Pennsylvania Act 1919-35 — PHILADELPHIA NATIONAL BANK MADE LOAN AND TRANSFER AGENT OF THE COMMONWEALTH

Act text

PHILADELPHIA NATIONAL BANK MADE LOAN AND TRANSFER AGENT OF THE
                               COMMONWEALTH
                   Act of Apr. 4, 1919, P.L. 46, No. 35               Cl. 72
                                  AN ACT

     To appoint the Philadelphia National Bank, of Philadelphia, loan
        and transfer agent of the Commonwealth of Pennsylvania;
        succeeding the Farmers and Mechanics National Bank, in
        liquidation.

        Whereas, By resolution of the Legislature, approved April
     fourteen, one thousand eight hundred thirty-five, the Auditor
     General removed to the Bank of Pennsylvania all books pertaining
     to loans of this Commonwealth, with authority to said bank to
     keep a record of all transfers of loans; and
        Whereas, Because of the insolvency of the Bank of
     Pennsylvania, said books were transferred to the Farmers and
     Mechanics Bank of Philadelphia, later the Farmers and Mechanics
     National Bank of Philadelphia, under authority of the act of the
     Legislature, approved April twenty-one, one thousand eight
     hundred fifty-eight, pursuant to which the Farmers and Mechanics
     National Bank has acted as loan and transfer agent of the
     Commonwealth of Pennsylvania, and in this capacity has issued
     and registered the loans of this Commonwealth, and now has in
     its custody the records of the issue and transfers of said
     loans; and
        Whereas, On the thirty-first day of August, one thousand nine
     hundred and eighteen, the business of the Farmers and Mechanics
     National Bank was absorbed by the Philadelphia National Bank,
     and the affairs of the Farmers and Mechanics National Bank are
     now in a state of voluntary liquidation because of which said
     bank desires to discontinue being the loan and transfer agent of
     the Commonwealth of Pennsylvania and to be relieved of the
     custody of the books and records now in its possession; and
        Whereas, The Philadelphia National Bank, having absorbed the
     business of the Farmers and Mechanics National Bank, desires to
     become the loan and transfer agent of the Commonwealth of
     Pennsylvania and to receive the custody of the books and records
     pertaining to the loans of this Commonwealth:
        Now, therefore be it enacted, &c., That the Auditor General
     be, and he hereby is, authorized and required to cause to be
     removed to the Philadelphia National Bank all the books and
     records now in the possession of the Farmers and Mechanics
     National Bank of Philadelphia by virtue of a resolution, passed
     on the fourteenth day of April, Anno Domini one thousand eight
     hundred thirty-five, or an act, approved on the twenty-first day
     of April, Anno Domini one thousand eight hundred fifty-eight;
     and that the Philadelphia National Bank be, and hereby is,
     appointed the loan and transfer agent of the Commonwealth of
     Pennsylvania, and, as such agent, is authorized and empowered to
     perform all the acts and duties, as directed by said resolution
     and act to be done by the said Farmers and Mechanics National
     Bank of Philadelphia, relative to the several loans of this
     Commonwealth, including the issue of said loans and transfers
     thereof, and be subject to the same liabilities and
     restrictions: Provided, That the State may at any time
     discontinue the agency of said bank and its custody of the
     transfer books of the public loans, and, in such an event, the
     compensation herein provided for shall cease and determine.
        The Treasurer of this Commonwealth is authorized hereby to
     pay annually to the Philadelphia National Bank the sum of five
     hundred (500) dollars for the custody and safe keeping of the
     books and records pertaining to loans.