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calendar months before the day of the general meeting, at which he claims a right to vote. The stock or shares shall be assignable, according to such rules as shall be prescribed by the stockholders of the bank. sect. 3. There shall be an annual meeting of the stockholders, in the city of Hartford, on the second Thursday in June, who, by a major vote, shall choose nine directors by ballot, all of whom shall be stockholders; not less than two thirds shall be resident in the city of Hartford : not more than three fourths of the directors, shall be eligible to office the next succeeding year, except the president, who may, at any election, be chosen a director. In case of the death, or resignation of a director, his place may be filled by a new choice, for the remainder of the year; if a majority of the directors, judge it necessary. All elections of directors, shall be by ballot; and the nine persons, who shall have, at any election, the greatest number of votes, shall be declared to be duly elected. Public notice shall be given, by order of the directors, twenty days previous to holding an election, or general meeting of the stockholders, in a newspaper, published in the city of Hartford, and in such other places as the directors shall judge necessary. The directors, at the first meeting after their election, shall choose one of their number for a president. On the death, or resignation of the president, the directors may choose one . their number to be his successor, for the remainder of the year. Not less than three directors shall constitute a board for transacting business, of whom the president shall always be one, except in case of sickness, or necessary absence, in which case the directors present shall supply his place, by electing one of their number, as president for the occasion. sect. 4. The directors shall have power to appoint a cashier, and such clerks, officers, and servants as they shall judge necessary, for executing the business of the bank; and to allow them such compensation for their service, as they shall judge reasonable; and shall be capable of executing such other powers, for the well ordering and government of the bank, as shall be determined by the regulations of the stockholders: but no director shall be allowed any emolument, unless the same shall be ordered by the stockholders, at a general meeting; except the president, who shall receive such compensation for his extra attention at the bank, as the directors shall judge reasonable. Every cashier, treasurer, or clerk, employed in said bank, shall, before he enters upon the duties of his office, give bond, with two or more sureties, to the satisfaction of the directors, in such sum as they

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Stock assignable. 1g

Appointment of directors.

Vacancies, how supplied.

Mode of election.

Notice.

President, how chosen.

Board of directors. .

Directors to appoint officers ;

fix compensation.

No compensa-
tion to direc-
tors, except
to president.

Officers to give bonds.

Directors to manage the business;

to make dividends;

to state accounts.

Limitation of business ;

of premium.

Bills signed by the president, and binding on the bank.

Notes assignable to the bank.

Bank open
for school
funds, &c.

shall judge sufficient, conditioned for the faithful dis-
charge of his trust.
sect. 5. The directors, by a majority of votes, shall
determine the manner of doing business, and the rules to
be pursued; shall dispose of and manage the money and
credits of the bank, for the interest of the proprietors; and
shall, from time to time, at least once in every six
months, make such dividend of the profits as they shall
think proper: provided, that they shall, in no instance,
do any act contrary to the regulations of the stockhold-
ers. And the directors shall, annually, at the expiration
of their appointment, make, and exhibit before the gen-
eral meeting of the stockholders, for their information,
a statement of the debts which remain unpaid, after the
expiration of the original credits, and the surplus of profit,
if any be, after deducting expenses, losses and dividends.
sect. 6. The bank shall not trade in any thing, except

bills of exchange, gold or silver bullion, or in the sale of

goods, pledged for money lent, and not redeemed in due time ; or in lands necessarily taken for security of debts, previously contracted. They shall not take more than six per cent premium on loans, nor issue bills or notes, to an amount exceeding, in the whole, fifty per cent, over and above the capital stock and deposits. The directors shall have power to vest in the funds of the United States, so much of the capital stock of the bank, as they shall judge expedient, and for the benefit of the institution. sect. 7. The bills or notes, issued by the bank, signed by the president, and countersigned by the cashier or treasurer, promising the payment of money, to any person or order, or to bearer, shall be obligatory on the bank, and payable on demand, and shall be negotiable according to the custom of merchants, and the laws relating to inland bills of exchange: and all negotiable notes, duly executed, may be indorsed to the bank, in the same manner, and on the same principles as to individuals, and the bank may maintain suits thereon, for the recovery of the money. sect. 8. The bank shall, at all times, be open, to the subscription of shares in their stock, from the funds of schools, ecclesiastical societies, and incorporations for charitable purposes in this state, without any advance thereon ; and such schools, ecclesiastical societies, and charitable institutions, may, at any time, withdraw their money from the bank, on giving six months' notice to the directors. And whenever their stock shall amount to fifty thousand dollars, they may, at any annual meeting of the stockholders, for the choice of directors, choose a director of said bank, who shall continue in office the same length of time, with the other directors: and such

subscriptions shall be over and above the capital stock of

the bank.

CHAP. II.

An Act to incorporate the Union Bank, in New-
London.

