Litchfield enquirer., 1832-07-19

the same, shall be void, 6os.
4 Sec. ~. 1.-THE debts of said corporation shall
Geo my per cent. owes aud beyond the total amour
Of Tue capital stock OF said hunk, actually paid in, and
OF the monies deposited in the bank for sale keeping
NJ the time Of the failure thereof Thea The president
directors. and cashier Of said bank or corporation
sna DE liable as joint and several debtors, 10 pay The
notes and bills Of said bank or corporations, OF the de-
nomination ofone hundred dollars and Under.
pee. 10; This Act, or any part thereof may, at any
sc ALTERED amended or ssp1ssa Y the Gene
| An Act to iReo rporae Qminebaug Bank.
Sec l. Be 1t enacted &c. That the stock holders oil
me Hmnehaug Bank, their Successors aud assigns,
sna'I oe ana remain body corporate and p0lliic ny
the name Of the President, Directors, and Company
/ OF tue aunebaug Bank and BY that name, shall he
capable 20 law TO purchase and hold all kinds ofproi.-
ery' feai and PERSONAL and the same AZ pleasure 10
sell ana convey, to and be sued, III all coNts what
soever, to have aud common seal, such as they
may devise, and 10 make and carry into effect all such
bylaws and regulations may be deemed expedient
Tor the proper management Of 'he affairs Of The cnrpo-
ration, not repugnant their charter aud the laws OF
TINS State, and OF the United States; and, generally,
TO DO and cause To be executed, all such acts and
tnngs rs TO them may apperiain, sahec. 20 the prove
sons herein contained Said bank shall be located in
the city of Norwich. E t
Sec. 2 The capital stock Of said baRk shall consist
o. hve Thousand shares, each share being 100 dollars
winch shall be transferable according 10 such rules as
may be established by the directors. That the time
0l subscribing the stock to said hunks there shalt DC
paid, IN gold or silver, in bank naicsot any baak IN
the State otConneclicu, or Of the hank Of The UMl'ed
States or Of any OF the banksin the cities OF New York
and Boston, provided they shall he Of par value 10 this
State, ten dollars each share In said bank, aud
like sum on each share therein thirty days next
! thereafter; and "A like sum Of ten dollars ON each
share herein sixty days after the time oil subscribing
said stock and the residue Of the capital stock shall
be paid IN at such times and in such manner, as the
directors shall determine. a44s 4
Sec 3. That subscriptions towards constituting tie
capital stock Of said bank shall DC opened in the city
oil Norwich under the snperintendence Of five COM
mlssioners VIZ Dennis Kimberly, Ebenezer Jackson,
y. Jonathan u. w. Trumbull, Jedediah Huntington,
and Samuel lng'am, a. euch lmc or times as said
commissioners shall deem necessary and proper, and
OF which they shall give Eileen days notice ia the
newspaper published in said Norwich: 1t the sub
scrplou To The capital sleek Of said bank shall exceed
yc thousand shares, the commissioners shall reduce
the number OF shares, 10 five thousand shares, Tor
which it shall be their duty make all necessary ~
qures and to appOriion the shares IN snci' manner
and 10 euch persons 10 them may appear proper,
having regard the interest Of the bank, and the az
commodaOn the public. In case Of failure 70 pay
the first insiameni, the subscription shnbe void amd
in Of failure to pay the second insiament, the
first shalt be forfeited 10 the bank and ~ case 81
failure 10 pay any subsequent ins,aiment the parys
SO failing, shall lose the benefit VI any dividend ac-
cruins at the time said payment shall be Delayed
Said commissioners, after they shall have apporon-
ed the capital stock Of said bank shall call the first
meeting Of the stockholders, AT such time and place
rs they shall appoint for the purpose Of choosing d
rectors 81 the bank, who, when chosen shall contnue
in Office until the frs, annual meeting Of the stock
holders which shall be held in the city Of Norssch.on
the first Monday Of June next following the time o. the
organization Of said bank; which time, and ioreser
thereafter, the annual meetings, new elections oil
directors shall take place; and the annual meetings
Of the stockholders shall be held on the hrss Monday
OF June 10 each year. m 6-e
Sec. 4. For the well ordering of the affairs Of this
corporation, there shall be not less than seven nor
more than eleven directors, who shall be elected an
nuay by the stockholders in general meeting none
but stockholders shall be eligible as 6recs9rs. A.
their first meeting after each election, the Director
shall choose one OF their number for Their president
and whenever the place Of president or directors shai
become vacant by resignation or otherwise, the SAM
may be supplied by the choice Of the directors sr th'
remainder Of the year. All elections OF president o.
See. s. A general meeting ofthe stockholders ma,
be called whenever the hoafd Of directors fhal
judge proper; and ten days notice previous 10 an,
general meeting whether stated special. shall bs
| given IN newspaper Published D the city Of Nor
witch, in such other manner the directors may
order. All sOckhOlders shall be entitled 70 vote 10
general meeting in person or by proxy and each
shall be entitled vote, but share shares in
said bank shall give 90 any stakeholder right 10 vote,
unless the shalt have stood in his or her name,
the books Of the company, AZ least two calendar
months previous to the time Of voting after the hrsa
| election.
Sec 6. Not less than three directors shall consti.
iuie board for traBsaciing the business OF the bank
Of whom the president shall always he one, except ~
case or necessary absence, when the sen
Tor director present shalt preside No director shall be
entitled 10 any eD0IuneUt tOf huCiuluk vue uuVco v
his Office. excepting The presidenl, who shall receive
such compensation the board Of directors mny Judgs
reasonable FOR his extra services beyond the directors
Sec. z. cashier, and such other officers an.
agents as may be necessary tOr performing the bisi
ness of the corporation. shall he appointed and thei
compensation regulated by the board Of direc@rs VIII
may determine the SECURES TO be given BY any 81 Then
for the faithful performance ofany Of their truss.
Sec 8. The hoard Of directors shalt have the dso
sal and management Of the monies, credit aud proper
~ Of the bank, with power 10 regulate the concern
thereof in all cases not herein Otherwise provided
but the corporation shall trade IN any thiDS excer
bills of exchange gold silver bullion, or the sale
goods pledged Tor money lent aud not redeemed q
due time or in houses and lands necessarily taken ~
security Of debts previously contracted; nor shalt u.
corporation lake more than AZ the rate ofsx per cent
ner annum for or upon its loans. Aud dividenAs a
smch parts Of its profits the directors may Judge pro
r Dcr NAV be made semi-annuaiy. And the debts du
by ihe bank, whether Ivy bill, bDnf noie, or Ohel
wise shall not any time exceed fiy per cent owe
and beyond the amount Of the caplsat stock Of sal
bank aud the monies deposited ia the bank for saf
Sec g. The bills and notes ofihe corporation sign
al liz the president aud coumtersigued by the casliie
or treasurer thereof providing the payment Of none
10 any person, order, bearer, shall be Oigai0r
on the corporation, according 10 the ieu0r thereO
and shall be assgnable according 90 the cusiom
and the laws relating 10 inland bills Of
change. And all negotiable nctes, duly executes
NAV he endored 10 the bank 10 the same manner,
on The same prncipe, ms iDdivdnaie. and he ban
NAV sue thereon for ihe recovery Of the money.
I'll Sec. 10. The bank, BY their president wheneSs
and as soon as il shall become OFgshized under the
eharer shall subscribe 10 te capital stock ofie Boz
~, Norwch and New.l .ondOn FaiI-goad cussnauv III