Litchfield enquirer., 1842-06-30
Public Statute Laws
OF THE STATE OF CONNECTICUT,
unnnrn nrAv anaEToN 1872


OF THE STATE OF CONNECTICUT,
PASSED NAY SESSION, 1912.
An Act in addition 70 and in alteration Of sundry
Acts relating 20 Banks.
Sac 4 Be ID enacted by the Senate and House Of
Ronrnnentalives IN Gensral Assembly eonVened,-
That No Bank y this Siate shall directly OF indiTect
" oan % aHy director or 0lIeeE thereof Or 90 any
eoaIBahe q corporation Of which such director j.
member o. stOckhoder, any Of it's funds, or discount
any paper on which such director or Ofcers the ma
kef, acceptor or endorseE, except 20 amount not
exceeding three thousand dollars, any Bank whose
capital actually paid in does not exceed one hundred
th0usand dollars; and to an amount not exceeding
1--WE thousand dollars, in any Bank whose capital ac
tualy paid in exceeds one hundred thousand dollars
but does not exceed three hundred thousand dollars
and TO an amount not exceeding six ihoussD dollars
in any Bank whose capital actually paid in exceeds
three hundred thousand dollars, but Goes not exceed
1--WE hundred thousand dollars; and TO- an amount
not exceeding eight thousand dollars in any Bank
whose capital actually paid in exceeds five hundred
thousand dollars, but does not exceed six hundred
thousand dollars; and to an amount not exceeding
ten thousand dollars in any Blink whose capital ac-
Iually paid in exceeds the sum OF six hundred thou
sand dollars. Nor shall any such director or officer TO
whom loans are made contrary TO the provisions Of
sels sseslcN hGd O. exercise the once o. director or
directors in such Bank. Provided, that this section
shall not take effect until four months after the rising
Sec 3 The directors of any Bank in this State
shah not make declare any dividend except from
she earnings of such Bank, which shall remain after
deducting thererom all losses, all suns due from the
Bank for bonus plates paper vault expenses, charter
expenses, furniture, and all notes and drafts which
shall have been due for six months more, and not
abundantly secured, and such amount Of discount
shall 1T the time of making such dividend be the
market rate in the city Of New York all uncurren
deprecated Bank post notes. or Bank Insurance,
City, State. or other corporate stocks owned by such
Bank; and the directors voting for any dividend made
and declaned not in conformity with the provision of
this section shall forfeit and pay to the Treasurer Of
this State. the sum Of FIVE hundred dollars for which
hN md md
it shall be the duty Of the directors in making any d.
vidend 70 take the question thereon by yeas and
nays, which shall be recorded on the record Of the
Sec. g. No Bank shall hereafter make any loan or
discount on pledge Of its own stock.
No stock in any Bank shs be voted ed on
capt transferable stock. and such stock shall not be
voted on by proxy.
See. s. No Bank shall hereafter issue any bills
but such as are made payable q, the Bank where Is
Sec. g. There shal be annually appointed three
Bank Commissicnsrs by the General Assembly,
roll banks in this state, the several Saving institutions
10 this state. and the affairs Of the Housatonc Rail
Road Co. a. their drsSoP Agreeable hs
who shall report annually to the General Assembly
the result Of their examination, and an account OF
C q
incorporation TO their respective capitals.
Sec. z. The directors Of the several banks in this
W00et Bop6yVlolOn NOmlnleSOns
srs, are hereby empowered to reduce the capital
stock Of any bank 70 such sum and such number Of
shares 90 the Bank Commissioners may determine.
at any time when the General Assembly, not in
session. vote Of the stockholders in meeting le
eally warned and held for shat purpose having first
been obtsined-and tho Bank Commissioners shall
General Assembly next following for approval, and
il approved, such reduction shall thereupon be made
Sec. That the act passed May session, A, D.
mi,ted to retain surplus earnings more than five
per cent on the amount Of the capital stock actually
Invested in said bankin addition 10 the bonus sequi.
May session, 1885, entitled an act IN addition to an
act entitled an act concerning bank" and all acts
parts Of acts requiring Banks the Cashiers there
troler Of this state except the return OF the amount Of
che capita! stock, the amount owned by resident and
inccnssssns with tSs provisions Of ths ac be- anS
Sec. ). Any Bank whose directors shall Knowingly
sections Of ibis act except section second shall for
felt and pay TO the Treasurer Of this state sum moi
less than FIVE hundred dollars. nor exceeding one
See. TO- That il shall be lawful for the stockholders
OF any bank at the annual meeting for the choice Of
.dreciors or at any special meeting which any FIVE
stockholders owning not less in all than one hundred
shares Of stocks are authorised to call to examine
the books, accounts and securities Of such bank and
she expenditures q the same by committee or 9TH
erwise, and shall be the duty Of the cashier 10 pro.
duce and exhibit all such books and papers as may
DO demanded for said purpose and the stockholders
are hereby authorized at any such annual special
Quoting the affairs Of the bank for restraining or d.
rectng the action of the drectors or cashier or other
officers Of the bank, provided that such rules and reg
-uetions shall not be inconsistent with the laws Of
1hs state or the provisions Of the charter Of the bank
Sec. II. That no Bank Commissioner shall owe or
;be indebted to any bank in this state as maker
drawer, endorser, or in any other manner whatever,
and upon its appearing to the satisfaction Of Ills Elk.
cellency the Governor that any Bank Commissioner
at any time after twenty days from the passage Of
this is shall be indebted to any bank in this
state he shall declare the Office Of such Bank Com
missioner vacant and shall appoint some other per.
of Bank Commissioner. And il shall be the duty
Of the cashier Of each bank which any Of NE said
commissioners shall be 80 indebted az aforesaid, to
give notice thereofso his Excellency The Governor.
And no cashier, director. or officer Of any bank in
ahis state, shall hold the Office Of Bank Commits.
esionar.
S11LMAN X. WIaHrMAH, Speaker.
Hpproysd NAV s adsS isss OF the Senate
CHAUNCEY F. CLEVELAND.
An Act relatvero Students at Literary Institutions
Sec. I. Be it enacted by the Senate and House Of
That in all cases, where persons have left or shall
leave their home or place where they reside to at
tend any Academy, College. other Literary Insti
tuition, in any town or city in this State for the pur-
purpose, while 50 attending such Academy, College.
or other Literary Institution, students shall moi
constitute change of the place of residence OF such
persons 30 as to cause them to be liable to be taxed
or to be entitled to be admitted % the privilege OF
electors, or being electors to VOTE in the town. or
city, where such Academy, College or Literary In.
stitution is situated, and where residence in said
town or city is by law necessary for the purposes
such liability iunless by law exempt therefrom) and
entitled to such privileges, If otherwisa dnv ouaI;