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per as the directors may order. All stockholders shall Voting.
be entitled to vote at a general meeting, in person, or
by proxy; and one vote shall be allowed for each share:
but no share or shares, shall give to any stockholder a
right to vote, unless the same shall have stood in his name
on the books of the bank, at least three months previous
to the time of voting.

SECT. 5. Not less than three directors shall constitute Board of dia board for transacting the business of the bank, of which rectors. the president shall always be one, except in the case of sickness, or necessary absence, when the directors present shall supply his place, by electing one of their number, as president for the occasion. No director shall be Compensaentitled to any emolument for attending to the duties of tion. his office, except the president, who shall receive such compensation as the board of directors shall judge reasonable, for his extraordinary service.

sect. 6. A cashier, and such other officers and agents, Officers and as shall be requisite, for performing the business of the agents. 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.

SECT. 7. The board of directors shall have the disposal Powers of diand management of the monies, credits, and property of the rectors. corporation, with power to regulate the concerns thereof, in all cases not herein otherwise provided for. But the Business recorporation shall not trade in any thing, excepting bills of stricted. exchange, gold or silver bullion, or in the sale of goods, pledged for money lent, and not redeemed in due time; er in lands necessarily taken for the 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 loans ; and dividends of such part of the profits as the directors may judge proper, shall be made semi-annually. The debts of the corporation, whether by bill, Debts rebond, or note, shall not, at any time, exceed fifty per cent

stricted, over and above the total amount of the capital stock actually paid in, and of the monies deposited in the bank for safe keeping

SECT. 8. The bills or notes of the corporation, signed Bills and by the president, and countersigned by the cashier or notes of the

bank. treasurer thereof, promising the payment of money, to any person or order, orto 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 Notes indorsthe same manner, and on the same principles, as to indi. ed to the bank.

viduals, and the bank may maintain suits thereon, for the

recovery of the money. Subscriptions SECT. 9. The bank shall be open, at all times, for subfrom school

scriptions, at the rate of one hundred dollars for each fund, societies, share, from the school fund of this state, or from the

funds of any college, ecclesiastical society, school, or corporation for charitable purposes, within this state : provided, that shares so subscribed, shall not be transferable, but may, at any time, be withdrawn, on giving six month's notice to the directors : and the shares so subscribed, and those subscribed by the state, shall never

exceed the shares subscribed by individuals. From the

SECT. 10. The state of Connecticut shall have right, state.

at any time, to subscribe to 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 ad

ditional directors of said bank. Power of re. Sect. 11. This act, or any part thereof, may, at any vocation. time, be altered, amended, or revoked, at the pleasure

of the general assembly.

CHAP. X.

ers.

An Act to incorporate the Phønix Bank. sect. 1. PE it enacted by the Senate and House of Rep

resentatives in General Assembly convened, That the stockholders of the Phænix Bank in Hartford, their successors and assigns, shall be and remain a body

politic, and corporate, by the name of " The President, Name of cor- Directors, and Company of the Phænix Bank," and by puration

that name, shall be capable in law, to purchase and hold General pow. all kinds of property, real and personal, and the same, at

pleasure, to sell 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, all 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 herein contained.

SECT. 2. The capital stock of said bank, shall consist Capital stock. of ten thousand shares, each share being one hundred

dollars; which shall be transferable, according to such
rules as may be established by the directors, together
with such sums as have been, or shall be, subscribed, by
this state, or from the school fund thereof, or the funds
of any college, ecclesiastical society, school or corpora-
tion for charitable purposes, in this state, pursuant to the
provisions hereinafter contained.
SECT. 3. For well ordering the affairs of the corpora-

Directors. tion, there shall be eleven 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 shall be resident in Hartford. At their first meeting after each election, the directors shall choose one of their number for president; and whenever President. 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 president or directors, 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

Annual meetbe holden on the first Thursday in September annually, ing. when directors shall be chosen. A general meeting may Meetings, how be called, whenever the board of directors sball think called. proper; and fifteen days previous to any general meeting, whether stated or special, notice thereof shall be given in a newspaper published in Hartford, and in such other manner as the directors may order. All stockholders shall be entitled to vote at a general meeting, in person Voting or by proxy; and one vote shall be allowed for each share; but no share or shares in said bank, shall give to any stockholder a right to vote, unless the same shall have stood in his name on the books of the bank, at least three calendar months previous to the time of voting.

