bank may be redeemed. of the officers and agents shall be paid in Commonwealth Bank notes. [We have thought it unnecessary to retain the other provisions of the above act, as they have all had their effect. Should a reference to the same be found necessary, the act may be found at large in Session Acts 1829, p. 242.] · 1831. IN FORCE FROM ITS PASSAGE. AN ACT to amend "an act further to regulate the Bank of the Commonwealth, approved January 29, 1830:" Approved January 15, 1831.-Session Acts, 170. SEC. 2. Be it further enacted, That every agent shall, within six months from the passage of this act, renew their bonds, with good security, in a reasonable penalty, "conditioned faithfully to discharge the duties enjoined by the above recited act;" and with the further condition, that they shall pay into the bank the description of money they received of the debtors to the bank, or money at par value, with what they do receive. 1834. IN FORCE FROM ITS PASSAGE. AN ACT to amend the law concerning executions: Approved February 24, 1834. SEC. 2. Be it further enacted, That where any lands Lands pur- been sold in satisfaction of any debt due the Bank of the Commonmay have chased by the commonwealth wealth of Kentucky, and purchased in by any agent or other person for the use and benefit of the state, which land has not been disposed of by said bank, it shall be lawful for the person or persons, their heirs, executors, or administrators, whose lands may be sold, within twelve months from this date, to redeem said land, by paying over to the agent who may have purchased the same, or into the treasury of this state, the amount for which said land may have been sold, together with ten per centum per annum thereon from the date of the sale, and also the balance or amount of any debt due by such person to the said bank: and any writing executed by said agent or treasurer of this state, under seal, shall be evidence of such redemption, and used in any court in this Commonwealth to prove that fact. TITLE 23. BANKS, INDEPENDENT. 1828. IN FORCE FROM ITS PASSAGE. AN ACT to authorize the Stockholders of the late Independent Banks to elect Agents to close the concerns of said Banks, and for other purposes: Approved February 4, 1828, Session Acts, p. 66. Stockholders to elect an agent to close the con SEC. 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the stockholders of any of the late Independent Banks of this State, shall be authorized to meet on the first cerns. Monday of April next, at their old banking house or some other place, as the late Presidents or Cashiers may direct, to elect an agent to close the business of said Banks, and at said election each stockholder shall have one vote for each share he may own in said Banks. SEC. 2. Be it further enacted, That it shall be the duty of the late Presidents of said Banks, or in case of the death or removal of any of the said Presidents the late Cashiers of said Banks, to cause a notice to be given of at least three weeks in some newspaper, of the time and place of meeting, as provided in the first section of this act, and it shall be competent for such of the stockholders as attend to proceed to the election of an agent for the purposes aforesaid, and a majority of all the votes given at said election shall be sufficient to constitute an agent. SEC. 3. Be it further enacted, That the agent thus elected shall have full power and authority to wind up the concerns of said Banks, and to that end shall be authorized to collect all debts due the same, by the institution of suits therefor, either at law or in equity, in his own name; or may, at his option, submit all matters of controversy to arbitration, or compromise the same as may seem best for the interests of the stockholders; and any person or persons having right of action against the said corporations, may sue or assert the same against such agent in his fiduciary character, and should said agent die, resign or refuse to act, or in case of the failure, from any cause whatever, to elect an agent at the time herein prescribed, then the said Presidents or Cashiers, as the case may be, may proceed to ad Notice of the time and place of holding said election. Suits may be instituted by or against the said agent, &c. be Suits may brought as here tofore, if agent be not apointed Property vested in agent for vertise for another or other meetings of the stockholders, and proceed to hold another election of agent, and until such agent shall be chosen, the President and Directors and stockholders of the several Independent Banks, shall be liable to be sued as heretofore; and it shall be lawful for any person desiring to sue such President and Directors or stockholders or agents, as the case may be, to include as many several notes of said Banks in one suit as he may think proper; and where the whole amount of notes thus included, shall exceed the sum of fifty dollars, the several Circuit Courts shall entertain jurisdiction of such suit and grant relief either at law or in chancery, according to the circumstances of the case. SEC. 4. Be it further enacted, That the property, both real and personal, belonging to said institution, shall be vested in the agent the purpose of elected, in pursuance of this act, for the purpose of making sale debts, and dis- thereof for the benefit of the stockholders; and it shall be the duty tributing pro- of said agent, as soon as he can do so, consistently with the interceeds of sale stock- est of the institution and that of its creditors, to make sale of said sale, among holders. paying Duties of the agent when e lected. Elections of property, and shall apply the proceeds to the payment of the debts of the institution, and pay over