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Joint Comm. on Banks, Banking, and Insurance. Act to regulate banks and banking, 1828
SEE ALSO 51811 Senate No. 16 On February 20, 1828, the Joint Committee on Banks, Banking, and Insurance reported a bill: An Act to regulate banks
and banking, 1828. Every bank would be a corporation for a term of twenty years, with the usual corporate rights and responsibilities. Each bank had to
keep 25% of the value of its capital stock in gold or silver in its vaults, available to be physically counted by the bank examiners. There could be
no loan to a stockholder until such person had paid for all the stock purchased. The corporation's debt could not exceed 25% of the value of the
bank's capital stock, nor could it issue more bills than that amount. Directors were to be elected annually and the majority of the directors had to live
in the town of incorporation. There always had to be an active branch in the location of incorporation. The cashier had to be bonded. The
Commonwealth could always borrow from a bank and could also buy stock. The records of the enterprise had to be available for examination. There were
directions for taxes to pay, how mortgages were to be managed, and how to weigh the specie. Any bills issued by the bank had to be for a dollar or more
[coinage was the purview of the federal government] and printed on Jacob Perkins plates. The plates had to be kept and used under supervision in one of
three specific vaults. Dividends were to be paid every six months. Twice a year, the directors had to turn in a state-of-the-bank report on the form
provided on p. 22. Within a year before its charter's expiration, a bank could apply to renew the same. (Digitized from a microfilm copy of title
originally held by the Massachusetts State Library).
Title:   The Committee of both Houses, on Banks, Banking and Insurance, to whom was referred the subject of banks and banking, have had the same under consideration, and ask leave to report a bill.
OCLC Number:   1405221924
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