United States Statutes at Large/Volume 5/24th Congress/2nd Session/Chapter 75
Chap. LXXV.—An Act to give the approval and confirmation of Congress to three several acts of the Legislative Assembly of the Territory of Wisconsin incorporating banks.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,Acts confirmed with certain limitations, &c. That the following acts of the Territorial Legislature of the Territory of Wisconsin, viz: an act entitled “An act to incorporate the stockholders of the Bank of Milwaukee,” an act entitled “An act to incorporate the stockholders of the Miners’ Bank of Dubuque,” and an act entitled “An act to incorporate the stockholders of the Bank of Mineral Point,” be, and the same are hereby severally and respectively approved and confirmed by Congress, with the following limitations and conditions, that is to say: that neither of said banks shall issue bills or notes for circulation, until one-half of the amount of their respective capitals shall have been actually paid in; and that, to enable the directors named in the said charters respectively to comply with this limitation and restriction, they shall be authorized to make calls, according to the provisions contained in the said charters, to an amount not exceeding, at any one time, forty per cent. upon the whole stock subscribed by each stockholder, and shall not be restricted to ten per cent. at any one call, as is provided in the said charters; and that neither of said banks shall have authority to enlarge or augment its capital, or to make it larger, at any time, than the sum of two hundred thousand dollars, without the consent and approbation of Congress previously obtained; and that neither of the said banks shall, at any time, owe, either by bond, bill, note, or other contract, over and above tits actual deposites, an amount to exceed twice the amount of its capital stock actually paid in, instead of the limitation in this respect contained in the said charters respectively; and that each of the said banks shall have complied with all the requirements of their respective charters, as altered, modified, and restricted by this act, so as to enable them to commence the business of banking, and shall actually have commenced banking on or before the first day of January next, or their charters, or the charters of such of them as shall have failed to comply with this limitation, shall be void and of no effect; and the acceptance of said acts of incorporation, by the grantees or stockholders respectively, shall be deemed and taken as acceptances, subject to the conditions and limitations herein prescribed; and any infringement upon, or violation of, the provisions and requirements of this act, or of the limitations and restrictions therein contained, on the part of either of the said institutions, shall forfeit its charter, and put an end to its corporate powers and privileges.
Approved, March 3, 1837.