The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1908-09-04

ieges. and the duties rcsi irictions. and Ia
bilities. conferred or imposed upon any
bank. savings bank. or trust company. by
whatever name known. by it's charter or
act of incorporation. are hereby abridged.
enlarged. or modified as each particular
case may require. In such manner that
every such charter or act of Incorporation
shall be made 10 conform 20 the prov-
sions OF this act In relation thereto. and
70 such amendments thereof as may be
hereafter made. Every such bank. saw
ings bank. or trust company shall possess
the powers. rights. and privileges. and be
subject to the duties. restrictions. and
liabilities. conferred and imposed by this
act. Notwithstanding anything to the con-
trary In their respective charters or acts
or Incorporation. Nothing I'm this act
shall be construed to affect the legality OF
investments heretofore made or of trans
actions heretofore had pursuant TO any
provisions Of law in force when such in
vestments were made or transactions had.
DEFINITIONS
Sec. 3. The terms bank" Savings
bank" and trust company" respective
ly. when used in this chapter, and except
when otherwise expressly stated shall
mean any moneyed corporation incorpo-
rated under the laws OF this state and
authorized by the law Of this state to
have and exercise the powers. rights and
privileges. and be subject TO the duties.
restrictions. and liabilities. conferred and
imposed upon banks. savings banks. and
trust companies. respectively by the pro-
visions OF this act.
BOARD OF BANK INCORPORATION
Sec. 4. The bank commissioner the gen.
eral treasurer. and the attorney general
shall constitute "A board Of bank incor-
poration which shall exercise the powers
and perform the duties conferred or i'm
posed upon them by this act or any
amendments or additions thereto.
INCORPORATION OF BANKS AND
TRUST COMPANIES.
Sec. 5. Fifteen or more persons. all of
whom shall be citizens and residents OF
this state, who associate themselves by
an agreement in writing for the purpose
Of forming a bank or trust company,
may upon compliance with the provi-
sions Of. this act. become a corporation.
with all the powers. rights and privileges.
and subject to all the duties, restrictions
and liabilities, set forth in this act and
any amendments or additions thereto.
and in alNgeneral laws now or hereafter
In force relating TO such corporations.
Sec. 6. Said agreement shall set forth
that the subscribers thereto associate
themselves with the intention of forming
a corporation to transact business within
this state. and shall specify:
First The name by which the corpora
tion shall be known.
Second. The purpose for which IL is
formed.
Third The city or town in which its
business is 10 be transacted.
Fourth. The amount of its capital stock
and the number Of shares into which the
same is to be divided
Each associate shall subscribe TO the
articles his name, residence, post-office
address, and the number Of shares of
stock which he agrees to take.
Sec l. The subscribers TO such agree
ment shall give notice in writing to the
board OF BARI Incorporation Of their in
tention TO form such bank or trust COM
pany by filing a copy Of said agree
ment with said board and shall apply to
said board for a certificate that public
convenience and advantage will be pro-
NOTED by the establishment of such bank
or trust company, which certificate said
board is hereby authorized to grant.
Upon receipt of such application, said
board shall furnish the subscribers form
Of notice specifying the names of the
proposed incorporators, the name of the
corporation and the location Of the same.
set forth in the above mentioned agree
ment of association. and assigning a date
and place for public hearing on said APP
plication. The subscribers shall publish
such notice at least once a week for
three successive weeks, in one or more
newspapers designated by said board and
published in or near TO the city " town
in which 1t is desired to establish said
bank or trust company. II said board re-
fuses to issue such certificate, no further
proceeding shall be had, but the applica-
ton may be renewed after one year from
the date OF such refusal. in which case
notice Of a public hearing thereon shall
be published as hereinbefore provided.
Sec 3. The first meeting of the. subscrib-
ers to the agreement of association shall
be called by notice signed either by
that subscriber to the agreement who is
designated therein for the purpose. or
by a majority of the subscribers; and
such notice shall state the time. place,
and purposes of the meeting. copy OF
the notice shall. seven days at least be-
fore the day appointed for the meeting.
be given TO each subscriber or left at his
residence or usual place of business. or
deposited in the post-ottice, postage pre-
paid. and addressed to him at his resi-
dence or usual place of business, and an
other copy thereof, and an affidavit of a
majority of the signers of the notice that
the notice has been duly served. shall be
recorded with the records of the said
first meeting. II all the incorporators shall
i'm writing endorsed upon the agreement
of association. waive such notice and fix
the time and place of the meeting. no
notice shall be required. At such first
meeting, or at any adjournment thereof,
the incorporators shall organize by the
choice of a temporary secretary, by the
adoption of bylaws and by the election,
in such manner as the bylaws may de-
termine, of directors, a president, a sec
retary. and such other officers as the by
laws may prescribe. All the officers so
elected shall be sworn TO the faithful per-
formance OF their duties. The temporary
secretary shall make and attest a record
Of the proceedings until the secretary has
been chosen and sworn. including rec
ord Of such choice and qualification.
Sec. 2. The president and a majority Of
the directors who are elected at such
first meeting shall make. sign, and make
oath TO a certificate setting forth:
(a) A true copy OF the agreement of
association, the names OF the subscrib
ers thereto. and the name. residence, and
post-office address OF each of the officers
OF the company.
(b) The date Of the first meeting and
the successive adjournments thereof, IL
any.
Such certificate shall be submitted 10
the board OF bank Incorporation. togeth-
er with the records OF the said first meet
ing and such board shall examine the
same, and may require such amendment
,horons ~ eurh aJJifiopal inforr,,a ffnp