Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-11-09


the time Of the renewal OF its charter, and
may, within one year from the time of its
renewal, file with the treasurer of the State
certificate under the seal of the corpora
ton, setting forth the sum to which the
capital stock is to be reduced; and the
sum so certified, after the filing ofsuch GER
ti6cate, shall be taken to be the amount
of the capital stock of such bank.
Sec. 6. No part of the capital stock of
any bank shall, at any time, during the Pc
Rod, for which it is authorized to continue
its banking operations, be withdrawn from
such bank.
SEC. Z. The stock, property, and con-
Germs, of every such bank, shall be man
aged and conducted by directors to such
number, and appointed in such manner,
as the act of incorporation shall direct,
who shall be stockholders and inhabitants
of the State, and shall hold their Offices
until others are appointed and qualified to
act; aud majority Of the directors shall
be required to constitute a quorum.
Sec. g. The directors of any such
bank shall be liable to pay to the credit
ors and stockholders Of such bank, all los
ses which may be sustainedin consequence
of any violation, by them, OF the provis-
ions of this act, or Of any other law, or
ether unfaithfulness in the discharge of
their official duties and any number of
such directors may be sued in the same
action by any claimant under the proyis
ions Of this section.
SEC. 9. Further to secure the liabilities
mentioned in the eighth section, each of
4ho Il ebol fn hp
treasurer of the State, in all equal amount,
the aggregate amount Of which bonds shall
be equal to the amount Of the capital
stock actually paid in, with a condition for
the payment and discharge of the labill-
tics mentioned in said eighth sectioa; and
such bonds shall be secured by one or
more sufficient suretles, residing in this
State and not directors, or by sufficient
mortgage of real estate, to be examined
and approved by the said commissioner;
and such bonds shall be for the security,
and may be prosecuted for the benefit Of
any claimants under the provisions of the
eighth section.
SEC. 10. No director shall enter upon,
or discharge any Of the duties Of his Office,
nor shall the bank go into operation, until
such bonds shall have been executed and
approved, as mentioned in the preceding
section.
Sec. IL. Any director, who may have
paid more than his share Of the liabilities
mentioned in the preceding sections, may
have any proper action, in law OF equity,
against such other directors as shall moi
have paid their full shares.
SEC. 10. The directors, after being
qualified to act as such, in the manner re-
CURED by law, may appoint one of theil
number to be president of such bank anl
| may appoint and remove, at pleasure, {
cashier, and all other necessary officers ant
servants, and fix their compensation anC
may make all necessary by-laws and reg
ulalons, not Inconsistent with the act o
Incorporation, or the laws of this State
to REGULATED
L. The conduct and duties Of the sew.
eral officers
2. The times and places of holding
and the manner Of notifying, the meeting
Of the directors and of the corporation;
3. The terms and conditions on which
all ans and discounts shall be made, ant
other negotiations of the corporation shall
be transacted;
A. The disposition of the stock, proper
ty, and effects, of said corporation
5. The election of directors and iIins
vacancies in that Office;
And all other regulations necessary f.
the proper management Of the business o
the bank, and to carry into effect the pur
poses of its Incorporation.
Sec. 49, The cashier of the bank shal
be required, before he enters upon the du
ties of his office, to give a bond to tn
treasurer of this State, with sufficient su
retes, to be approved by the bank com
missioner, in the sum of not less than TWEEN
ty thousand dollars, conditioned for tn
faithful discharge Of the duties OF his office
which shall be for the security, and ma
be prosecuted for the benefit, not only q
the corporation, but of al. others interes
/, ted.
SEC. IA. Any such bank may loan AM
negotiate its moneys and effects, by dis
counting on banking principles, upon sue
security as the directors shall deem expe
dent; and dividends of the profits of tn
bank may be made by the directors ever
SIX months.
SEC. is. Such corporation shall no
receive or demand any greater interest o
discount, on any note, draft, or security
than at the rate of six per cent, per an
mum but such interest or discount ma
be calculated and taken according to tn
established rules of banking.
SEC. iG. No such corporation shall, di
rectIy or indirectly, employ its moneys il
trade or commerce, or deal or trade il
buying or selling any goods, chatels
wares, or merchandise provided tina
such corporation may sell all kinds G