Rhode Island Agricultural Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 6, 1843
Location: Johnston, Rhode Island (41.827, -71.495)

Metadata

Model: gpt-5-mini
Short Digest: 2cb470e6

Response Measures

None

Description

Article (Herald of the Times, 1843-07-06) reports General Assembly passed an act appointing commissioners, enjoining the bank from exercising its charter powers and enabling application for a perpetual injunction and appointment of a receiver. No run is mentioned; this is a government action suspension leading toward receivership, so classified as suspension_closure.

Events (1)

1. July 6, 1843 Suspension

Cause: Government Action
Cause Details: State legislature (General Assembly) appointed commissioners, issued injunction preventing bank from exercising charter powers and authorized seeking a perpetual injunction and appointment of receiver.
Newspaper Excerpt: this General Assembly are informed that the affairs of the Rhode Island Agricultural Bank in Johnston, are in such a condition that the stockholders and probably others may suffer thereby: ... are hereby appointed commissioners ... Until the said commissioners or the Supreme Court shall otherwise determine the said bank and the officers and stockholders thereof, are hereby enjoined from exercising any of the powers granted by the character of said Bank, without the consent of said commissioners.
Source: newspapers

Newspaper Articles (1)

1. July 6, 1843 Herald of the Times Newport, RI

Article from Herald of the Times, July 6, 1843

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Article Text

HENRY BOWEN, See'ry. AN ACT relating to the Rhode Island Agricultural Bank. Whereas, this General Assembly are informed that the affairs of the Rhode Island Agricultural Bank 111 Johnston, are in such, a condition that the stockholders and probably others may suffer thereby: !! is enacted by the General Assembly as follows: Sec. 1. Lemuel 11. Arnold. Edward Bare ber, and Thomas Whipple, are hereby ap pointed commissioners with all the powers and duties in relation to said Bank. which were conferred upon the bank commissioners by the net regulating banks. which was pas sed June session, A. D. 1836, and the several acts in addition to or amendn ent thereof. Sec. 2. Until the said commissioners or the Supreme Court shall otherwise determine the said bank and the ficers and stockhold. ers thereof, are hereby enjoined from exer. cising any of the powers granted by the character of said Bank, without the consent of said commissioners. Sec. 3. The said commissioners shall im. mediately examine into the affairs of said bank, and may, in their discretion, dissolve the injunction herein before ordered ; but if upon such examination they should deem it necessary. they shall apply 1. the Supreme Court, or the Justices thereof. for a perpetual injunction against said bank, and the appointment of a Receiver or Receivers according to the provisions of the act aforesaid. passed at June Session, A. D. 1836. And said bank or the officers thereof. may. if they see lit. apply to the Supreme Court. or any two Justices thereof, in vacation. for a dissimilation of the injunction herein before ordered : who, upon notifying said commissioners, shall hear the parties, and adjudicate thereon. Sec. 4. The Secretary shall cause the President, Cashier. and Directors of spid bank to be immediately notified of the pas sage of this act. and shall also cause the same to be published. True copy- - witness, HENRY BOWEN, Sec'ry.