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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 president or directors shall be by ballot.
SEC. 5. A general meeting of the stockholders may be called whenever the board of directors shall judge proper, and ten days' notice previous to any general meeting, whether stated or special, shall be given in a newspaper published in said city of Hartford, or in such other manner as the directors may order. All stockholders shall be entitled to vote in a general meeting by proxy or in person, and each share shall be entitled to one vote; but no share or shares in said bank shall give to any stockholder a right to vote, unless the same shall have stood in his or her name on the books of the company, at least sixty days previous to the time of voting after the first election.
Sec. 6. Not less than three directors shall constitute a board for the transaction of business pertaining to the bank, of whom the president shall always be one, except in case of necessary absence, when the senior director present shall preside. No director shall be entitled to any emolument for attending to the duties of his office excepting the president, who shall receive such compensation as the board of directors may judge reasonable, for his extra services beyond the directors.
Sec. 7. A cashier and such other officers and agents as may be necessary for performing the business of the corporation 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 trusts.
Sec. 8. The board of directors shall have the disposal and management of the monies, credits and property of the bank, with power to regulate the concerns thereof in all cases not herein otherwise provided; but the corporation shall not trade in any thing except bills of exchange, gold
or silver bullion, or the sale of goods pledged for money lent and not redeemed in due time, or in houses or lands necessarily taken for the security of debts previously contracted; nor shall the corporation take more than at the rate of six per cent., per annum, for or upon its loans; and dividends of such parts of the profits as 'the directors may judge proper may 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 beyond the amount of the capital stock actually paid in and the moneys deposited in the bank for safe keeping.
Sec. 9. The bills and 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 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 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 sue thereon for the recovery of the money.
Sec. 10. In addition to the subscription hereinbefore authorized, the said bank shall at all times be open for subscription; at the rate of one hundred dollars for each share, from the funds of this State and the school fund : provided, nevertheless, that the shares so subscribed shall not be transferable, but may at any time be withdrawn on twelve months' notice to the directors, and that the shares so subscribed shall never exceed twenty-five per cent. of the shares subscribed by individuals.
Sec. 11. In case of the failure of said bank, the holders of the bills or notes of said bank or corporation of the denomination of one hundred dollars and under, shall have a lien on all the estate of said bank or corporation, both real and personal, in possession, remainder or reversion, and on all debts due to said bank, and the securities for the same, and on all claims in favor of said bank of every nature whatever, and on all monies and properties of every description, in the custody and possession of said bank at the failure thereof : and that every conveyance, assignment or transfer of any of the properties and estate hereinbefore specified, made in expectation of the insolvency of said bank or corporation, or with a view to the same shall be void.
SEC. 12. If the debts of said corporation shall exceed fifty per cent. over and beyond the total amount of the capital stock of said bank actually paid in and of the monies deposited in the bank for safe keeping at the time of the failue thereof, then the president, directors and cashier of said bank or corporation shall be liable as joint and several debtors to pay the notes and bills of said bank or corporation of the denomination of one hundred dollars and under.
Sec. 13. This act or any part thereof may be altered, amended or revoked by the General Assembly. Provided further, that the president, directors and company of said bank, shall on or before the first of January in each year, cause to be registered in a book kept for that purpose in the office of the town clerk of said town of Hartford, in Hartford county, a certificate subscribed and sworn to by the cashier of said bank, containing the amount of capital stock actually paid in, and belonging to said bank; and shall at all times thereafter, whenever any of the instalments on said capital stock shall be paid in, deposit with said clerk a like statement of the amount of the same. And said capital stock thus paid in and certified, shall not at any time be withdrawn wholly or in part, at any subsequent period, without the consent of the General Assembly. And if the whole or any part of the capital stock thus paid in and certified, shall be withdrawn without such consent, the president, cashier, directors and stockholders, consenting thereunto, or causing the same to be done, shall, and they are made liable, out of their own estate, as for any other debt, jointly and severally, for the full payment of all debts of said bank which cannot be collected out of the goods or chattels or estate of said bank. And any member or officer of said bank, whether defendant or not, on motion filed and notice thereof given, in any proper action for such debt, shali on oath make discovery of all facts within his knowledge regarding the alledged withdrawal of such capital, in the same manner as would be available in a court of equity. And the notes of individuals shall not be received in payment of any sum which may be due for subscriptions for their stock of said bank.
Be it enacted by the Senate and House of Representatives in General Assembly convened, That the name of the Hartford County Bank, incorporated at this session, be, and the name hereby is changed to the name of the State Bank, by which name the same shall hereafter be known and called. Provided, That any act done or commenced by the commissioners, or by said corporation, or others, under said name of the Hartford County Bank, shall not be invalidated by such change of name.
Be it further enacted, That in the twelfth* line of the eleventh section of said act of incorporation, immediately after the words “in the custody and possession of said bank," there he added and made part of' said act the following words, viz. ; “and belonging thereto."
INCORPORATING THE FARMERS BANK, IN BRIDGEPORT.
Sec. 1. Resolved by this Assembly, That a bank be established, in the city of Bridgeport, in the county of Fairfield, by the name of “The Farmers Bank," and the stockholders thereof, their successors and assigns, shall be and remain a body politic and corporate by that name, and shall be capable in law to purchase and hold all kinds of property, real as well as personal, and the same at pleasure to sell and convey, to sue and be sued in all courts, to have and use a common seal, such as they may devise, and the same to alter at pleasure, to make and carry into effect all such bylaws and regulations as may be deemed expedient for the proper management of the affairs of said corporation and promotion of its best interest, not repugnant to the laws of this state or of the United States, and, generally, to do and cause to be done and executed all such acts and things as to them may appertain, subject to the provisions herein contained. Provided, the president, directors and company of said bank pay over to the treasurer of the General Hospital Society of Connecticut, on or before the first day of January, 1850, the sum of five thousand dollars, for the use and purposes of said society.
* The ninth line, as here printed.
Sec. 2. That the capital stock of said bank shall consist of two thousand shares, of one hundred dollars each, which shall be transferable according to such rules as may be established by the directors of said bank, and at the time of subscribing to the stock of said bank, there shall be paid in gold or silver, or in bank notes of the states of New York, Massachusetts and Connecticut, provided the same shall then be at par value in this state, the sum of twenty-five dollars on each share thus subscribed, and twenty-five dollars ninety days thereafter, and ten dollars on each share at the expiration of every ninety days thereafter, until the whole amount is paid in to said corporation.
Sec. 3. The subscription towards constituting the said capital stock shall be opened in the city of Bridgeport, under the superintendence of Henry B. Graves, Alfred Blackman and Dexter R. Wright, hereby appointed commissioners for that purpose, who shall meet on or before the second Tuesday of October, 1849, and at such other time or times as they or a majority of them shall judge expedient, first