they shall be closed, and the stock which shall have been subscribed, shall be apportioned among the subscribers thereto by the said commissioners, in the said manner as was provided for the distribution of the original stock of the said bank. The residue of the said stock shall be distributed in the manner provided in respect to the said original shares."
The second amendment being under consideration, as follows:
Strike out section 5, and insert—
"The said branch bank may emit the bills of the Bank of Michigan, endored by the cashier of the said branch bank; which bills, so endorsed, shall be redeemable at said branch; or said branch may issue bills signed by the president and cashier thereof, being bills of the Bank of Michigan made payable at said branch.
Resolved, That the bills of said Bank of Michigan, or of the branch thereof, shall be received in payment for debts due to either of them."
Mr. Millington moved the following as a substitute to the same:
"The bills or notes issued by said branches, promising the payment to any person or persons, his, her or their order, or to bearer, signed by the presidents and cashiers thereof, shall be redeemable at said banks and the branches thereof in specie. If such bills and notes issued as aforesaid, are not paid when the same are due and demanded at the banking houses of said banks or branches, in the legal coin of the United States, the said corporations shall be dissolved, any law to the contrary notwithstanding."
And the yeas and nays being demanded on the question to adopt the said substitute, it was decided in the negative, as follows:
Yeas: Messrs. Millington, Renwick, Satterlee, Stockton, M'Donell, president—5.
Nays: Messrs. Bacon, Britain, Doty, Durpcher, Farnsworth, Hascall, Martin, Moran—8.
The question recurring on the second amendment made in committee of the whole, the yeas and nays were demanded, and were as follows:
Yeas: Messrs. Bacon,Britain, Doty,Durocher, Farnsworth, Hascall, Martin—7.
Nays: Messrs. Millington, Moran, Renwick, Satterlee, Stockton. M'Donell, president—6.
So the second amendment was concurred in.
Mr. Millington moved, that the Council do adjourn; and the yeas and nays being demanded on the said motion, it was decided in the negative, as follows:
Yeas: Messrs. Millington, Renwick, Satterlee, Stockton—4.
Nays: Messrs. Bacon, Britain, Doty, Durocher, Farnsworth, Hascall, Martin, Moran, M'Donell, president—9.
The third amendment made in committee of the whole being under consideration, as follows:
