Litchfield enquirer., 1872-10-03
PUBLIC ACTS
Of the State of Connecticut. passed May session,
 1872 ... =
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CHAPTER Lxxv1n.

An act in addition to an act concerning 'commu-
 mites and corporations. Be it enacted by the senate and house of repre-
 sentatiyes in general assembly convened:
 Sec l. That the provisions of section three hundred and four, title seven of revised statutes and also of an act in addition to an act concern ing communities and corporations, approved July 9th, 1873, are extended to all trust compan- ies and banking corporations heretofore or here after established under the laws of this state, whether under charte or statute.
 Sec. 7. Every trust company and banking cor poratlon shall always keep in it's banking office gold and silver coin or bullion, or legal tender notes of the United States or national bank cur rency or bonds of the United States to an amount not less than one tenth of all the liabilities of sad corporation except capital of stock. Provid ed, that at no time hall the bonds of tho United States so included in said reserve fund exceed one twentieth of said liabilities.
 Sec. $. 5. No trust company or banking cor poratlon shall declare any dividend except from it's net earnings after deducting all losses oyer- drafts, suspended or overdue notes and other securities; and no dividend or interest upon the capital stock of any corporation shall be declared or paid exceeding the rate of ten per cent per annum until it shall have 8 surplus fund of twen- ty per cent of it's capital stock.
 Sec. 4. All trust companies and banking cor porations shall always be subject to the examin- atIon of the bank commissioner; and the same powers, duties, and perquisites are conferred up-
 
 him in respect to banks and savings banks.
 Sec 5. This act shall not apply to savings bank or associations.
 Sec. ?. All acts and parts of acts inconsistent herewith, are hereby repealed.
 Approved August ? 1872.
 CHAPTER LXxIX.
 An act Tn addition to act entitled San act con-
 cerning communities and corporations" Be it enacted by the senate and house of repre-
 sentatiyes in general assembly convened:
 Ss sb joint stack sorporation virtue ofthe laws of this state shall by reducin diminishing, or otherwise changing its business, | have larger amount of capital stock than, in the judgment of its stockholders, it's corporate purposes requir4 it shall be lawful for such cor l p'raion, at d meeting duly warned and held for tine purpose; to reduce Its capital stock and the nulmD be: of shares thereof to such an extent as n the Judgment of said stockholders the reduc- tIon, dIinlnIti0n or other change ill It's business and Ill the state of its property and affairs will warrant. But no reduction of the capital stock or shares of any corporation shall be made by virtue hereof, unless at the meeting held for the purpose of acting upon the question: there shall be given by the stockholders in favor of such re- dnction, number of votes equal to at lea st two l thirds of the whole number of shares into which 1 such stock is divided.
 l See. }. Any corporation having voted to re- duct it's capital stock and the number of shares thereof, accoi ding to theproFisions of this act may purchase of its stockholders, at a price not 1 exceeding tue actual cash value thereof, such | number of shares as may be necessary to effect such reduction and take certificates thereofin its l corporate name; and theredpon the president and secretary "f said corporation shall cancel the shares so purchased, together with the said cer- tificates, and cause proper entries of such can- celation to be made on tho books of said corpora 1 tion. But such reduction shall not take effect until the president and directors of said corpor- ation shall have caused certificates thereof to be made, signed, published deposited and record 1 ed in the manner provided i'll tue four hundred and first section Of the act to which this is in ad dition; provided always. that if the said corpora ton shall fail-to pay any debts or liabilities out. | standing against it at the time said reduction shall be made, and the person or persons tC whom such debts or liabilities shall be due, shal ! be unable to abtain payment or satisfaction of thessame out of the estate of said corporation l the stockholders who were such at the time tho vote to make such reduction passed, shal be individually liable for the said debts and lia l bilitles in proportion to the number of share held by them respectively at that time. Approved, August 1, 1872.