond shall have been given and accepted as is hereinbefore provided, the Directors Assignment of such Bank may assign all or any part of the corporate to National property, assets, and choses in action of the said Bank, to any National Bank organized in accordance with the laws of the United States, or to such other persons for the use of such National Bank, or for the use of the stockholders of the State Bank as they may think proper, and shall certify, to the Bank Commissioners as soon as practicable thereafter, a surrender of the charter of such Bank, and shall with such certificate, deliver all of the plates, dies, and unissued bills, in the possession or bills, of the said Bank, to the Bank Commissioners to be dies. destroyed; the which Commissioners are hereby authorized to accept such surrender, and upon their acceptance thereof, such Bank shall cease to have any corporate when corpoexistence under any law of this State, except for the ence ceases. purpose of prosecuting to final judgment and execution and of defending pending suits; and the assignees of the assets of the said Bank may bring suits in their own names, for the recovery of any debts, choses in action, of suits for or other property assigned to them, under the provisions debts. of this act; and the Bank Commissioners shall cause

plates and

rate exist

recovery of