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holders at a general meeting; and they shall make such
compensation to the president, for his extraordinary at-
tendance at the bank, as shall appear to them reasonable.
Not less than three directors, shall constitute a board, for
the transaction of business. Yearly or half yearly divi-
dends shall be made, of so much of the profits of the bank,
as shall appear to the directors advisable; and the state of
the bank, shall be made known to the stockholders, by the
directors, at a general meeting, whenever they are there-
to required. -
sect. 7. The bills or notes issued by the bank, signed
by the president, and countersigned by the cashier, or
treasurer thereof, promising the payment of money to
any person or order, or to bearer, shall de obligatory on
the bank, and shall be assignable according to the custom
of merchants, and the laws relative to inland bills of ex-
change. And all negotiable notes, duly executed, may
be indorsed to the bank, in the same manner, and on the
same principles, as to individuals, and the bank may
maintain suits thereon, to recover the money. The cap-
ital stock of the company shall not be employed other-
wise, than in the ordinary course of banking business;
and the bank shall not take more than at the rate of six
per cent per annum, upon its loans or discounts.
sect. 8. The total amount of the debts which the said
corporation shall at any time owe, shall not exceed fifty
per cent, over and above the capital stock of the bank,
and beyond the amount of the monies at any time depos-
ited in the bank for safe keeping. And all notes issued
by the bank, shall be paid at the bank, on demand, in sil-
ver or gold coin.
sect. 9. This act, or any part thereof, maybe altered or
repealed, at the pleasure of the general assembly.

CHAP. VI.

An Act to incorporate the Bridgeport Bank.

1 E it enacted by the Senate and House of RepSECT, I. resentatives in General Assembly convened, That the stockholders of the Bridgeport Bank, their successors and assigns, shall be and remain a corporation and body politic, at the borough of Bridgeport, by the name of the “President, Directors, and Company of the Bridgeport Bank,” and by that name shall be, and are hereby made capable, to have, purchase, receive, pos

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Name of corr poration.

General pow

sess, and enjoy, to them and their successors, all kinds of ers.

real and personal estate, and the same to sell, grant, demise, and dispose of at pleasure; to sue and be sued, plead and

Capital stock.

Each share entitled to a vote.

Stock assignable.

Number of directors, and how chosen.

To choose president.

Who may be elected.

Where to reside.

Three to constitute a board.

be impleaded, answer and be answered, defend and be
defended. in all courts; and also to have, make, and use
a common seal, and the same to break, alter, and renew
at pleasure; and to ordain, establish, and execute such
by-laws, ordinances, and regulations, as shall be deemed
necessary and convenient, for the well ordering and
government of said corporation, not contrary to the laws
of the United States, or of this state; and to do and exe-
cute all and singular acts, and things, and to transact all
business, which to them shall appertain, subject to the
restrictions and provisions herein after prescribed.
sect. 2. The capital stock of said bank shall consist ofnot
less than fifty thousand dollars, normore than two hundred
thousand dollars, divided into shares of two hundred dol-
lars each. Any person, co-partnership, or body pol-
itic, may hold any number of shares: and each share
shall entitle the holder thereof to a vote in the meetings
of the stockholders of the bank, for transacting the busi-
ness thereof: and each stockholder may vote in person,
or by agent, duly appointed, according to his number of
shares. The stock, or shares, shall be assignable ac-
cording to such rules as shall be prescribed by the stock-
holders of the bank. -
sect. 3. And for the well ordering the affairs of said
corporation, there shall be nine directors chosen on the
first Wednesday of July, annually, by a majority of votes
given in by the stockholders of said bank, at a general
meeting: and those who shall be duly chosen at an elec-
tion, shall be capable of serving as directors until the ex-
piration of the first Wednesday in July, next ensuing such
election; and the directors, at their first meeting, after
such election, shall choose one of their number for pres-
ident. And in case of the death, resignation, or remov-
al of a director, or president, his place may be supplied
by a new choice, for the remainder of the year: and
all elections for president and directors, shall be by bal-
lot. None but stockholders shall be eligible as directors,
and not less than two thirds of the directors shall be ac-
tually resident in the county of Fairfield, and not less
than four of said directors shall be resident in said bor-
ough of Bridgeport : nor shall more than three fourths of
the directors in office, exclusive of the president, be eli-
gible as directors by the stockholders, the next succeed-
ing year; but the director, who shall be president at any
election, may always be elected a director: and not less
than three directors shall constitute a board for business,
of whom the president shall always be one, except in case
of sickness, or necessary absence, in which case the di-
rectors shall supply his place, by electing one of their

