The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1829-03-18

Der shall have more than ten votes and absent
members may vote by proxy, such proxy being
authorized In writing vacancies occurring in
the board of Directors before the expiration of
the term for which they were chosen, may be
filled at any meeting of the Stockholders called
Tor that purpose as herein before provided. In
like manner the Directors shall have power to
call special meetings of the Stockholders, as
often as they think the interest of the CORPORA
ton may require it.
SEC. 9. Be 1t further ENACTED, That the Di-
rectors shall make half yearly dividends of the
profits of the Bank. The Directors shall have
power to appoint Cashier, Clerks, and such
other officers for carrying ON the business of
the BSnk, with such salaries, as to them shall
seem meet, and such Cashier, Clerks, and other
officers shall retain their places until removed
therefrom, or others are appointed in their
stead.
SEC. 10. Be 1t further enacted, That the
Cashier, before he enters on the duties of his
othce, shall give bond bonds with two or
more sureties, TO the satisfaction of the board
| OF Directors, conditioned for the faithful per-
tormapce of the duties of his Office: provided,
that in no case shall bonds be taken for less
sum than twenty thousand dollars, nor great
er than fifty thousand dollars. 1t shall be.the
duty of the Cashier Of any Bank aforesaid to
call special meetings of the Stockholders at
any time hereafter, on the application in writ
ing OF the proprietors of twenty per centum of
| the Capital Stock thereof, by giving fourteen
days public notice of such meeting in the man
ner herein before provided.
SEC. ii. Be 1t further enacted, That in ease
the officers of any Banking Corporation afore-
said, in the usual Banking hours, shall refuse or
delay payment in gold or silver money of any
note or bill of said Corporation, there presented
( Tor payment, the said Corporation shall be liza
bic to pay as additional damages at the rate of
twenty-tour per centum per annum for the time
during which such payment shall be delayed or
| refused
SEC. I2. Be 1t further enacted, That in case
OF any loss or deficiency of the Capital Stock in
any Bank aforesaid, which shall arise from the
official Encouragement of the Directors, the
( persons who Stockholders at the time of
such mIsmanagement, shall, in their private
and individual capacities, be respectively liable
to pay the same provided, however, that in
no case shall any Stakeholder be liable to
pay sum exceeding the amount of the stock
actually then held by him.
SFc. Is. Be ii further enacted, That the
holders of stock in any Banking Corporation
aforesaid, in this Commonwealth, when is
charter shall expire, shall be chargeabe in their
private and individual capacities, and shall be
holden for the payment and redemption of all
bills which may have been issued by said Cor
Poration, remaining unpaid, in proportion to
the stock they may respectively hold
SEC. ID. Be 1t further enacted, That any
stakeholder of any Bank, who shall have been
Obliged to pay any debt or demand against said
Bank out Of his individual property, shall have
a bill In equity, originally TO be tried in the Su-
preme Judicial Court, to recover the proper
! tlonal parts of such sums of money as he NAV
have so paid, from the other Stockholders, who
may be equally liable for the same, and such
damages and costs as the Court may decree
and said bill in equity may be inserted in writ
| OF attachment or original summons
| SEC 10. BE 1t further enacted, That every
Bank shall be kept in the city or town in which
1t is or shall be originally established and in
such part OF such city or town as is prescribed
! by its charter.
SEC. Is Be IL further enacted, That upon
any requisltion of the Legislature each Bank |
ing Corporation shall loan to the Common
wealth sum not exceeding five per centum oD
us capital stock at any one time, reimbursable
| by hpe annual instruments, or at any shorter
period, at the election of the Commonwealth, |
with the annual payment of interest at rate
not exceeding five per centum per annum
Provided, that the Commonwealth shall never
at any one time stand indebted to any Corpora
! ton, without IFS consent for larger sum than
ten per centum of its capital 1t shall be the
duty OF the Treasurer of this Commonwealth
whenever he shall have occasion to borrow any
sum OF money of any incorporated Bank, under
and by virtue Of any authority for that purpose
gwen by any act or resolve OF this Common
wealth, to give notice in writing 10 the Presi-
Gent or Cashier OF any such incorporated Bank
! OF the amount which he has occasion to bor-
row, and demanding of said Bank loan of the
same, coniormably to the provisions Of this act
I and the Commonwealth will hold itself respon-
/ sible for any money borrowed of any Bank by
the Treasurer. And If any incorporated Bank
aforesaid, shall neglect, or refuse for the space
OF thirty days after notice given as aforesaid to
loan to the said Treasurer the sum SO demand.
| ed said Bank shall forfeit and pay into the
| Treasury of this Commonwealth the sum of
two per cent. per month upon the amount of
any sum so demanded, and so after that rate
! for a shorter or longer time, so long as said
neglect or refusal TO comply with such demand
1 of said Treasurer shall continue: Provided
that the notice demanding such loan shall be
accompanied by an attested copy of such act or
| resolve, and shall be approved by the Governor
in writing, and it shall be the duty of the Treas
urer at the expiration of one month after said
demand shall have been made, TO institute an
action in the name of, and for the use of this
Commonwealth, in any court of competent iu-
| risdicton, against the Bank so neglecting or
refusing for the recovery of the said penalty,
and so from month to mo ii, to institute SINH
lar suits for the recovery * the penalty afore-
said, so long as such neglect or refusal shall
continue. And it shall also be the duty of said
Treasurer, upon obtaining judgment and exc
cntion on any such action or actions, to cause
the amount thereof to be forthwith levied upon
the goods, chattels or lands of the Bank against
which the same shall have been obtained 1t
shall be the duty of the Treasurer in making
! the demand aforesaid of any Bank or Banks, to
equalise, as far az is conveniently practicable,
| the amount of such demand among the several
Banks within the Commonwealth, having refer.
ence to the amount of the obligation at each
Bank to loan to the Commonwealth, and to the
amount previously borrowed of each Bank, un-
der authority thereof.
SEC. II Be IL further enacted That any
Committee specially appointed by the Legisla-