Chap. XVIII. Listers. will be in May, in the year one thousand eight hundred and twelve, no person shall be appointed by the Legislature to any civil office, who shall have arrived to the age of seventy years, that of Justice of the Peace excepted. General Assembly, May Session, 1811. SYLVANUS BACKUS, Speaker of the House of Representatives. ROGER GRISWOLD, Governor. Attest. THOMAS DAY, Secretary. CHAP. XVIII. An Act in further addition to the law of this state, entitled "An Act for the direction of Listers in their office and duty." BE E it enacted by the Governor and Council and House of Representatives in General Court assembled, That all four wheeled pleasure carriages not heretofore enumerated in the law to which this is an addition, with a covered top, hung on leather braces, but not on springs, shall be set in the list at fifteen, twenty, or twenty-five dollars each, at the discretion of the listers, as they shall be more or less valuable. General Assembly, May Session, 1811. SYLVANUS BACKUS, Speaker of the House of Representatives. ROGER GRISWOLD, Governor. Attest. THOMAS DAY, Secretary. OCTOBER SESSION, 1811. CHAP. I. An Act to incorporate the Eagle Bank. B § 1. E it enacted by the Governor and Council and House of Representatives in General Court assembled. That it shall be lawful to establish a Bank at New-Haven, the capital stock whereof shall be divided into shares of one hu dred dollars each, which shall be transferrable according to such rules as may be established by the directors, and the subscribers to the same, their successors and assigns shall be and are hereby constituted a body politic and corporate, by the name of the Pres- Name. ident, Directors and Company of the Eagle Bank of New-Haven, and by that name shall be capable in law to purchase and hold property of whatever nature, real, per- General powsonal or mixed, and the same at pleasure to dispose of, ers. or alienate, to sue and be sued in all courts whatever, to have and to use a common seal, such as they may devise, and to make and to carry into effect such by-laws and regulations as may be deemed expedient for the proper management of the affairs of the corporation, not being repugnant to this act, or to the laws of this state, or the United States, and generally to do and cause to be executed, all such acts and things as to them may appertain, subject nevertheless to the provisions herein contained. § 2. Be it further enacted, That the following articles be established for the government of the corporation. I. For well ordering the affairs of the corporation Directors. 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 NewHaven. At their first meeting after each election, the directors shall choose one of their number for president, President. and whenever the place of president or director shall be Chap. I. Eagle Bank. come 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. II. A general meeting of the stockholders shall be holden on the third Tuesday of July annually, when diGeneral meet- rectors shall be chosen. A general meeting may be ing. called whenever 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 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 for each share, but no transfer shall be allowed of any share, until the expiration of six months from the time of subscription. Mode of voting. Board, how constituted. Directors to receive no emolument. Officers. Powers of directors. powers. III. Not less than three directors shall constitute a board for transacting the business of the Bank, 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. 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 service. IV. A cashier and such other officers and agents as may be requisite for performing the business of the corporation 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 any of their trusts. V. 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. Limitation of But the corporation 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; nor shall the corporation take more than at the rate of six per cent. per annum premium, for or upon its loans; and dividends of such part of the profits as the directors may judge proper, shall be made semi-annually. Provided, that nothing in this act con Provise. Chap. I. Eagle Bank. tained shall prevent said corporation from purchasing and holding lands necessary and convenient on which to erect a banking house, and other buildings for the accommodation of said bank VI. The bills or notes of the corporation, signed by the president, and countersigned by the cashier or treasure thereof, promising the payment of money to any person or persons, his, her, or their order, or to bearer, shall be obligatory on the corporation, according to the tenor thereof; and ail such bills or notes shall be assignable or negotiable according to the custom of merchants, Bills of the able. and the laws relative to inland bills of exchange. And Notes endors all notes in writing, given for the payment of money only, ed to the bank which shall be made and signed by any person or per- negotiable. sons, or by a servant or agent usually entrusted by him, her or them to sign such promissory notes for him, her or them, the same being made payable to any person or persons, his, her or their order, or to the bearer, and endorsed over to the corporation, shall be assignable and negotiable in the same manner as inland bills of exchange are, according to the custom of merchants: and said corporation to which the same may be endorsed, shall and may maintain action thereon for the money promised in such notes against the person or persons who, or whose servant or agent as aforesaid shall have signed the same, or against any of the persons who shall have endorsed the same, in like manner as in inland bills of exchange. The Debts limited. debts of the corporation, whether by bill, bond or note shall not at any time exceed fifty per cent. over and beyond the total amount of its capital stock actually paid in, and of the monies deposited in the bank for safe keeping. § 3. Be it further enacted, That the capital stock of Capital stock. said bank shall consist of five thousand shares; and the stockholders, at a general meeting, may authorize the directors to open new subscriptions for such amount as they may deem expedient, not exceeding two thousand five hundred shares. § 4. Be it further enacted, That subscriptions towards constituting the capital stock of said bank shall be opened in New-Haven for the said five thousand shares, under the superintendance of five commissioners, viz. James Hillhouse, Theodore Dwight, Simeon Baldwin, Commission'Frederick Wolcott, and Sylvanus Backus, Esqrs. at such ers. time or times not exceeding seventy-five days after passing this act, as they may deem proper, and of which they shall give at least fifteen days public notice in one of the newspapers printed in New-Haven, and also in one of the newspapers printed in Hartford, and the said commission Their powers. Instalments. Chap. I. Eagle Bank. ers. or the major part of them, are hereby authorized to receive in gold or silver coin, or in the bills of any incorporated bank in this state, or in the state of New-York, the first payments, and to call the first meeting of the stockholders, for choosing the directors, who shall continue in office until the annual election next thereafter ensuing. There shall be paid at the time of subscribing, in such manner as the commissioners may determine, ten dollars on each share, and fifteen dollars on each share within ninety days after opening the subscription, and twelve and a half dollars on each share at the expiration of each ninety days thereafter, until the whole shall be paid, and all the payments of said enstalments shall be made in gold or silver coin, or bank notes of the descripSubscriptions, tion aforesaid. It the subscriptions should exceed five how reduced. thousand shares. the commissioners shall reduce the number of shares to five thousand, for which purpose it shall be their duty to make all necessary inquiries, and to apportion the shares in such manner, and to such persons, as to them may appear proper, having regard to the interest of the bank, and the accommodation of the public; but no person or copartnership shall subscribe for or hold more than one hundred and twenty shares in the stock of Forfeiture for said bank. In case of failure to pay the sum of fifteen non-payment. dollars as aforesaid, on any share, the sum of ten dollars paid thereon at the time of subscribing shall be forfeited to the bank, and the subscription shall be void And in case of failure to make any subsequent payment, the party failing shall lose the benefit of any dividend accruing during the time such payment shall have been delayed. Additional how to be made. § 5. Be it further enacted, That whenever full paysubscriptions, ment of the original subscription of five thousand shares has been made, and the stockholders at a general meeting shall have come to a resolution to open new subscriptions in conformity to the third section of this act, for any part or the whole of the additional two thousand five hundred shares, 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, and with the same authority, as is prescribed by the fourth section of this act. State may subscribe at any time. § 6. Be it further enacted, That in addition to the subscription herein before authorized, the State of Connecticut shall have a right at any time to subscribe to the said bank, at the rate of one hundred dollars for each share; and whenever the state shall have subscribed five hundred shares, and paid for the same, they shall have a right of appointing two additional directors of said bank. |