the principle prior to a pressure of business, the following resolution is offered: Resolved, That it be referred to the committee on the incorporation of banks and insurance companies, to inquire into the expediency of embracing the principles of the following sections in the bank bills which they may report to the House. δ The commissioners, or a majority of them, shall give notice by a public advertisement, which they shall cause to be inserted for at least fifteen days in the State paper, known as the Daily Albany Argus, printed in the city of Albany, and also by a like notice, to be published weeks successively in one of the newspapers printed in the county of setting forth that they will, on a day and hour, and at a certain place by them therein designated, offer for sale the whole of the stock of said bank, in lots or parcels of not less than ten shares and not exceeding fifty shares, and that they will sell the same at the price at which each lot or parcel shall be stricken off. § Each lot or parcel of stock put up or offered for sale, shall be sold, without reserve, to the highest bidder: Provided always, that it shall be sold at or over the par value of the shares. § Each purchaser shall, within three days after the closing of the sale, enclose, under a sealed cover, $ in bills current at the established banks of the county where such sales are made, directed to the commissioners, and the same shall be delivered to them at such time and place as shall be designated at the time of sale. § And it shall be the duty of the commissioners, or a majority of them, to issue scrip to the purchasers for the number of shares bought by them at such sale, acknowledging the receipt of the first payment, which scrip shall be delivered within five days from the closing of the sale. And it shall be the duty of the commissioners, or a majority of them, to publish in one of the newspapers printed in the county of a full and complete account of the sale of the stock, with the number of shares struck off to each purchaser and the price for which the same was sold, and the names of the pur chasers. § The commissioners shall be entitled to $ each per diem, for the time actually employed in arranging, selling and delivering the scrip to the purchasers, which, together with necessary clerk-hire, printing, stationary, and such other incidental expenses as may necessarily arise in so selling and distributing the stock; and they are hereby authorised to retain the same out of the amount which shall by them be received for the stock over the par value thereof; and the balance of such advance, if any, over the par value, shall be by them, or a majority of them, paid to the Treasurer of the State of New-York, within thirty days from the close of the sale, and the same shall be by him carried to the credit of the General fund, and it shall constitute a part thereof. § The commissioners shall, within thirty days from the close of the sale of stock, pay over to the directors to be chosen by the stockholders, the amount by them received on account of the par value of the stock sold, if the advance on the par value be sufficient to pay the incidental charges of sale, as provided in sections but should the stock not bring a sufficient advance to defray the necessary charges of selling, they shall retain so much out of the first payment by them received as will pay such charges, and shall pay over to the president and directors the balance only. The commissioners shall be the inspectors of the first election for directors. § In case the stock shall not bring an advance over the par value, and the charges of sale shall fall on the bank, the commissioners shall, notwithstanding, file with the Comptroller an account of sales and expenses attending the same, to be placed on file in his office. |