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Subscriptions for additional shares.

Suspension of payment,

Subscriptions from funds of the state, ecclesiastical sucieties, &c.

open subscriptions for three hundred shares, to be ad-
ded to the capital stock of said bank, and the same
to continue open for the space of ninety days, after
giving notice thereof in one or more of the newspapers,
printed in this state, during which time subscriptions
shall be received from the citizens of this state, who
may become stockholders, upon paying upon each share,
the sum of one hundred dollars, with an advance of
four per cent, which advance shall be divided among the
stockholders, according to the shares by them holden at
the time of opening any such subscription. And the profits
to be divided upon shares which may be so added to the
capital stock, shall begin to accrue after the divided
to be made within the succeeding half year. If, at any
time, more than three hundred shares shall be so sub-
scribed, within the space of ninety days, the respective
subscriptions, after allowing one share to each subscri-
ber, shall be reduced, at the discretion of the directors,
so as not to exceed the number of three hundred shares,
to be added as aforesaid. And the board of directors
are hereby authorised, in case they shall judge it expe-
dient, to suspend the payment of the whole, or any part
of the two last instalments on the two thousand shares,
subscribed towards constituting the capital stock of the
bank; and whenever they shall require either of the in-
stalmensts to be paid, in whole or in part, they shall
give notice of the time of payment, and the sum to be
paid on each share, in a newspaper printed in New-Lon-
don or Norwich, at least ninety days before the time
appointed for payment: and in case of failure to make
any payment so required, the party sailing shall lose
the benefit of any dividend accruing during the time
such payment may have been delayed.
sect. 8. The bank shall be open, at all times, for
subscriptions, at the rate of one hundred dollars for
each share, to be paid from the funds of the state,
or any of the ecclesiastical societies, schools or corpora-
tions for charitable purposes, within the state; but such
shares shall not be transferable. And the monies for
such shares, may, at any time, be withdrawn from the
bank, on giving six months’ notice to the directors.
Whenever five hundred shares in the stock of said bank,
shall be holden as aforesaid, by this state, or such societies,
schools and corporations, the holders thereof shall be en-
titled, at any annual meeting of the stockholders, to
choose one director, who shall continue in office in iike
manner as other directors; and in making such choice of
a director. one vote shall be allowed for each share so
holden; but no other votes shall be allowed on account

of any such shares in any general meeting of the stockhold. ers. Provided, that this act may be altered, amended, or revoked, by the general assembly.

CHAP. VIII.
An Act to incorporate the Derby Bank.

- E it enacted by the Senate and House of RepsECT. 1. B resentatives, in General Assembly convened, That the stockholders of the Derby Bank, at Derby, shall be, and remain a body politic and corporate, by the

Power of revocation.

name of “The President, Directors and Company of Name.

the Derby 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 sell, dispose of, and convey; 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 and regulations as may be deemed expedient, for the proper management of the affairs of the corporation, not repugnant to their charter, the laws of the state, or of the United States; and gene. rally, to do and cause to be executed, all such acts and things as to them may appertain, subject to the provisions hereinafter contained.

General powers.

sect. 2. The capital stock of the bank shall consist of Capital stock.

one thousand shares, of one hundred dollars each, which
shall be transferable, according to such rules as may be
established by the directors: provided, that if the stock-
holders, at a general meeting, should hereafter judge the
increase of trade to require an addition thereto, a new
subscription may be opened for enlarging the capital
stock, not exceeding one thousand shares, at one hun-
dred dollars each, which shall be subscribed and filled,
in such manner as the assembly may direct; and no per-
son, or copartnership, shall be allowed to subscribe more
than one hundred and twenty shares. And no corpora-
tion, or body politic, other than herein specified, shall
hold any share in the stock of said bank.
sect. 3. For the well ordering of the affairs of the cor-
poration, there shall be eleven directors, who shall be
elected, annually, by the stockholders, in general meet-
ing. None but stockholders shall be eligible as directors.
Not more than three-fourths of the directors in office, ex-
clusive of the president, shall be eligible for the succeed-
ing year: and no director, exclusive of the president,
shall hold the office of director for a longer term than
three years in succession; after which such director shall

Directors.

President.

Annual meeting.

Meetings, how called.

Voting.

Board of directors.

Compensation.

Officers and agents.

Their compensation.

Powers of directors.

