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Subscriptions open subscriptions for three hundred shares, to be adfor additional ded to the capital stock of said bank, and the same shares.
to continue open for the space of ninety days, aller 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 protits to be divided upon shares which may be so added to the capital stock, shall begin to accrue after the dividend to be made within the succeeding half year. If, at any time, more than three hundred shares shall be so subscribed, within the space of ninety days, the respective subscriptions, after allowing one share to each subscriber, 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 expeSuspension of dient, to suspend the payment of the whole, or any part payment.
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 instalmensts 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-London 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 failing shall lose the benefit of any dividend accruing during the time
such payment may have been delayed. Subscriptions
SECT. 8. The bank shall be open, at all times, for from funds of subscriptions, at the rate of one hundred dollars for the state, ec- each share, to be paid from the funds of the state, clesiastical suo cieties, &c.
or any of the ecclesiastical societies, schools or corporations 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 And the monies for such shares, may, at any time, be withdrawn from the bank, on giving six months' notice to the directors.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 entitled, at any annual meeting of the stockholders, to choose one director, who shall continue in office in Bike 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. Power of revaers. Provided, that this act may be altered, amended, or
cation. revoked, by the general assembly.
An Act to incorporate the Derby Bank.
E it enacted by the Senate and House of RepSECT. 1.
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 name of “ The President, Directors and Company of Name. the Derby Bank," and, by that name, shall be capable in General powlaw to purchase and hold all kinds of estate, real and per- ers. gonal, 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 generally, to do and cause to be executed, all such acts and things as to them may appertain, subject to the provisions hereinafter contained.
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 stockbolders, 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 hundred dollars each, which shall be subscribed and filled, in such manner as the assembly may direct; and no person, or copartnership, shall be allowed to subscribe more than one hundred and twenty shares. And no corporation, 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. Directors. poration, there shall be eleven directors, who shall be elected, annually, by the stockholders, in general meeting. None but stockholders shall be eligible as directors. Not more than three-fourths of the directors in office, exclusive of the president, shall be eligible for the succeeding 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
be ineligible for one year; but any of the directors, resident in Derby, not exceeding three, may be eligible as
directors, at any annual election. President SECT. 4. 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 become vacant, by resignation, or otherwise, the same may be supplied by choice of the directors for the remainder of the year. All elections, for president or directors,
shall be by ballot. Annual meet sect. 5. A general meeting of the directors shall be ing.
holden on the first Tuesday of July, annually, when di
rectors shall be chosen. A general meeting may be calMeetings, how led, whenever the board of directors may think proper; called.
and fifteen days previous to any general meeting, whether 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. Voting.
stockholders shall be entitled to vote, at any general meeting, in person, or by proxy; and one vote shall be
allowed to each share. Board of di SECT. 6. A board for the transaction of business, shall rectors.
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 Compensa occasion. And no director shall be entitled to any emoltion.
ument 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 extraor
dinary services. Officers and SECT. 7. A cashier, and such other officers and agents, agente.
as may be requisite for performing the business of the
company, shall be appointed ; and their compensation Their com
shall be regulated by the board of directors, who may depensation.
termine the securities to be given, by any of them, for
the faithful performance of their trust. Powers of di SECT. 8. The board of directors shall have the disporectore.
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. Restrictions. 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 bauk, shall be done at their banking-house in Derby only ; and said bank shall not employ any agent to receive 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, exceed fifty per cent 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 Bills and notes by the president, and countersigned by the cashier or of the bank. 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, Notes indorsin the same manner, and on the same principles, as to in-ed to the
. dividuals ; and the bank may maintain suits thereon to recover the money. SECT. 10. The bank shall always be open to subscrip- Subscriptions
by societies, tions, at the rate of one hundred dollars for each share, &c. 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 Power of re
rocation. time, be altered, amended, or repealed, by the general assembly.
An Act to incorporate the Eagle Bank.
E 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 Name of corCompany of the Eagle Bank of New Haven," and by poration.
General pow.. that name shall be capable in law to purchase and hold
property, both real and personal, and the same to sell and convey at pleasure; to sue and be sued, in all courts whatev. er; 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. Capital stock.
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 Additional general meeting, may authorise the directors to open a subscriptions. new subscription, for such amount as they may deem ex
pedient, 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. Directors. 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, President. the directors shall choose one of their number for pre
sident; 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. Annual meet SECT. 4. A general meeting of the stockholders, shall ing.
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