SECT. 1 B” it enacted by the Senate and House of Rep-
- - - resentatives in General Assembly convened,
That the stockholders in the Union Bank, in New-Lon-
don, their successors and assigns, shall be and remain,
and they are hereby created a corporation, and body poli-
tic, by the name and style of “The President, Directors,
and Company of the Union Bank in Mew-London,” and
shall be, and by that name are made capable in law to
purchase and hold all kinds of estate, real and personal,
and the same to sell, dispose of, and convey; to sue and
be sued, plead and be impleaded, defend and be defend-
ed, in all courts whatever; to have and make a common
seal, and the same to break, alter, and renew at pleas-
ure; and to ordain, establish, and put in execution such
by-laws, ordinances and regulations, as to them shall seem
necessary, for the well ordering of the affairs of said cor-
poration, not contrary to their charter, the laws of the
state, or of the United States; and, generally, to execute
all and singular acts, matters and things, which to them
shall appertain, subject to the rules, limitations and re-
strictions hereinafter provided.
sect. 2. The capital stock of the bank shall consist of
not less than fifty thousand, nor more than one hundred
thousand dollars, divided into shares of one hundred dol-
lars each. And the stockholders, in a general meeting,
may hereafter, if they judge the increase of trade to re-
quire it, open a new subscription, and enlarge the cap-
ital stock, to such an amount as they shall deem expedient

and necessary, not exceeding the sum of five hundred

thousand dollars.
sect. 3. The affairs of the bank, as to transfers, or
other matters, not herein regulated, shall be under the
management of thirteen directors: and there shall be an-
nually, on the first Thursday in June, at a general meet-
ing of the stockholders, a choice of directors, to serve for
one year; and the directors, at their first meeting, after
their election, shall choose one of their number president.
sect. 4. The number of votes to which each stockholder
shall be entitled, shall be according to the number of shares

Name of cor. poration.

General powers.

Capital stock.

Directors,

Votes of stockholders.

General meeting of stockholders, how called.

No eompensation to directors.

Compensation of president.

Board,

Dividends.

Bills issued by the bank :

indorsed to the bank.

Business.

Limitation of debts.

he shall hold, in the proportion following: for one share, and not more than two shares, one vote; for every two shares above two shares, and not more than ten shares, one vote; for every four shares above ten shares, and not exceeding thirty shares, one vote; and for every six shares above thirty shares, one vote: no person, co-partnership, or body politic shall be entitled to a greater number than twenty votes: stockholders, actually resident in this state, and none others, may vote in elections, personally, or by proxy, and be eligible as directors. sect. 5. One fourth part of the stockholders, or more, being proprietors of two hundred shares, at least, shall have power, at any time, to call a general meeting of the stockholders, giving at least a week's notice, in the public gazette of the place where the bank is kept, and specifying in such notice the object of the meeting. sect. 6. No director shall be entitled to any emolument for his attendance on the business of the bank, unless the same shall have been allowed by the stockholders at a general meeting; and they shall make such compensation to the president, for his extraordinary attendance at the bank, as shall appear to them to be reasonable. Not less than three directors shall constitute a board for the transaction of business ; and in case of the death, resignation, or removal of a director, by the stockholders, his place may be filled, by a new choice, for the remainder of the year. Yearly dividends shall be made of so much of the profits of the bank, as shall appear to the directors advisable ; and the state of the bank shall be made known to the stockholders, by the directors, whenever they are thereto required. sECT. 7. Bills or notes, issued by the bank, signed by the president, and countersigned by the cashier or treasurer, promising the payment of money to any person, or order, or to bearer, shall be obligatory on said corporation, and shall be assignable according to the custom of merchants, and the laws relating to inland bills of exchange : and all negotiable notes, duly executed, may be indorsed to the bank, in the same manner, and upon the same principles as to individuals; and the bank may maintain suits thereon to recover the money. sect. 8. The capital of the company shall not be employed otherwise, than in the ordinary course of banking business; and the bank shall not take more than at the rate of six per cent per annum, upon its loans or discounts. The total amount of debts, which the corporation shall at any time owe, whether by bond, bill or note, shall not exceed fifty per cent over and above the capital stock of said bank, and beyond the amount of the mo

nies at any time actually deposited in the bank for safe keeping : and all notes issued by the bank, shall be paid at the bank in silver or gold coin.

sect. 9. The stockholders of the bank, at a general Enlargement meeting, may hereafter, if they judge the increase of of capital trade requires it, open a new subscription, and enlarge the *k. capital stock of said bank, to such amount as they shall deem expedient and necessary, not exceeding the sum of five hundred thousand dollars.

CHAP. III.
An Act to incorporate the New-Haven Bank.
SECT. 1. B% it enacted by the Senate and House of Rep-

resentatives in General Assembly convened, That the stockholders of the New-Haven Bank, their successors and assigns, shall be and remain a corpora- Name. tion and body politic, by the name and style of “The President, Directors and Company of the Now-Haven Bank,” and by that name shall be and are hereby made capable to have, purchase, receive, possess and enjoy, all kinds of estate, real and personal, and the same to sell, grant, G l and alien; to sue and be sued, plead and be impleaded, ..." " defend and be defended, in all writs ; to have and use a common seal, and the same to alter, break, or renew at f'. and to ordain, and put in execution, such byaws and regulations as shall be deemed necessary and convenient, for the well ordering and government of said corporation, not contrary to this charter, the laws of the state, or of the United States; and to do and execute all and singular acts, matters, and things, which to them shall appertain to do, subject to the rules and restrictions hereinafter prescribed. sect. 2. The capital stock of said bank shall consist Capital stock. of not less than fifty thousand, nor more than four hundred thousand dollars, to be divided into shares of two hundred dollars each. No person, co-partnership, or body politic, shall hold more than sixty shares. The stock or shares shall be assignable, according to such Assignable. rules as shall be instituted by the bank. The number of votes each stockholder shall be entitled to, in the choice Method of vo. of directors, or any other business respecting the institu- ting: tion, shall be according to the number of shares he shall hold : and all stockholders shall be enitled to vote, by themselves, or by their agents duly appointed. sect. 3. And for the well ordering of the affairs of the Rirectorsbow corporation, there shall be nine directors chosen on the “”

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