Excerpt from Annual Report of the Bank Commissioners: December, 1851
Sect. 1. There shall be appointed by the governor, with the advice of the council, on or before the first day of June next, three persons, to be styled Bank Commissioners, who shall exercise the powers and perform the duties hereinafter specified, for the term of three years, and until their successors shall be appointed and qualified: provided, however, that the person first named of the said commissioners shall go out of office at the end of one year, and the person next named shall go out of office at the end of two years, and the person third named shall go out of office at the end of three years, and so on in rotation afterwards, each commissioner at the end of three years; but any person, going out of office, may be reappointed: and provided, further, that the governor, with the advice of the council, may at any time remove from office any or all of the said commissioners, and may fill all vacancies.
Sect. 2. The said commissioners, or any two of them, at least once in every two years, and as much oftener as they may deem expedient, shall visit every bank and institution for savings, which has been or may be incorporated by authority of this Commonwealth, and shall have free access to their vaults, books, and papers, and shall thoroughly inspect and examine all the affairs of the said corporations, and make any and all such inquiries as may be necessary to ascertain the condition of the said corporations, and their ability to fulfil all the engagements made by them, and whether they have complied with the pro visions of law applicable to their transactions: a.: d provided, always, that the said commissioners shall examine all banks within the first year after they shall go into operation; and also, all banks which shall receive acts to increase their capital stock, within the first year after the additional stock shall be paid in.
The said commissioners shall examine, every year, as nearly one half of all institutions under their charge, as they may be able to do, and shall preserve, in a permanent form, a full record of their proceedings, including a statement of the condition of each bank.
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