Litchfield enquirer., 1855-07-12
CHAPTER KIN.

ganized uuder the Act of 1859, entitled
IAN Act to authorize the Business of
Banking"
Be 1t enacted By the Senate and House q
Representatives. in General Assembly conue-
ned:
Sec. l. That The several banks in this
State, organized and established and now
in operation under the provisions of the
Act 10 authorize the business of banking"
passed in the year 1852, shall continue to
be interpretations for the purposes for which
they were established, under the names, for
the terms and with the locations severalIy
provided in the certificates of said banks,
as deposited in the office of the secretary of
the State, in the same manner as if said
corporations had been severally established
by special resolutions of the General AS
sembly, and with all the powers and priyi-
leges. and subject to all the duties and liza.
biiities hereinafter expressed. Prouided,
iharno such banking company shall take the
benefit of this Act, unless on or before the
first day of January, 1856, at a meeting Of
the stockholders of such company regularly
called for the purpose, such company shall
vote by majority Of two-thIfds Of the
stockholders, voting by shares Of stock, TO
accept the provisions of this Act, a copy Of
which vote, certified by the president and
cashier Of such bank, shall be deposited with
the secretary CT the State, and q like copy
for record with the town clerk Of the town
ia which such bank is situated, and unless
said banking company shall on or before
said LIST day Of January 1856, pay into the
Treasury OF this State bonus oi two per
cent. upon tie amount Of the capital Of such
banking company Tor the uses Of the State
Treasury. And thereafter, all the provisions
of said Act of 1852 shall cease 10 have any
operation upon said bank, except as herein-
after provided
Sec. 2 Said corporations shall have pow.
er by ihci. said several names. to purchase,
hold, sell and convey all kinds Of property,
real and personal, TO sue and be sued, 10 have
and Use common seal, and to make and
carry into effect al! such FLAWS and :ega-
iaiions, as may be expedient for the proper
management Of the affairs of said corpora
lions, not repugnant TO the provisions Of this
Act, the laws Of the State, or the laws Of
the United States.
See. 3. The capital stock of said corpora
tons severaliy, shall be and remain Of the
same amount as now established. Each
share Of stock shall Ea one hundred dollars,
and the same shah be transferable in such
manner and according TO such rules as Shall
DC prescribed by The bylaws VI such cor
poration.
Sec. e. The times Of holding the annual
meetings Of said corporations, the number OF
directors, the mode Of eleetiHG directors and
president, the powers and duties of said
officers. and the mode of calling meetings
of the Corporations, shall be the same as are
now legally prescribed by the certificates Of
said corporations, as recorded under the
provisions of said Act of 1852, and by the
bylaws of said companies. The present
officers Of said corporations shallretain their
Offices for the terms for which they were
elected, in the same manner as If this Act
had not been accepted by such corporations.
The directors Of such banks shall all be
residents OF this State. They shall admin
ster the affairs of the companies, appoint IA
cashier and other necessary officers, anl shall
require sufficient security for the faithful
performance of their duties.
Sec 5. The directors may determine the
amounts and times Of paying dividends from
the earnings of such banks, but the same
shall be taken only out Of the profits Of the
business. Only the legal rate Of interest
shall be taken by such companies upon dis
counts or loans.
Sec. 6. All rights Of property and all le-
gal obligations aud liabilities Of such cor
poraiions, shall remain in full force and shall
not be affected by this act.
Sec. 7. The bills and notes Of said cor
porations, signed by the presidents and
countersigned by the cashiers thereof, pro-
missing the payment If money to any person
or order or bearer, shall be- obligatory on the
corporation according TO the tenor thereof,
and shall be assignable according to the
custom of merchants and the laws relating
10 inland bills of exchange, and all nego,i-
able notes duly executed, may be endorsed
by the said corporation in the same manner
asby individuals, and said corporations may
in the same manner sue thereon; but said
corporations shall not Issue such bills or
notes to an amount exceeding at ahy one
time, fifty per cent. above the amount of
capita, actually paid in, and for the payment
OF all bills and notes exceeding such amount.
the president, directors and cashier shall be
personally responsible.
Sec. 8. In case Of the failure Of any of
said corporations, the holders of the bills or
notes of such corporations, of the denomi.
nation of one hundred dollars and under,
shall have lieu on all the estate Of such
corporation of every description whatsoever,
and on all moneys held by such corporation
on deposit
Sec. . Said corporations shall not trade
in anything except bills Of exchange, gold
or silver bullion, or The sale of goods pledged
for money lent and not redeemed in due
time, orin houses or lands necessarily taken
for security oil debts previously contracted
Sec. 10. All stocks. bonds and other Sc
curities now in the hands of the State treas
urer, and belonging TO said corporations
severally shall be holden by said treasurer
as security for the outstanding bills and
notes Of said corporations, originally Sc
cured thereby, until such notes and bills are
surrendered TO said treasurer to be cancelled
and the plates, dies and other materials fol
the printing and making Of notes aud bills
for such corporations, shall be delivered by
said treasurer to the corporations TO which
they respectively belong, whenever such
corporations shall have deposited with the
secretary of the State, n certified copy OF