Litchfield enquirer., 1831-06-16

of the Bank, of whom the president shall al- ways be one, except in the case of sickness 1 or necessary absence, when the senior tlirect or present shall preside no director shah be entitled 10 any emoEument for attending to the duties of his office, excepting the presi- dent, who shall receive such compensation as the board of directors may judge reasonable for his extra services beyond the directors. Sec. 7. cashier, and such other officers 1 and agents as may be necessary for perform ing the business of the corporation, shall be 1 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.
 1 Sec, 8. The board of directors shall have the disposal and management of the monies, credit and property of the Bank, with power 50 regulate the concerns thereof in all cases not herein otherwise provided but the cor poration shall not trade in any thing except bills of exchange. gold or silver bullion, or the sale of goods pledged for money lost and not redeemed in due time, or tn houses and lands necessarily taken for the security of debts pre- viously contracted; nor shall the corporation take more than at n rate of six per cent. per annum for or upon it's loans, and dividends of such parts of the profits as the directors may
  The debts of the corporation, whether by bill, bond or note, shall not at any time ex- ceed fifty per cent, over and beyond the cap- italstock actually paid, and the monies depos- ted in the hank for safe Keeping.
 Sec. g. The bills and notes of the corpO- ration, signed by the President and counter- signed by the cashier or treasurer thereof, promising the pay ment of money to any per son, or order or bearer. shall be obligatory on the corporation according to the tenor there of; and shall he assignable according to the custom of merchants, and the laws relating to inland hills of exchange and all negocia1 hle notes duly executed may be endorsed [" the bank in the same manner and on the same principles as to intlividuals--and the bank may sue thereon for the recovery of the money. Sec. 10. The bank by their president. hen ever and as soon as it shall have become or ganized under their charter, shall subscribe tn the capital stock of the Hampshire aud Hamp- den Canal corporation, the sum of one hnn- dred thousand dollars, being one thousand shares, to become part and parcel of the stock of said Canal corporation: but said bank shall not be obliged t0 take or receive, in ad diion to theIr capital stock, any further sub scription from the State of Connecticut, from the school fund ofthe State, or from the funds of any college, ecclesiastical society, school or other corporation for charitable purposes within this State ;--that in consideration of said subscription to said canal corporation, the capital stock Ot said bank shall be and re- main free from taxation; until the tolls col- Ircted by said canal corporation shall be suifi- cent to afford dividend of six per cent. per annum on their capital stock after which the stock of said hank shall be liable to taxa ton in the same manner as other bank stock Provided, that said hank shall not ga into operation until said one hundred thousand dollars shall be subscribed to said stock, to the acceptance of the president. directors and company of said canal company, and a cer- tifcate thereof shai he given hy them in wri- ting that sum to that amount has been sUh- scrbed and secured for the bene6t of said Canal.
 May gath, 1881. Approved.
 JOHN s. PETERS.