Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1836-08-03
LAWS OF MICHIGAN.
AN ACT
To incorporate the Stockholders Of the
Bank Of Constantine.


Be it enacted By the Senate and House
Of Representatives. of the State of MicM-
gan, That WILLIS T. HOUSE, ELIAS 5.
SWAN, JOSHUA GALE, JOHN G. CATmcART,
ALBERT E. MASSEY, WILLIAM MEEK, and
ALLEN GooDRIDGE, be, and they are here
by appointed Commissioners to receive SUBJ
scriptions to the capital stock Of a Bank to
be located in the village Of Constantine, St.
Joseph County, the capital stock whereof
shall be one hundred thousand dollars, to
be divided into two thousand shares of fifty
dollars each; and books for subscription
to said stock shall be opened at Constan-
tine, on the first Monday of January next,
and be kept open one week, from 10 o'clock,
A. M. TO 3 O'Clock, P. M. of each day, at
least thirty days notice being given by said
Commissioners, of the time and place of
opening said subscriptions, in one or more
newspapers, published in the County ofSt.
Joseph; and said commissioners shall act
as directors of the company hereby incor-
porated, until the first election of President
and directors, as provided for in this act;
and they shall elect one of their own num-
Der president.
Sec. 2. That if at the expiration of one
week, the whole amount of capital stock
shall not have been subscribed, the COM
missioners shall continue to keep the books
open until the whole remaining shares are
subscribed; and thereupon shall proceed
to distribute the stock of said corporation,
among the subscribers thereto: and in case
a greater number of shares than two thou
sand shall be subscribed, the commission
ers shall apportion said two thousand shares
among the subscribers, in proportion to the
number of shares which each person has
subscribed for respectively; but no person
shall, upon such distribution receive less
than five shares if he shall have subscribed
for so many, unless the subscriptions for
such number of shares shall exceed the
whole amount of shares ofsaid capital stock.
Sec. 3. That one tenth part ofthe amount
ofeach share shall be paid to said commits.
sioners, DIT the time of subscribing, in spe-
Gle; and further instruments shall be paid
in such manner and at such times as the
directors for the time being may require,
under the penalty of forfeiting to said cor
poration the amount of stock which each
individual refusing or neglecting to pay
such instalments may have already paid in,
and the shares on which such payments
shall have been made: Provided, That
whenever the payment of any instalment
is required by the directors, they shall give
at least thirty days previous notice thereof,
in a newspaper printed in the county afore-
said but no instalment shall exceed five
dollars on each share.
Sec. A. That all such persons as shall
become stockholders of said Bank, shall
be and they are hereby ordained, constitu-
ted and declared to be, until the first day
of January, in the year eighteen hundred
and fifty-seven, body corporate and poll
tic, in fact and name. by the name of the
"President, Directors and Company of the
Bank of Constantine;'' and by that name,
they, and their SUCCESSORS shall and may
have continual succession, to the day and
year aforesaid and shall be persons in
law, capable of suing and being sued,
pleading and being implicated, answering
and being answered unto, defending and be-
ing defended, in all courts and places whatso-
ever, andin all manner Of actions, suits, CON-
plants, matters and causes whatsoever, and
that they and their SUCCESSORS, may have
common seal, and may change and al
ter the same at their pleasure, and that
they and their successors, by the name
Of the "President, Directors and Company
of the Bank Of Constantine" shall be in
law capable ofpurchasing, holding and con-
veying any estate, real or personal, for the
use OF the said corporation. That when
twenty thousand dollars Of the capital stock
of said Bank shall be paid in, the commits.
sioners or directors shall procure conve.
nient place in the said village of Constan.
tine, and commence operations.
Sec. 8. That the stock, property, affairs
and concerns of the said corporation, shall
be managed and conducted by seven direc.
tors, who shall be stockholders and residents
Of this state, who shall choose one of their
own number President, and shall hold their
offices for one year, and until others arc
chosen and qualified, and shall be elected
on the first Wednesday in January annu.
ally, at the Banking House of said stock.
holders; and public notice shall be given
thereof at least sixty days previous to the
day Of election f; and the said election shall
be held and made by such of the stockhol-
ders Of said bank as shall attend for that
purpose, either in person or by proxy, which
proxies shall always be stockholders; and
plurality Of votes shall be sufficient for
choice; and if it should happen at any cleo.
ton that two or more persons have an equal
number of votes, then the directors in office
at the time of such election, or majority
Of them, shall proceed to ballot, and, by a
plurality of votes determine which of the
said persons, so having an equal number of
votes, shall be the director or directors, so
as to complete the number of seven; and
the said directors chosen at such election,
as soon as may be thereafter, shall proceed
to elect one of their number president; and
if any director shall cease to be stockhold-
er, his Office shall be considered vacant;