number as president for the occasion: and no director shall be entitled to any emolument for his attendance on the business of the bank, unless the same shall have been allowed by the stockholders, at a general meeting, except the president, who shall receive such compensation for his extraordinary attendance on the business of the bank, as the directors shall judge reasonable. sect. 4. The directors, for the time being, shall have power to appoint such officers, clerks, and servants, as they shall judge necessary, for executing the business of the bank, and to allow them such compensation for their services as they shall judge reasonable; and every cashier, treasurer, or clerk, employed in the bank, shall, before entering on the duties of his office, give bond, with two or more sureties, to the satisfaction of the directors, in such sum as they shall order, conditioned for the faithful discharge of his trust. sect. 5. The directors, by a majority of votes, shall determine the manner of doing business, and the rules to be prescribed, and shall dispose of and manage the money and credits of the bank, for the benefit of the proprietors, and shall, once in six months, make such dividends of the profits as they shall think proper: provided they shall, in no instance, do any act contrary to the regulations of the stockholders; and the directors shall, annually, lay before the stockholders a statement of the concerns of the bank. sect. 6. The bank shall not trade in any thing except bills of exchange, gold or silver bullion, foreign bank notes, or in sale of goods pledged for money lent and not redeemed in due time, or in lands taken for debts previously contracted, or on mortgage; nor shall the bank take more than at the rate of six per cent per annum for or upon its loans. The total amount of the debts which the bank shall at any time owe, whether by bond, bill, or note, shall not exceed fifty per cent over and above the capital stock, and the amount of the money, or bullion deposited in the bank for safekeeping; and all notes issued at the bank shall be payable in gold or silver coin. sect. 7. The bills or notes issued by the bank, signed by the president, and countersigned by the cashier, promising the payment of money to any person, or order, or to bearer, shall be obligatory on the bank and payable on demand ; and shall be negotiable according to the custom of merchants, and the laws relating to inland bills of exchange. And all negotiable notes, duly executed. may be indorsed to the bank, in the same manner, and on the same principles, as to individuals, and the bank may maintain suits thereon for the recovery of the money.

No compensation, except to president.

Directors to appoint officers ;

who shall give bonds.

Duty of di

rectors;

to make dividends.

Annual statement.

In what articles bank may trade.

Amount of debts not more than fifty per cent on capital.

Bills and notes of the bank.

Notes indorsed to the bank.

Repealable.

Name of corporation.

General powers.

Directors.

President.

Annual meeting of stock. holders.

sect. 8. This act shall be a public act, and liable to alteration or repeal.

CHAP. VII.
An Act to incorporate the New-London Bank.
SECT. 1. B” it enacted by the Senate and House of

Representatives, in General Assembly con

vened, That the stockholders of the bank, established at New-London, their successors and assigns, shall be and remain a corporation, and body politic, by the name of “The President, Directors, and Company of the NewLondon Bank,” and by that name shall be capable in law to purchase, and hold all kinds of estate, real and personal, and the same to dispose of and alien, to sue and be sued, in all courts whatever; to have and use a common seal, such as they may devise ; and to make and carry into effect, such by-laws as may be deemed expedient for the proper management of the affairs of the corporation, not repugnant to this act, the laws of this state, or of the United States ; and generally, to do and cause to be executed, all such acts and things as to them may appertain, subject to the provisions herein contained.

sect. 2. For well ordering the affairs of the corporation, there shall be nine directors, who shall be elected annually, by the stockholders in general meeting. None but stockholders shall be eligible as directors; and not less than two thirds of the directors shall be resident in New-London. At their first meeting after such election, the directors shall chose one of their number for president; and when the place of president or director, shall become vacant, by resignation, or otherwise, the same may be supplied by the choice of the directors, for the remainder of the year. All elections for directors and president, shall be by ballot.

sect. 3. A general meeting of the stockholders, shall be holden on the first Tuesday of July annually, when directors shall be chosen. A general meeting may be called whenever the directors shall think proper; and fifteen days previous to any general meeting, whether stated or special, notice thereof shall be given in a newspaper, published in New-London, and in such other manner as the directors shall order. All stockholders shall be entitled to vote, at any general meeting, in person or by proxy : and one vote shall be allowed for each share.

sect. 4. A board for the transaction of business shall consist of not less than three directors : and no director shall be entitled to any emolument for attending to the duties of his office, except the president, who shall receive such compensation, as the board of directors may judge reasonable, for his extraordinary services. A cashier, and such other officers and agents, as may be requisite for performing the business of the bank, shall be appointed, and their compensation shall be regulated by the board of directors, who may determine the securities to be given by any of them, for the faithful performance of their trust. sect. 5. The board of directors, shall have the disposal, and management of the monies, credits and property of the corporation, with power to regulate the concerns thereof, in all cases not herein otherwise provided for: but the capital stock of the bank, shall not be employed otherwise, than in the ordinary course of banking business: nor shall there be taken more than at the rate of six per cent per annum; and dividends of the profits shall be made semi-annually. The debts of the corporation, whether by bill, bond, or note, shall not, at any time, exceed fifty per cent, over and above the total amount of the capital stock, and of the monies deposited in the bank for safe keeping : and all notes issued by the bank, shall be paid at the bank, on demand, in silver or gold coin. sect. 6. The bills or notes of the corporation, signed by the president, and countersigned by the cashier or treasurer thereof, promising the payment of money to any person or order, or to bearer, shall be obligatory on the corporation, according to the tenor thereof; and shall be assignable according to the custom of merchants, and the law relative to inland bills of exchange. And all negotiable notes, duly executed, may be indorsed to the bank, in the same manner, and on the same principles as to individuals, and the bank may maintain suits thereon to recover the money. sect. 7. The capital stock of said bank shall consist at least of two thousand shares, of one hundred dollars each, which shall be transferable, according to such rules as shall be established by the directors. And the stockholders, in general meeting, may authorise the directors to open new subscriptions for increasing the same, to such amount as they may deem expedient, not exceeding five thousand shares: and after full payment of the original subscriptions, until the capital stock of said bank shall amount to five thousand shares, it shall be the duty ef the board of directors, once in each year, to

Board of directors.

Compensation.

Officers and agents of the bank.

Powers of the board.

Debts of the bank restricted.

Bills and notes of the bank.

Notes indorsed to the bank.

Capital stock.

Increase of capital stock.

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