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shares.

Subscriptions open subscriptions for three hundred shares, to be adfor additional 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 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 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.

payment.

Subscriptions

clesiastical su cieties, &c.

SECT. S. 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, 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 And the monies for such shares, may, at any time, be withdrawn from the bank, on giving six months' notice to the directors.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 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 votes shall be allowed on account

of any such shares in any general meeting of the stockhold- Power of revoProvided, that this act may be altered, amended, or

ers.

revoked, by the general assembly.

cation.

CHAP. VIII.

An Act to incorporate the Derby Bank.

SECT. 1.

BE

E it enacted by the Senate and House of Representatives, 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. sonal, 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 stockholders, 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

President.

Annual meet

ing.

called.

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.

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.

SECT. 5. A general meeting of the directors shall be holden on the first Tuesday of July, annually, when directors shall be chosen. A general meeting may be calMeetings, how led, whenever the board of directors may think proper; 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. 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.

Voting.

Board of directors.

Compensation.

Officers and agents.

Their compensation.

Powers of directors.

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 sickness, 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 emolany 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 extraordinary 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 determine 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 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. 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 bank, 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.

bank.

SECT. 10. The bank shall always be open to subscrip- Subscriptions tions, at the rate of one hundred dollars for each share, &c. by societies, 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 retime, be altered, amended, or repealed, by the general vocation. assembly.

CHAP. IX.

An Act to incorporate the Eagle Bank.

SECT. 1.

Britnates in General Assembly convened,

E it enacted by the Senate and House of Rep

That the stockholders of the Eagle Bank, their successors and assigns, shall be and remain a body politic and cor

porate, by the name of the "President, Directors, and Name of corCompany of the Eagle Bank of New-Haven," and by poration.

ers.

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 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.

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 general meeting, may authorise the directors to open a subscriptions. 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.

Additional

Directors.

*President.

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Annual meeting.

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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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