the balance if any remain, to the stockholders in just proportion, after retaining his commission and just expenses; and the said agent shall have full power and authority to make title to, and convey all property by him sold as aforesaid. SEC. 5. Be it further enacted, That it shall be the duty of the said agent to collect all sums due, or which shall become due the said institution, and shall apply the same as directed in the fourth section of this act, in relation to the proceeds of the sales of property belonging to the institution; and to enable the said Commissioner to perform the duties herein directed, he is hereby authorized to call upon, and to receive from the person having the custody thereof, all the books, accounts, notes, obligations and property of every description belonging to said institution. SEC. 6. Be it further enacted, That the said presidents or cashiers, the agents to be as the case may be, shall preside at the election of an agent to be conducted by chosen in pursuance of the provisions of this act, and shall keep a the late presidents or cash- correct account of the votes given at said election, and make return iers. Certificate of elections to be returned to the County court. thereof to the county court of the county where such bank was located, with a certificate accompanying the same, certifying who was elected; all of which shall be recorded by said clerk, and the said record, or a copy thereof, shall be considered as legal evidence of the appointment of said agent in pursuance of the provisions of this act. SEC. 7. Be it further enacted, That the said agent shall receive Compensation such compensation for his services as shall be agreed upon by the to the agent for stockholders at the time he is elected: Provided, The same shall his services. not exceed five per cent. upon all sums collected and paid over, besides all reasonable contingent expenses. Agents to give bond & security SEC. 8. Be it further enacted, That the said agent, before he proceeds to fulfill the duties herein directed, shall enter into bond before their several County Courts, with two or more good and sufficient securities, to be approved by said Courts, payable to the Commonwealth of Kentucky, in the penal sum of twenty thousand dollars, conditioned that he shall faithfully discharge the duties of agent as aforesaid; and it shall and may be lawful for any person or persons to bring suit on said bond, in the name of the Common- thereof. wealth for the use of such person or persons, and at his or their proper costs. SEC. 9. Be it further enacted, That an act to authorize the stockholders of the Bank of Limestone to elect an agent or Commissioner, approved January 10th, 1837, shall be and the same is hereby repealed. SEC. 10. Be it further enacted, That the several agents hereby appointed, shall have two years to wind up the concerns of said Bank, but nothing herein contained shall prevent the prosecution of any suit against him, after six months from the time of his election or qualification; and the Commissioners appointed by the General Assembly of the Farmers and Mechanics' Bank of Logan, shall have the further time of two years to wind up said Bank. 1830. IN FORCE FROM ITS PASSAGE. Conditions Act of 1827 Bank of Limeconcerning the stone, repealed Two years allowed to wind up and close the concerns of the said banks. Three years given the said banks to settle by suit or other their concerns AN ACT to allow the Independent Banks in this Commonwealth further time to SEC. 2. Be it further enacted, That the directors, or commissioners, of said Banks shall have power to set off the stock owned by any debtor to said banks, against any debt due to said banks from such stockholder: Provided however, that the said directors or commissioners before they set off the stock as aforesaid, pay all notes Stock owned the banks may by debtors to be set off against their debts due said banks. Proviso. issued by said bank that have been presented for payment, or debts due by said bank in any manner. 1833. allowed to close their concerns. IN FORCE FROM ITS PASSAGE. AN ACT to allow the Independent Banks of this Commonwealth further time to settle their concerns: Approved January 2, 1833.-Session Acts, p. 41. SEC. 1. Be it enacted by the General Assembly of the CommonThree years wealth of Kentucky, That the further time of three years, from and after the passage of this act, be allowed the several Independent Banks of this Commonwealth to close their concerns: and during that time their agents may respectively sue and be sued, implead and be impleaded, and prosecute suits now depending in all courts of justice, as fully and completely as if the act approved February 4, 1828, entitled, "an act to authorize the stockholders of the late Independent Banks to elect agents to close the concerns of said banks, and for other purposes," had not expired. SEC. 2. Be it further enacted, That the act approved January Act of 1830 7th, 1830, entitled, "an act to allow the Independent Banks in this Commonwealth further time to settle their concerns," be, and the same is hereby revived and continued for the further term of three years, from and after the 7th day of January, 1833. revived & continued in force three years. TITLE 24. BANKS, UNCHARTERED. Preamble. 1812. IN FORCE FROM THE TENTH OF FEBRUARY. AN ACT to suppress Private Associations for the purpose of Banking: Approved WHEREAS the advantages arising to the good people of this Commonwealth, by the establishment of a State Bank, may be defeated, and the revenue of this State greatly impaired by the establishment of private associations for the purpose of banking, if the same be tolerated by law: for remedy whereof, |