A Bill relating to the state Bank of Illinois

Be it enacted [...?] that every provision of the act of incorporation of the state Bank of Illinois approved 12^th Feb.[February] 1835 and of the supplement to said act approved Jan.[January] 18^th 1836, which provides that if the said corporation shall neglect or refuse to pay the its notes in specie for sixty days it shall forfeit its charter and shall be required immediately to discontinue all its operations except receiving and [co?]llecting its debts is hereby suspended until the next general or special session of the General Assembly.

sec[section] 2 The said corporation shall not directly or indirectly divide or pay to or among its stockholders [...?] or to any person for them any dividends interest or profits whatever until it shall receive the payment of all its notes and evidences of debt, in specie.

sec 3^d The said State Bank and Branches shall not, ^nor^ shall any president of said bank or of either of it branches, nor any officer or agent or director thereof or any other person whomsoever for said bank, during the suspension of specie payment by ^the^ said bank directly or indirectly will depose of or [part with?], in any way whatever the [...?] specie of said bank [...?] gold [...?] buillion belonging to said bank whenever the same may be after the passage of this act but the same shall remain undisposed of to meet the liabilities of said Bank

sec^t[section] 4^th The debtors of the said bank with curtailments of [...?] ^its^ claims shall not be subject to be called on for a

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or [larger?] instalment than that of twenty ^ten^ per centum of the amount due and for the residue the said bank shall grant them renewals ^of the securities^ for sixty days subject to [similar?] payments by instalments until the whole debt shall be thus liquidated by such instalments at 60, days.

5^th [...?] The said bank shall not during the period of suspension of spicie payment as aforesaid, increase the amount of notes and bills which may be in circulation at the passage of this act, and for any violation of the provisions of this section the stockholders [sh?] and officers of said bank shall be liable individua[lly] and in their private capacity.

sec 6^th After After the first day of Jan. next the said corporation shall issue no bills or notes of a less denomination than ten dollars, and after the first day of Jan. 1840, it shall issue no bills or notes of a less denomination than twenty dollars.

sec 7^th upon violation of any of the provisions of this act the said Corporation shall forfeit its charter, and the biller to secure the interest of the public there shall be elected at the present session by joint vote of both branches of the Gen Assembly 3 Commissioners [competent to be?] [...?] Bank Commissioners who shall annually take an oath of office faithfully honestly and diligently to discharge the duties imposed upon them by law ^The present [said?] Commissioners^ [...?] Com^s are [severally?] riquired whenever in their judgment it may be necessary to make a [?] and particular

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enquiry into the affairs and condition of the said bank ^and its branches,^ in every particular whatever, and that for such purpose they shall at all times have free access, to the books records proceedings accounts funds monies property and affairs of the said bank and to branches and it shall be their further duty to see that the provisions of this act are faithfully complied with on the part of the bank, and in case of violation thereof the said commissioner expressly required to make and file with the Auditor of public accounts of this state, a certificate of such violation, and are empowered and directed to proceed forthwith to [wind up?] the [concerns?] of the said bank, by suing out a writ of injunction and [scire?] facias, or either or any other writ which [they?] may deem necessary for such purpose, against the said bank, for such violation to be prosecuted by the Attorney General. And [?] such purpose any of the Circuit Courts of this state is vested with full and complete Jurisdiction to hear and determine the same and to pronounce judgment of forfeiture of said charter and to vest all the estate of the said bank both real per.[personal] and mixed in the hands of C.[Circuit] Court to audit settle and adjust, the whole affairs of said bank and to make distribution thereof under to the creditors of the said bank under the orders and decrees of the said court.

sec 8 and the said bank shall transmit monthly to said Com^s [Commissioners], at the of office of the Auditor of public accounts, a statement of its condition, on the oath of the pres.[president] or at Cashier in such form as the said Com^s. shall prescribe abstracts of which statements shall be published by the said Coms.[Commissioners] in the paper printed by the state printer and in such other papers as they may elect.

sec 9^th The said Bank shall adopt the following scale for reducing the amount of notes bills and notes already in circulation, to wit, in the gradual curtailment of its claims, by instalments of ten per centum, at the period of sixty days, the said bank is hereby required to reduce deduct from the volume of its circulation an amount equal to the amount thus collected, by such periodical instalments.

sec 10^th The said ^bank^ shall always hold itself in [readiness?] to honour, and [discharge?] ^pay^ the drafts of the state, drawn upon it by the appropriate state officer, to the full amount of state ^the^ funds deposited in the said institution of the state of every description, [at?] on deposit at, the time, in the said bank and its branches and for this purpose it shall be empowered if necessary to encrease its circulation to an amount sufficient to [said?] ^pay^ the said drafts.

sec 11^th The said bank, shall be entitled to all the benefit of all the provisions of this act if within twenty days from the passage thereof it lawfully accept the same and file such acceptance in the office of secretary of state This act to be in force from and after its passage.