ford.

1821 ch. 6.

ital stock.

An Act to increase the capital stock of the Bedford Commercial Bank, in New Bed- Chap 142. SECT. 1. BE it enacted by the Senate and House of Repre- 1815 ch. 88. sentatives, in General Court assembled, and by the authority of 1830 ch. 58. the same, That the President, Directors and Company of the Increase of capBedford Commercial Bank, in New Bedford, be, and hereby are authorized and empowered to increase their present capital stock, by an addition of one hundred and fifty thousand dollars thereto, in shares of one hundred dollars each, which shall be paid in such instalments, and at such times, as the president and directors of said bank may direct and determine: provided, however, that the whole amount shall be paid in, on or before the first day of October next.

tax, &c.

SECT. 2. Be it further enacted, That the additional stock The additional aforesaid shall be subject to the like tax, regulations, restrictions stock liable to and provisions, to which the present capital stock of said corporation is now subject, and, from and after the first Monday of October, in the year of our Lord one thousand eight hundred and thirty-one, shall be subject to the provisions of an act entitled "an act to regulate banks and banking," passed on the twenty- 1828 ch. 96. eighth day of February, in the year of our Lord one thousand eight bundred and twenty-nine, and an act entitled "an act to 1830 ch. 58. continue the banking corporations therein named, and for other purposes," passed on the twenty-eighth day of February, eighteen hundred thirty-one. [March 19, 1831.]

An ACT to incorporate the President, Directors and Company of the Rail-road Bank. Chap 143. SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That Ebenezer Appleton, Ebenezer Chadwick, John Persons incorP. Robinson, William Lawrence, Kirk Boott and Lemuel Pope, porated. their associates, successors and assigns, shall be, and they hereby are created a corporation, by the name of the President, Directors and Company of the Rail-road Bank, and shall so continue until the first day of October, which shall be in the year of

our Lord one thousand eight hundred and fifty-one, and shall be Powers and duentitled to all the powers and privileges, and subject to all the ties. duties, liabilities and requirements, contained in an act passed on the twenty-eighth day of February, in the year of our Lord one thousand eight hundred and twenty-nine, entitled "an act to reg- 1828 ch. 96. ulate banks and banking," and the further provisions contained in an act passed the twenty-eighth day of February, in the year of our Lord one thousand eight hundred and thirty-one, entitled "an act to continue the banking corporations therein named, and 1830 ch. 58. for other purposes.

SECT. 2. Be it further enacted, That the capital stock of Capital stock. said corporation shall consist of the sum of two hundred thous- [Increased 1832 and dollars, to be divided into shares of one hundred dollars ch. 70: 1834 ch. each, to be paid in such instalments, and at such times, as the 80: 1836 ch.95.] stockholders may direct: provided, the whole be paid in within one year from the passing of this act.

First meeting.

Persons incorporated.

SECT. 3. Be it further enacted, That the said bank shall be established in Lowell, and that any one of the persons before named shall be authorized to call the first meeting of said corporation, by advertising the same in any newspaper published in Lowell, ten days at least before said meeting. [March 19, 1831.] Add. acts, 1832 ch. 70: 1834 ch. 80: 1836 ch. 95.

Chap 144. An ACT to incorporate the President, Directors and Company of the Hamilton Bank. SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That William Appleton, Abbot Lawrence, Henry Cabot, Ebenezer Francis and John Bryant, their associates, successors and assigns, shall be, and they hereby are created a corporation, by the name of the President, Directors and Company of the Hamilton Bank, and shall so continue until the first day of October, which shall be in the year of our Lord one thousand Powers and du- eight hundred and fifty-one, and shall be entitled to all the powers and privileges, and subject to all the duties, liabilities and requirements, contained in an act passed on the twenty-eighth day of February, in the year of our Lord one thousand eight hundred and twenty-nine, entitled "an act to regulate banks and banking," and the further provisions contained in an act passed the twenty-eighth day of February, in the year of our Lord one thousand eight hundred and thirty-one, entitled "an act to continue the banking corporations therein named, and for other purposes."

ties.

1828 ch. 96.

1830 ch. 58.

Capital stock.

Location.

SECT. 2. Be it further enacted, That the capital stock of said corporation shall consist of the sum of five hundred thousand dollars, to be divided into shares of one hundred dollars each, to be paid in such instalments, and at such times, as the stockholders may direct provided, the whole be paid within one year from the passing of this act.