Restrictions.

be ineligible for one year; but any of the directors, resi-
dent in Derby, not exceeding three, may be eligible as
directors, at any annual election.
sect. 4. At their first meeting, after each election,
the directors shall choose one of their number for presi-
dent; and whenever the place of presidentor director shall
become vacant, by resignation, or otherwise, the same
may be supplied by choice of the directors for the remain-
der of the year. All elections, for president or directors,
shall be by ballot.
sect. 5. A general meeting of the directors shall be
holden on the first Tuesday of July, annually, when di-
rectors shall be chosen. A general meeting may be cal-
led, whenever the board of directors may think proper;
and fifteen days previous to any general meeting, wheth-
er stated or special, notice thereof shall be given, in a
newspaper published in the city of New-Haven, and in
such other manner as the directors may order. All

stockholders shall be entitled to vote, at any general,

meeting, in person, or by proxy ; and one vote shall be
allowed to each share. -
sect. 6. A board for the transaction of business, shall
consist of not less than three directors, of which the
president shall always be one, except in the case of sick-
ness, or necessary absence, in which case the directors
present, shall supply his place, by electing one for the
occasion. And no director shall be entitled to any emol-
ument for attending to the duties of his office, except the
É. who shall receive such compensation as the
oard of directors may judge reasonable, for his extraor-
dinary services.
sect. 7. A cashier, and such other officers and agents,
as may be requisite for performing the business of the
company, shall be appointed ; and their compensation
shall be regulated by the board of directors, who may de-
termine the securities to be given, by any of them, for
the faithful performance of their trust.
sect. 8. The board of directors shall have the dispo-
sal 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 captial stock of the bank shall not be employed
otherwise than in the ordinary course of banking busines;
nor shall there be taken more than at the rate of six per
cent per annum; and dividends of profit shall be made
semi-annually. And all loans and discounts, made by
said bank, shall be done at their banking-house in Der-
by only; and said bank shall not employ any agent to re-
ceive deposits, or make loans in their behalf, at any oth-

er place in the state. The debts of the corporation, whether by bond, bill, or note, shall not, at any time, ex. ceed fifty percent over and above the amount of the capital stock of said bank, which shall have been paid in, and the money actually deposited in the vaults thereof for safe keeping.

sect. 9. The bills and 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 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 to recover the money.

sect. 10. The bank shall always be open to subscriptions, at the rate of one hundred dollars for each share, to be paid from the funds of this state, or any of the ecclesiastical societies, schools, or corporations for charitable purposes, within this state ; but such shares shall not be transferable; and the monies for such shares may, at any time, be withdrawn from the bank, on giving six months’ notice to the board of directors. Whenever five hundred shares in the stock of said bank shall be holden as aforesaid, by the state, or such societies, schools and corporations, the holders thereof shall be entitled, at an annual meeting of the stockholders, to choose one director of said bank, who shall continue in office in like manner as other directors: and in making such choice of a director, one vote shall be allowed for each share so holden; but no other vote shall be allowed on account of such shares, in a general meeting of the stockholders.

sect. 11. This act, or any part thereof, may, at any time, be altered, amended, or repealed, by the general assembly.

CHAP. IX.

An Act to incorporate the Eagle Bank. sect. i. Bo it enacted by the Senate and House of Rep

resentatives in General Assembly convened, That the stockholders of the Eagle Bank, their successors and assigns, shall be and remain a body politic and corporate, by the name of the “President, Directors, and Company of the Eagle Bank of New-Haven,” and by

Bills and notes of the bank.

Notes indorsed to the bank.

Subscriptions by societies, &c.

Power of revocation.

Name of corporation.

General pow-.

ers.

Capital stock.

Additional subscriptions.

Directors.

* President.

Annual meeting.

that name shall be capable in law to purchase and hold property, both real and personal, and the same to sell and conveyat pleasure; 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 and regulations, as shall be deemed expedient for the proper management of the affairs of the corporation, not repugnant to their charter, the laws of the 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. The capital stock of said bank shall consist of five thousand shares, of one hundred dollars each, which shall be transferable according to such rules as shall be established by the directors; together with such shares as have been, or shall be, subscribed by the state of Connecticut, the school fund, any college, ecclesiastical society, school, or corporation for charitable purposes. And whenever payment of the original subscription of five thousand shares has been made, the stockholders, at a general meeting, may authorise the directors to open a new subscription, for such amount as they may deem expedient, not exceeding two thousand five hundred shares: and it shall be the duty of the directors to present the said resolution to the next general assembly, who will appoint commissioners to receive said additional subscription, in the same manner as the original subscription was made. f sect. 3. For the well ordering of the affairs of the bank, 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-Haven. At their first meeting, after each election, the directors shall choose one of their number for president; and whenever the place of president or director shall be 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, or president, shall be by ballot. No person shall be eligible as director for more than three years out of four, except the president. sect. 4. A general meeting of the stockholders, shall be holden on the third Tuesday of July, annually, when the directors shall be chosen. A general meeting may be called when the board of 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-Haven, and in such other man

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