Section 1st Be it enacted by the People of the State of Illinois represented in the General Assembly That every provision of law declaring the Charter of the State Bank of Illinois to be forfeited, or directing it to suspend its operations and wind up its concerns
in consequence of its refusal to pay its notes and evidences of debt in Specie; is
hereby suspended until the end of the next Session of the General Assembly, ^1st day of January 1841,^ Until which time the said Bank shall have full power and authority to continue its business with all the powers
and privileges granted to it by former acts of the General assembly in the same manner as it would have had if it had not refused to pay its notes and
evidences of debt in Specie, Provided however that to secure the benefit of the foregoing
provision said Bank shall agree to conform to, and shall conform to the following conditions, restrictions
and limitations, viz.
- First. That the said Bank shall not sell or dispose of its specie except in sums less than five dollars, in making change at its counter.
- Second. That it shall not directly or indirectly put into circulation during its suspension of specie payment any Bank bill or note or any evidence of debt by which the amount of its circulation shall be increased beyond the amount of its Capital Stock actually paid in. ^owned by the State & individuals.^
- Third. That it shall receive upon deposite any funds belonging to the State which may be required to be so deposited, and pay the same out upon the order of the proper Officer or agent of the State, in kind, free from charge and also all funds heretofore deposited by the State.
- Fourth That until the said Bank shall resume specie payments; Citizens and residents of this State, who are indebted to it on notes heretofore discounted, shall be allowed to pay their debts in instalments at the rate of ten per cent upon each and every renewal, of the amount originally due ^upon such renewal^ upon condition that such debtors shall execute new notes, with satisfactory security and pay the aforesaid per cent and the interest in advance according to the usage and custom of Banking. Provided that this section shall not apply to notes or Bonds assigned or endorsed to the Bank.
- Fifth That from and after the acceptance of the provisions of this Act, no person or firm shall be allowed to become indebted to the Parent Bank or either of the Branches, as principal or maker of any promisory note or notes, for an amount greater than ten thousand dollars: that no person or firm shall be allowed to become indebted to the Parent Bank or either of the Branches as endorser of promisory notes for an amount greater than ten thousand dollars: and that no person or firm shall be allowed to become indebted to the Parent Bank or either of the Branches, as drawer or endorser of bills of exchange for an amount greater than twenty five thousand dollars.
- Sixth. The said Bank shall not hereafter make any loan on an hypothecation of the Stock of the Bank.
- Seventh That it will furnish monthly to the executive of the State, a full and complete statement of the condition and financial operations of said
Bank
<Page 3>and its Branches, verified by the Oath of either the President or Cashier of said Bank; which statement shall be published in the ^two^ newspapers of the Public Printer. ^printed at the seat of Government^ - Eighth. Hereafter any Stockholder in said Bank owning five shares of the Stock of said Bank, shall be qualified to act as a director of said Bank.
- Ninth That at the next election for choosing Directors of said Bank under the provisions of its charter, not less than three persons not now Directors, shall be chosen Directors by the Stockholders, and thereafter at each election at least two new Directors shall be elected.
- Tenth. If the said Bank shall comply with all the aforesaid provisions of this Act its charter shall not be forfeited by reason of any failure to pay its notes or other evidence of indebtedness in specie at any time heretofore or hereafter until the end of the next session of the General Assembly ^until the 1st of Jany 1841,^, but its charter and all the rights and privileges granted thereby and by the several Acts amendatory thereto, shall be revived and continue in force ^until that period^ in the same manner as it would have been had said Bank never refused to redeem its notes or other evidences of indebtedness in specie
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Section 2. Whenever the said Bank shall accept the provisions of this Act and the President thereof shall file in
the Office of ^the^ Secretary of State a certificate of the fact of such acceptance under the Corporate
seal of said Bank, then from and after the filing such certificate, shall said Bank shall be considered as entitled to the benefit of this act, and shall be
bound by all the restrictions conditions,
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restrictions and limitations herein contained
Section 3d. This act shall not be construed so as to impair any rights acquired by
individuals, or to prevent the holders of its notes and other evidences of debt, from
bringing and maintaining suits against said Bank for any Notes or other evidences of debt which they now have or may hereafter hold
against it, and the provisions of this section shall apply as well to notes heretofore
issued, as to notes which may hereafter be issued by said Bank.
Section 4th The said Bank shall at all times receive its own bank bills in payment of any demand,
debt or claim due to the Bank, from any individual or corporation whatever.
Section 5th The said Bank shall dispose of all of the State ^bonds^ Stock now owned by it, as soon as the same can be disposed of at par. ^and which were taken ^issued for the purpose of increasing the^ by her in payment of the subscribtion of stock on the part of the State, as soon as the same can be disposed of at par^
Handwritten Document, 4 page(s), Folder 200, HB 286, GA Session: 12-2,
Illinois State Archives (Springfield, IL) ,