SECT. 3. Be it further enacted, That the said bank shall be established in the city of Boston, and that any one of the persons before named shall be authorized to call the first meeting of said corporation, by advertising the same in any newspaper published in the city of Boston, ten days at least before said meeting. [March 19, 1831.]

Chap 146. An ACT in addition to an Act entitled " An Act in addition to an Act entitled an Act

1781 ch. 15.

1788 ch. 49.

1802 ch. 123.

Repeal.

to incorporate certain Physicians by the name of the Massachusetts Medical Society."

SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That so much of the fourth section of an act passed on the eighth day of March, in the year of our Lord one thousand eight hundred and three, entitled "an act in addition to an act entitled an act to incorporate certain physicians by the name of the Massachusetts Medical Society," as requires that those who are authorized to claim admisssion into said society, shall have first passed at least three years in approved practice of medicine and surgery, and so much of the same section as enti

tles licentiates of the said society, and bachelors of medicine at Harvard University, to the use of the libraries of the society, be, and the same are hereby repealed, the residue of said section remaining in full force.

ments or penal

SECT. 2. Be it further enacted, That the treasurer, for the Treasurer may time being, of the said Massachusetts Medical Society, is here- sue for assessby authorized to sue, in the name of said society, in an action of ties. debt before any court proper to try the issue, for such sums of money as may hereafter become due to said society from any person, being, or who has heretofore been, or who shall hereafter become a fellow thereof, for the annual or other assessments of said society, or for penalties accruing under and by virtue of the by-laws and votes of said society, by declaring generally against the defendant as indebted to said society for the penalty accruing from the breach of any by-law thereof, or for a sum becoming due by virtue of any legal vote of said society, (as the case may be) setting forth the substance only of such by-law or vote; and the said society shall thereupon recover judgment for so much debt or damage as they shall prove to be due and no more. [March 19, 1831.]

An ACT to annex a part of the town of Paxton to the town of Holden, in the county of Chap 148.

Worcester.

BE it enacted by the Senate and House of Representatives,

in General Court assembled, and by the authority of the same,

That a tract of land, situate in Paxton, belonging to Hezekiah Land set off. Bent, of the following description, beginning at the south east corner of said land by a townway, at a stone monument at a corner of Paxton and Holden, thence northwardly twenty-four rods and nine links, by Holden Line to a stone monument, thence westwardly ten rods to a heap of stones at a corner of David Boynton's land, thence a southeasterly course twenty-seven rods to the bounds first mentioned, containing one hundred and thirtyfive rods, be, and the same is hereby set off from the town of Paxton, and annexed to the town of Holden: provided, how- Proviso. ever, that said land shall be holden to pay all taxes heretofore assessed upon it, the same as if this act had not been passed. [March 19, 1831.]

An Act to continue the corporation of the President, Directors and Company of the Chap 149.

Sunderland Bank.

1824 ch. 148.

Bank conti

SECT. 1. BE it enacted by the Senate and House of Rep- 1825 ch. 155. resentatives, in General Court assembled, and by the authority of the same, That the President, Directors and Company of the Corporation of Sunderland Bank in Sunderland, capital stock one hundred thou- Sunderland sand dollars, be, and they hereby are continued a corporation, nued. for the purposes of banking, until the first day of October, which will be in the year of our Lord one thousand eight hundred and [Name and lo fifty-one, notwithstanding any limitation in their charter of incor- cation changed, poration to the contrary; and said corporation shall be entitled to Powers and duall the powers and privileges, and subject to all the duties, liabi- ties. lities and requirements, provided in an act passed the twenty

1831 ch. 19.]

1828 ch. 96.

1830 ch. 58.

Capital stock

eighth day of February, in the year of our Lord one thousand eight hundred and twenty-nine, entitled "an act to regulate banks and banking," and the provisions of an act passed the twentyeighth day of February, in the year of our Lord one thousand eight hundred and thirty-one, entitled "an act to continue the banking corporations therein named, and for other purposes."

SECT. 2. Be it further enacted, That, on or before the first to be made up. Monday of June next, the president, directors and company of the Sunderland Bank shall cause the stock of said bank to be made up to the full amount of one hundred thousand dollars, and the directors and cashier shall certify the same under oath to the secretary of the Commonwealth, as soon as said stock shall have been made up as aforesaid, and, in case such certificate shall not be returned as aforesaid, this act shall be void. [March 19, 1831.] Add. act, 1831 ch. 19.

