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A Bill for an act in relation to the State Bank of Illinois
Sect[Section] 1 Be it enacted by the people of the State of Illinois represented in the general assembly That the State Bank of Illinois is hereby revived, and the forfeiture of its charter for refusing to pay for its notes or other evidences of debt in Specie, is hereby set aside; and said Bank is hereby authorised to transact all business as a body corporate in as full and ample a manner as she [...?] might have done if said Bank had not suspended specie payments; and every provision of law requiring or authorizing proceedings against said Bank with a view to forfeit its Charter, [or] wind up its concerns or which requires said Bank to suspend its operations and proceedings in consequence of its refusal to pay its notes and other evidences of debt in specie is hereby suspended until the close of the next session of the general assembly of the State of Illinois. Provided however that to secure the benefit of the foregoing provisions, the said Bank shall agree to conform to, and comply with, the following conditions, restrictions[,] and limitations, to wit;
First, The said Bank shall not hereafter make any loan on an hypothecation of the stock of the Bank
Second. That it will not directly or indirectly, during its suspension of Specie payments, sell, dispose of, or part with any of its specie or gold or
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Silver bullion, except for the purpose of change to the amount of five dollars or under the sum of five dollars
Third. 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 and its branches verified by the oath of either the president or cashier of said Bank which statement shall be published in the newspaper of the public printer
Fourth. That it will not either directly or indirectly issue or put into circulation during the period of its suspension of specie payments any Bank bill or note or any evidence of debt by which its circulation will be increased beyond the amount of the capital stock ^actually^ paid in
Fifth. That it will receive upon deposit 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
Sixth; 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
Seventh. That until said Bank shall resume
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Specie payments, citizens and residents of this State who are indebted to them upon 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 condition that such debtor shall execute new notes with satisfactory security and pay the aforesaid per cent and the interest in advance according to the uses and custom of banking. Provided that this section shall not apply to notes or bonds assigned or endorsed to the Bank
^insert in lieu^ 1Eighth. That the said Bank or any of its branches shall not at any time hereafter, loan to any one person or firm nor permit any person or firm to be indebted to said Bank at any one time in a larger sum than ten thousand dollars: And in case any person or firm shall at the time of the acceptance of this act by said Bank; owe to said Bank a larger sum than ten thousand dollars said Bank shall proceed to call in said debt by instalments until it shall not exceed said sum of ten thousand dollars
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
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and thereafter, at each election, at least two new directors shall be elected
^out^ 2Tenth The Branches of said State Bank located at Galena, Chicago, Danville, Alton, Jacksonville, Belleville, Quincy, Mt Carmel[,] and Vandalia, shall continue to remain at said places and shall not be removed therefrom unless by consent of the General assembly of the State of Illinois, And3 there shall be apportioned by the directors of the Bank at Springfield, the amount of money ^capital^ mentioned hereafter, to each of said branches as capital stock; and said branches shall bank upon the same as is usual and proper for other Banks to do, under the general control of the board of directors of the Mother Bank. And the number of directors in each of said branches shall never be less than five. The following is the amount of Capital to be apportioned to each branch
Galena Branch, four hundred thousand dollars;
Chicago Branch four hundred thousand dollars;
Danville Branch, two hundred thousand dollars;
Alton Branch, four hundred thousand dollars;
Jacksonville Branch, four hundred thousand dollars;
Belleville Branch, two hundred thousand dollars;
Quincy Branch, three hundred thousand dollars;
Mt Carmel Branch, two hundred thousand dollars;
Vandalia Branch, two hundred thousand dollars;

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^insert^ 4 Eleventh If said Bank shall hereafter fail to comply with all or any ^of the^ provisions of this act, then its charter shall from thenceforth be forever forfeited
Sect 2 The State Bank of Illinois 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
Sect 3 Whenever the State 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 said Bank shall be considered as entitled to the benefits of this act, and shall be bound by all the conditions, instructions[,] and limitations herein contained
Sect 4 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
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[certification]
01/24/1840
Passed House Reps
Jan 24th 1840
J Calhoun Clk.[Clerk] H. Reps
[docketing]
A Bill for an Act in relation to the State Bank of Illinois
[docketing]
[12]/[30]/[1839]
Ref[Referred] to com on Jud’y[Committee on Judiciary]
[docketing]
17
[docketing]
[12]/[20]/[1839]
Engrossed
[docketing]
[01]/[31]/[1840]
Enrolled
[docketing]
24
[docketing]
01/24/[1840]
Passed
Jan[January] 24.
[docketing]
01/29/1840
Passed as amended by senate
Jan 29th 1840
1This notation is written vertically. It is not clear which section this section was intended to replace.
2This notation is written vertically. The following section may have been intended for deletion.
3“and” changed to “And”
4This notation is written vertically

Handwritten Document, 6 page(s), Folder 17, HB 18, GA Session 11-S, Illinois State Archives (Springfield, IL) ,