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holders at a general meeting; and they shall make such
An Act to incorporate the Bridgeport Bank.
1 E it enacted by the Senate and House of RepSECT, I. resentatives in General Assembly convened, That the stockholders of the Bridgeport Bank, their successors and assigns, shall be and remain a corporation and body politic, at the borough of Bridgeport, by the name of the “President, Directors, and Company of the Bridgeport Bank,” and by that name shall be, and are hereby made capable, to have, purchase, receive, pos
Name of corr poration.
sess, and enjoy, to them and their successors, all kinds of ers.
real and personal estate, and the same to sell, grant, demise, and dispose of at pleasure; to sue and be sued, plead and
Each share entitled to a vote.
Number of directors, and how chosen.
To choose president.
Who may be elected.
Where to reside.
Three to constitute a board.
be impleaded, answer and be answered, defend and be
number as president for the occasion: and 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, except the president, who shall receive such compensation for his extraordinary attendance on the business of the bank, as the directors shall judge reasonable. sect. 4. The directors, for the time being, shall have power to appoint such officers, clerks, and servants, as they shall judge necessary, for executing the business of the bank, and to allow them such compensation for their services as they shall judge reasonable; and every cashier, treasurer, or clerk, employed in the bank, shall, before entering on the duties of his office, give bond, with two or more sureties, to the satisfaction of the directors, in such sum as they shall order, conditioned for the faithful discharge of his trust. sect. 5. The directors, by a majority of votes, shall determine the manner of doing business, and the rules to be prescribed, and shall dispose of and manage the money and credits of the bank, for the benefit of the proprietors, and shall, once in six months, make such dividends of the profits as they shall think proper: provided they shall, in no instance, do any act contrary to the regulations of the stockholders; and the directors shall, annually, lay before the stockholders a statement of the concerns of the bank. sect. 6. The bank shall not trade in any thing except bills of exchange, gold or silver bullion, foreign bank notes, or in sale of goods pledged for money lent and not redeemed in due time, or in lands taken for debts previously contracted, or on mortgage; nor shall the bank take more than at the rate of six per cent per annum for or upon its loans. The total amount of the debts which the bank shall at any time owe, whether by bond, bill, or note, shall not exceed fifty per cent over and above the capital stock, and the amount of the money, or bullion deposited in the bank for safekeeping; and all notes issued at the bank shall be payable in gold or silver coin. sect. 7. The bills or notes issued by the bank, signed by the president, and countersigned by the cashier, 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.
No compensation, except to president.
Directors to appoint officers ;
who shall give bonds.
Duty of di
to make dividends.
In what articles bank may trade.
Amount of debts not more than fifty per cent on capital.
Bills and notes of the bank.
Notes indorsed to the bank.
Name of corporation.
Annual meeting of stock. holders.
sect. 8. This act shall be a public act, and liable to alteration or repeal.
Representatives, in General Assembly con
vened, That the stockholders of the bank, established at New-London, their successors and assigns, shall be and remain a corporation, and body politic, by the name of “The President, Directors, and Company of the NewLondon Bank,” and by that name shall be capable in law to purchase, and hold all kinds of estate, real and personal, and the same to dispose of and alien, to sue and be sued, in all courts whatever; to have and use a common seal, such as they may devise ; and to make and carry into effect, such by-laws as may be deemed expedient for the proper management of the affairs of the corporation, not repugnant to this act, the laws of this state, or of the United States ; and generally, to do and cause to be executed, all such acts and things as to them may appertain, subject to the provisions herein contained.
sect. 2. For well ordering the affairs of the corporation, there shall be nine directors, who shall be elected annually, by the stockholders in general meeting. None but stockholders shall be eligible as directors; and not less than two thirds of the directors shall be resident in New-London. At their first meeting after such election, the directors shall chose one of their number for president; and when the place of president or director, shall become vacant, by resignation, or otherwise, the same may be supplied by the choice of the directors, for the remainder of the year. All elections for directors and president, shall be by ballot.
sect. 3. A general meeting of the stockholders, shall be holden on the first Tuesday of July annually, when directors shall be chosen. A general meeting may be called whenever the directors shall think proper; and fifteen days previous to any general meeting, whether stated or special, notice thereof shall be given in a newspaper, published in New-London, and in such other manner as the directors shall order. All stockholders shall be entitled to vote, at any general meeting, in person or by proxy : and one vote shall be allowed for each share.
sect. 4. A board for the transaction of business shall consist of not less than three directors : and no director shall be entitled to any emolument for attending to the duties of his office, except the president, who shall receive such compensation, as the board of directors may judge reasonable, for his extraordinary services. A cashier, and such other officers and agents, as may be requisite for performing the business of the bank, shall be appointed, and their compensation shall be regulated by the board of directors, who may determine the securities to be given by any of them, for the faithful performance of their trust. sect. 5. The board of directors, shall have the disposal, and management of the monies, credits and property of the corporation, with power to regulate the concerns thereof, in all cases not herein otherwise provided for: but the capital stock of the bank, shall not be employed otherwise, than in the ordinary course of banking business: nor shall there be taken more than at the rate of six per cent per annum; and dividends of the profits shall be made semi-annually. The debts of the corporation, whether by bill, bond, or note, shall not, at any time, exceed fifty per cent, over and above the total amount of the capital stock, and of the monies deposited in the bank for safe keeping : and all notes issued by the bank, shall be paid at the bank, on demand, in silver or gold coin. sect. 6. The bills or notes of the corporation, signed by the president, and countersigned by the cashier or treasurer thereof, promising the payment of money to any person or order, or to bearer, shall be obligatory on the corporation, according to the tenor thereof; and shall be assignable according to the custom of merchants, and the law relative 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 to recover the money. sect. 7. The capital stock of said bank shall consist at least of two thousand shares, of one hundred dollars each, which shall be transferable, according to such rules as shall be established by the directors. And the stockholders, in general meeting, may authorise the directors to open new subscriptions for increasing the same, to such amount as they may deem expedient, not exceeding five thousand shares: and after full payment of the original subscriptions, until the capital stock of said bank shall amount to five thousand shares, it shall be the duty ef the board of directors, once in each year, to
Board of directors.
Officers and agents of the bank.
Powers of the board.
Debts of the bank restricted.
Bills and notes of the bank.
Notes indorsed to the bank.
Increase of capital stock.