Chap. 1.

An ACT to incorporate the Commercial Insurance Company in Nantucket.

SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority Persons incor- of the same, That Christopher Mitchell, Frederic W. Mitchell, porated. David Baxter, Martin T. Morton, Philip H. Folger, Jared Coffin, John W. Barrett, Gorham Coffin, Henry Swift, Daniel Jones, and their successors, associates and assigns, be, and they hereby are incorporated and made a body politic, by the name of the Commercial Insurance Company, to be located in Nantucket, for the purpose of making maritime loans and insurance against Privileges and maritime losses in the usual and customary manner, with all the

duties.

1817 ch. 120.

Real estate.

Capital stock, &c.

Proviso.

privileges, and subject to all the duties and obligations, contained in a law, entitled "an act to define the powers, duties and restrictions of insurance companies," passed on the sixteenth day of February, in the year of our Lord one thousand eight hundred and eighteen, for and during the term of twenty years from and after the passing of this act, and by that name may sue and be sued, plead, and be impleaded, appear, prosecute and defend to final judgment and execution, and may have a common seal, which they may alter at pleasure, and may purchase, hold, and convey any estate, real or personal, for the use of said company provided, the said real estate shall not exceed the value of ten thousand dollars, excepting such as may be taken for debt, or held as collateral security for money due to said company.

SECT. 2. Be it further enacted, That the capital stock of said company, exclusive of premium notes and profits arising from business, shall be seventy-five thousand dollars, and shall be divided into shares of one hundred dollars each and fifty per centum thereof shall be paid in money, within sixty days after public notice given by the president and directors chosen by the stockholders, and published in the Nantucket Inquirer, namely, twenty-five per centum of said capital stock in thirty days after such notice, and twenty-five per centum in thirty days more, and the residue in such instalments, and under such penalties as the president and directors shall order and appoint: provided, that

said residue shall be paid within one year from the first meeting

of the company.

rectors.

SECT. 3. Be it further enacted, That the stock, property, Number and affairs and concerns of the said company shall be managed and election of diconducted by nine directors, one of whom shall be president thereof, who shall hold their office for one year, and until others are chosen, and no longer; and who shall, at the time of their election, be stockholders in said company, and citizens of this Commonwealth; and shall be elected on the second Monday of January, in each and every year, at such time of the day, and in such place in Nantucket, as a majority of the directors for the time being may appoint, of which election, public notice shall be given in some newspaper printed in Nantucket, ten days at least previous to the meeting, and the election shall be made by ballot, by a majority of the stockholders present, allowing one vote to each Right of voting. share in the capital stock: provided, that no stockholder shall be allowed more than ten votes, and absent stockholders may vote by proxy, under such regulations as said company shall prescribe. And if, through any unavoidable accident, the said directors should not be chosen on the second Monday of January, as aforesaid, it shall be lawful to choose them on any other day, in the manner herein provided.

SECT. 4. Be it further enacted, That the directors, when President. chosen, shall meet as soon as may be after every election, and shall choose out of their body one person to be president, who shall be sworn or affirmed to the faithful discharge of the duties of his office, and who shall preside for one year, and until another shall be chosen in his stead. And in case of the death, resignation, or inability to serve, of the president or any director, such vacancy or vacancies shall be filled for the remainder of the year in which they happen, by a special election for that purpose, to be held in the same manner as herein before directed, respecting annual elections of directors.

business.

SECT. 5. Be it further enacted, That the president, and Board for doing four of the directors, or five of them in his absence, shall be a board competent to the transaction of business, and all questions before them shall be decided by a majority of votes; and they shall have power to make and prescribe such by-laws, rules and regulations as to them shall appear needful and proper, touching the management and disposition of the stock, property, estate and effects of said company, and the transfer of the shares, and touching the duties and conduct of the several officers, clerks and servants employed, and the election of directors, and all such matters as appertain to the business of insurance; and shall also have power to appoint a secretary, and as many clerks and servants for carrying on the business, and with such salaries and allowances to them and to the president, as to the said board shall seem meet: provided, such by-laws and regulations shall not be repugnant to the constitution and laws of this Commonwealth.

SECT. 6. Be it further enacted, That any two or more of First meeting.