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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 Stock assignshall be assignable, according to such rules as shall be able. prescribed by the stockholders of the bank. sect. 3. There shall be an annual meeting of the Appointment

of directory. 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 Vacancies, a director, his place may be filled by a new choice, for how supplied. the remainder of the year; if a majority of the directors, judge it necessary. All elections of directors, shall be by Mode of elecballot; and the nine persons, who shall have, at any

elec- tion. tion, the greatest number of votes, shall be declared to be duly elected. Public notice shall be given, by order

Notice. 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 President, how choose one of their number for a president. On the chosen. death, or resignation of the president, the directors may choose one of 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 Board of

directors. 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 Directors to cashier, and such clerks, officers, and servants as they appoint oflishall judge necessary, for executing the business of the bank; and to allow them such compensation for their ser- fix compensavice, 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

No compensabe allowed any emolument, unless the same shall be or

tion to direcdered by the stockholders, at a general meeting ; ex- tors, except cept the president, who shall receive such compensation to president. for his extra attention at the bank, as the directors shall judge reasonable. Every cashier, treasurer, or clerk, Officers to give employed in said bank, shall, before he enters upon the bonds. duties of his office, give bond, with two or more sureties, to the satisfaction of the directors, in such sum as they

cers ;

shall judge sufficient, conditioned for the faithful dis

charge of his trust. Directors to SECT. 5. The directors, by a majority of votes, shall manage the

determine the manner of doing business, and the rules to business;

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 to make divi- months, make such dividend of the profits as they shall deads ;

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 to state ac. of their appointment, make, and exhibit before the gencounts.

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. Limitation of SECT. 6. The bank shall not trade in any thing, except business ;

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 of premium.

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. Bills signed by SECT. 7. The bills or notes, issued by the bank, signed the president, by the president, and countersigned by the cashier or and binding on the bank.

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 Notes assign- bills of exchange : and all negotiable notes, duly executable to the bank.

ed, 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 for school funds, &c. the subscription of shares in their stock, from the funde

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

Bank open

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.

ers.

E it enacted by the Senate and House of RepSECT. 1.

resentatives in General Assembly convened, That the stockholders in the Union Bank, in New-London, their successors and assigns, shall be and remain, and they are hereby created a corporation, and body politic, by the name and style of “ The President, Directors, Name of cor. and Company of the Union Bank in New-London,” and poration. shall be, and by that name are made capable in law to purchase and hold all kinds of estate, real and personal, General pow. and the same to sell, dispose of, and convey; to sue and be sued, plead and be impleaded, defend and be defended, in all courts whatever; to have and make a common seal, and the same to break, alter, and renew at pleasure; 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 corporation, 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 restrictions hereinafter provided.

sect. 2. The capital stock of the bank shall consist of capital stock. not less than fifty thousand, nor more than one hundred thousand dollars, divided into shares of one hundred dollars each. And the stockholders, in a general meeting, may hereafter, if they judge the increase of trade to require it, open a new subscription, and enlarge the capital 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 Directory. other matters, not herein regulated, shall be under the management of thirteen directors : and there shall be annually, on the first Thursday in June, at a general meeting 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 Votes of shall be entitled, shall be according to the number of shares stockholders.

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. General meet Sect. 5. One fourth part of the stockholders, or more, ing of stock. being proprietors of two hundred shares, at least, shall holders, bow 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 emoluNo tion to direc- ment for bis attendance on the business of the bank, untors.

less the same shall have been allowed by the stockholders Compensation at a general meeting ; and they shall make such compenof president. sation to the president, for his extraordinary attendance

at the bank, as shall appear to them to be reasonable. Board,

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 Dividends.

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 Bills issued by the bank : 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 indorsed to

all negotiable notes, duly executed, may be indorsed to the bank. 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. Business. 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 disLimitation of counts. The total amount of debts, which the corporadebts. tion 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 stock. 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.

E it enacted by the Senate and House of RepSECT. 1.

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 New-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,

General powand alien; to sue and be sued, plead and be impleaded, ers. defend and be defended, in all writs ; to have and use a common seal, and the same to alter, break, or renew at pleasure; and to ordain, and put in execution, such bylaws 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 voof 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 Directors bow corporation, there shall be nine directors chosen on the chosen ;

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