LAWS OF THE STATE OF FLORIDA, PASSED AT THE SIXTH SESSION OF THE GENERAL ASSEMBLY. 1852-'3. THOMAS BROWN, Governor. C. W. DOWNING, Secretary of State. JOHN BEARD, 1852. CHAPTER 480.-[No. 1.] AN ACT to authorize the Business of Banking. have notes en SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Florida in General Assembly convened, That the Comptroller of Public Accounts be and is hereby authorized and required to cause to be engraved and printed in the best manner, to guard Comptroller to against counterfeiting, such quantity of circulating notes, graved. in the similitude of bank notes in blank, of the denomination of fives, tens, twenties, fifties and hundreds, as he may from time to time deem necessary to carry into effect the provisions of this Act, and of such form as he may prescribe. Such blank circulating notes shall be countersigned, numbered and registered in proper books to be provided and kept for that purpose in the office of said Comptroller, so that each denomination of such circulating notes shall bear the uniform signature of such Comptroller. Association to deposite public with SEC. 2. Be it further enacted, That whenever any person or association of persons, formed for the purpose of banking, under the provisions of this Act, shall lawfully stocks transfer to the Comptroller any portion of the public stock Comptroller issued or to be issued by this State, or by any other of the States of the Union, or by the United States, which regu larly and promptly pay the interest accruing thereon, and 1852. circulate notes also bear a current value in the Stock market and are at all times convertible into cash, such person or association of persons shall be entitled to receive from the Comptroller an equal amount of such circulating notes of the above denominations, registered and countersigned as aforesaid; but such public stocks or securities shall in all cases be, or be made to be, equal to a stock producing five per cent. per annum; and it shall not be lawful for the Comptroller to take such stock at a rate above its par value, nor above its current market value. SEC. 3. Be it further enacted, That such person or association of persons are hereby authorized, after having exAuthorized to tott ecuted and signed such circulating notes, in the manner as money. required by law to make them obligatory promissory notes, payable on demand, at the place of business within this State of such person or association, to loan and circulate the same as money, according to the ordinary course of banking business. Amount to be SEC. 4. Be it further enacted, That no association of deposited. persons shall commence the business of banking under this Act, until such association shall have deposited with the Comptroller the securities required by law, to the amount of one hundred thousand dollars; and no individual banker or bankers shall commence the business of banking under this Act, or receive circulating notes under the same, until such individual banker or bankers shall have deposited with the Comptroller the securities required by law, to the amount of fifty thousand dollars. SEC. 5. Be it further enacted, That no banking association or individual banker, as such, shall issue or put in Notes made circulation any bill or note of said association or individupayable on de-al banker, unless the same shall be made payable on de mand. mand, and without interest; and every violation of this Section by any officer or member of a banking association or by any individual banker, shall be deemed and adjudg ed a misdemeanor, punishable by fine or imprisonment, or both, in the discretion of the Jury. SEC. 6. Be it further enacted, That in case the maker or makers of any such circulating note or notes, contersigned and registered as aforesaid, shall, at any time hereafter, If note not p'd, on lawful demand, during the usual hours of business, may be pro- between the hours of ten and three o'clock, at the place where such note or notes is or are payble, fail or refuse to redeem such note in the lawful money of the United States, the holder of such note or notes making such demand may tested. 1852. cause the same to be protested for non-payment, by a Notary Public under his seal of office, in the usual manner; and the Comptroller, on receiving and filing in his office such protest, shall forthwith give notice in writing to the maker or makers of such note or notes to pay the same; and if he or they shall omit to do so for sixty days after such notice, the Comptroller shall immediately thereupon (unless he shall be satisfied that there is good and legal defence against the payment of such note or notes) give Comptroller to notice in some paper published in the Capital of this give notice, State, that all the circulating notes issued by such person or association will be redeemed out of the Trust Funds in his hands for that purpose; and the Comptroller shall be required to apply the said Trust Funds, belonging to the maker or makers of such protested notes, to the payment pro rata of all such circulating notes whether protested or not, put in circulation by the maker or makers of such protested notes, pursuant to the provisions of this Act, and to adopt such measures for the payment of such notes as will in his opinion most effectually prevent loss to the holders thereof. SEC. 7. Be it further enacted, That all fees for protes- Fees, how paid ting the circulating notes issued by any banking association or individual banker, shall be paid by the person procuring the services to be performed, for which such association or banker shall be liable; but no part of the securities deposited by such association or banker shall be ap-. plied to the payment of such fees. interest or སྦྱ SEC. 8. Be it further enacted, That the Comptroller may give to any person or association of persons so trans- Dividend ferring stock in pursuance of the provisions of this Act, transferred