SECT. 5. Not less than three directors shall constitute Board of dia board for transacting the business of the bank; of whom rectors. the president shall always be one, except in case of sickness or necessary absence, when the directors present shall supply his place, by electing one of their own number as president for the occasion. No director shall be compensaentitled to any emolument for attending to the duties of tion. his office, except the president, who shall receive such compensation as the board of directors may judge reasonable, for his extraordinary services.

SECT. 6. A cashier, and such other officers and agents Officers and as may be requisite, for performing the business of the agents. 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.

for money

Powers of di SECT. 7. The board of directors shall have the disporectors.

sal and management of the monies, credits and property of the bank, with power to regulate the concerns thereof,

in all cases, not herein otherwise provided for. But the Restrictions. corporation shall not trade in any thing, except bills of

exchange, gold or silver bullion, or in the sale of goods

lent, and not redeemed in due time, or in lande necessarily taken for 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 parts of the profits as the directors shall judge proper, may 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 beyond the total amount of the capital stock, actually paid in, and of the monies deposited in the bank for safe keep

ing. Bills and

SECT. 8. The bills or notes of the corporation, signed notes of the by the president, and countersigned by the cashier, or 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 Note: indors- all negotiable notes, duly executed, may be indorsed to ed to the the bank, in the same manner, and on the same princibank.

ples, as to individuals; and the bank may sue thereon

for the recovery of the money. Right of the SECT. 9. The state of Connecticut shall have right, at state to sub

any time, to subscribe to the said bank, at the rate of scribe.

one hundred dollars for each share ; and whenever the state shall have subscribed five hundred shares, and paid for the same, they shall have the right of appointing two

additional directors of said bank. Subscriptions SECT. 10. The bank shall, at all times, be open for from school

subscriptions, at the rate of one hundred dollars for each fund, societies, &c.

share, from the school fund of this state, and from the funds of any college, ecclesiastical society, school, or corporation for charitable purposes, within this state : provided, that shares so subscribed, shall not be transferable, but may, at any time, be withdrawn, on giving six months' notice to the directors ; and that the shares so subscribed, and those subscribed by the state, shall never exceed

the shares subscribed by individuals. Branch at sect. 11. And said bank shall have power to estabLitchfield. lish a branch of said bank, in the town of Litchfield, in

Litchfield county, for the purpose of discount and deposit; and one fourth part of the capital of said bank, paid in, or which shall hereafter be paid in, shall be em.

baok.

ployed in said branch; and at the annual meeting of the stockholders in said Hartford, for the choice of officers, there shall, in addition to the eleven directors before mentioned, be also chosen seven directors of said branch, five Branch direcof whom shall live within said town of Litchfield ; which tors. last mentioned directors, shall, within a reasonable time, choose one of their number to be president of said President. branch, and shall appoint a cashier, and such other agents as shall be necessary.

No director of said branch, Compensashall be entitled to any emolument for attending to the tion. duties of his office, except the president thereof, who shall receive such compensation, as the board of directors of said branch, may judge reasonable, for his extraordinary services.

sect. 12. All bills issued by said branch, shall be sign- Bills issued by ed by the president, and countersigned by the cashier of the branch the principal bank in Hartford, and shall be made payable to the president of said branch, or the bearer thereof, and may be issued and paid out at said bank in Hartford, or at the branch bank in Litchfield; and the same shall be assignable and transferable, according to the custom of merchants, and the laws relating to inland bills of exchange. And the directors shall have the same powers, Powers of

branch direcand be subject to the same restrictions and regulations, with the exceptions, and limitations herein before contained, in the management of said branch, as is provided in this act, for the directors of the principal bank : and the directors of said branch, shall account with the directors of the principal bank in Hartford, at all reasonable times, when thereunto required.

sect. 13. This act, or any part thereof, may, at any Power of retime, be altered, amended or revoked, by the general as- vocation. sembly.

CHAP. XI.

tors.

An Actenabling the treasurer of the state, to sub

scribe the monies of this state, to the Hartford, New-Haven and Middletown Banks.

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

resentatives in General Assembly convened, State treasurThat the treasurer of the state shall have power to sub er authorised scribe to the Hartford, New-Haven and Middletown to subscribe. Banks, in proportion to their capitals, any monies belonging to the state, now on hand, or that may, from time to time, come into the treasury: the state to be entitled to all profits and dividends, which may accrue thereon, in the same manner as the other stockholders of said banks :

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