Pennsylvania Act 1839-190 — SAVINGS INSTITUTION OF PHILADELPHIA INCORPORATED - SUPPLEMENT

Act text

SAVINGS INSTITUTION OF PHILADELPHIA INCORPORATED - SUPPLEMENT
                 Act of Jun. 27, 1839, P.L. 515, No. 190              Cl. 07
                               A SUPPLEMENT

     To an act to incorporate the Philadelphia Savings Institution,
        and for the better regulation of Savings Institutions and
        Loan Companies.

        Section 1.  Membership in
        Every person holding one or more shares of the capital stock
     of the Philadelphia savings institution, shall be a member of
     said institution, entitled to all the rights, privileges and
     franchises of a member, and every person who shall become a
     member by virtue of this act, shall cease to be a member
     whenever such person shall cease to hold one or more shares of
     said stock.  And also, that the fourth article of the third
     section of an act, entitled "An Act to recharter certain banks,"
     passed the twenty-fifth day of March, 1824, directing the mode
     of voting for directors, be extended to this said institution.
     It shall not be lawful for the said Philadelphia savings
     institution, or for any other savings institution or loan
     company within this Commonwealth, to charge or receive as
     interest, commission, or otherwise, from any person or persons,
     either directly or indirectly, for any loan or discount more
     than at the rate of six percent per annum on the sum loaned or
     discounted.  1839, june 27, p.l. 515, sec. 1. institution Nor
     shall it be lawful for the said Philadelphia savings
     institution, or for any other savings institution or loan
     company, to offer or give in payment of any loan or discount by
     them made, or deposit withdrawn, any certificate or other paper,
     payable at a future day; but shall pay all loans, discounts, and
     deposits in current money; nor shall it be lawful for the said
     Philadelphia savings institution, or for any other savings
     institution or loan company to issue certificates of deposit, or
     other papers as representatives of value, payable at a future
     day, for any other than deposits of money bona fide made with
     them, and all such certificates shall be for the amount of the
     deposits so made, and for the time for which they have actually
     been deposited. And if any member, director or officer of the
     said Philadelphia savings institution, or of any other savings
     institution or loan company, shall advise or consent to any
     violation of the provisions of this section, or shall knowingly
     suffer them to be violated, shall forfeit and pay, for each
     offence, the sum of one hundred dollars, to be recovered in
     action of debt, in any court of competent jurisdiction, to the
     use of any person suing for the same. It shall not be lawful for
     the said Philadelphia savings institution, or for any other
     savings institution or loan company, to issue any certificate of
     deposit, or other paper issued, payable at a future day, to any
     person who shall be indebted to the institution or company,
     either as a principal or security.  1839, june 27, p.l. 515,
     sec.
        And if any stockholder of the Philadelphia savings
     institution, or of any other savings institution or loan
     company, shall advise or consent to, or if any member, director,
     or officer thereof, shall advise or consent to, or by neglect of
     duty, shall suffer any issue of notes, certificates, or other
     paper, purporting to be for the payment of any money, other than
     those for bona fide depositors, for the term they were made, as
     aforesaid, all such stockholders, members, directors, and
     officers so advising or consenting to, or suffering to be done,
     shall be severally liable for the payment of all such notes,
     certificates, or other papers.  1839, June 27, P.L. 515, Sec. 1.