powers of Attorney to receive interest or dividends there- stock, how reon, which such person or association may receive and ap- ceived. ply to their own use; but such powers may be revoked upon such person or association failing to redeem the circulating notes so issued, or whenever in the opinion of the Comptroller, the principal of such stock shall become an insufficient security; and the said Comptroller, upon the application of the owner or owners of such transferred stock in trust, may, in his discretion, change or transfer the same for other stocks of the kind before specified in this Act, or Stocks may be changed may retransfer the said stock or any part thereof, upon receiving and cancelling an equal amount of such circulating notes delivered by him to such person or association in 1852. Bills, stamped. how such manner that the circulating notes shall always be secured in full by stocks as in this Act provided. SEC. 9. Be it further enacted, That the bills or notes so to be countersigned, and the payment of which will be so secured by the transfer of public stocks, shall be stamped on their face: "Secured by the pledge of public stock." SEC. 10. Be it further enacted, That it shall be the duMutilat'd notes ty of the Comptroller to receive mutilated circulating notes to be changed. issued by him, and to deliver in lieu thereof other circulating notes to the same amount. In case of fail ure to notes. SEC. 11. Be it further enacted, That in case such person or association of persons shall fail or refuse to pay such bills or notes on demand in the manner specified in the pay sixth section of this Act, the Comptroller may proceed to sell at public auction the public stocks so pledged or any or either of them, and out of the proceeds of such sale shall pay and cancel the said bills or notes, default in paying which shall have been made as aforesaid; but nothing in this Act contained shall be considered as implying any pledge on the part of the State, for the payment of said bills or notes, beyond the proper application of the securities pledged to the Comptroller for their redemption. SEC. 12. Be it further enacted, That the public stocks Stocks to be and securities, as herein provided for to be deposited with held for re the Comptroller by any such person or association, shall be demption of held by him exclusively for the redemption of the bills or notes of such person or association put in circulation as money, until the same are paid. bills. Expense of plates, &c. how paid. Bills not to ex SEC. 13. Be it further enacted, That the plates, dies and materials to be procured by the Comptroller for the printing and making of the circulating notes provided for hereby, shall remain in his custody and under his direction; and the expense necessarily incurred in executing the provisions of this act shall be audited and settled by the Comptroller, and paid out of any moneys in the Treasury not otherwise appropriated; and for the purpose of reimburs ing the same, the said Comptroller is hereby authorized and required to charge against and receive from such person or association applying for such circulating notes, such rate per cent. thereon as may be sufficient for that purpose, and as may be just and reasonable. SEC. 14. Be it further enacted, That it shall not be lawceed amount of ful for the Comptroller to countersign bills or notes for any stocks depositperson or association of persons, to an amount in the ag gregate exceeding the public stocks or securities at their ed. 1852. value, as provided for in the second section of this act, deposited with the Comptroller by such person or association; and any Comptroller who shall violate the provisions of this section, shall be guilty of a misdemeanor, and shall be punished by a fine not less than five thousand dollars, or be imprisoned not less than five years, or both, at the discretion of the jury. SEC. 15. Be it further enacted, That any number of per sons may associate to establish offices of discount, deposit Am't. of stock and circulation, upon the terms and conditions, and sub- of Association. ject to the liabilities prescribed in this act; but the aggre gate amount of the capital stock of any such association shall not be less than one hundred thousand dollars. SEC. 16. Be it further enacted, That such persons, un- Certificate, der their hand and seals, shall make a certificate, which shall specify, 1. The name assumed to distinguish such association, and to be used in its dealings. 2. The place where the operations of discount and deposite of such association are to be carried on, designating the particular city, town or village. 3. The amount of the capital stock of said association, and the number of shares into which the same shall be divided. 4. The names and places of residence of shareholders, and the number of shares held by each of them respectively. 5. The period at which such association shall commence and terminate; which certificate shall be proved or acknowledged and recorded in the office of the clerk of the county where any office of such association shall be established, and a copy thereof filed in the office of Secretary of State. Where depo sited, SEC. 17. Be it further enacted, That the certificate reCertifi'd copies quired by the last preceding section to be recorded and of may be used filed in the offices of the Clerk of the County and Secreta- as evidence, ry of State, as aforesaid, or copies thereof, duly certified by either of those officers, may be used as evidence in all courts and places, for and against any such association. SEC. 18. Be it further enacted, That such association Powers. shall have power to carry on the business of banking by discounting bills, notes and other evidences of debt; by receiving deposites, by buying and selling gold and silver bullion, foreign coins and bills of exchange, in the manner specified in their articles of association, for the purpo |