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for the time being provided such deposits are not withdrawn by draft, or otherwise, within sixty days.
Sec. 19. And be it enacted, That if, at any time after the passing of this act, the said president, directors, and company, Charter forfeited shall neglect on demand being made at their banking-house
ouise on failure to pay during their regular hours of doing business, to redeem in specie or other lawful money of the United States, their said bills, notes, or other evidences of debt, issued by the said corporation, the said president, directors, and company shall forfeit their charter for ever, and wholly discontinue and close their banking operations, either by way of discount or otherwise ; provided, the same be not resumed within seven days, and the said bank shall be liable to pay the holder or holders of such Damages paid notes or bills, the payment whereof has been refused or de ho
Oruc notes on failure layed, upon demand as aforesaid, damages for the non-pay- to pay. ment thereof, at and after the rate of ten per centum per annum, from the time of such demand, until the same shall be paid as aforesaid, or otherwise satisfied.
Sec. 20. And be it enacted, That the president and directors of said corporation, shall, individually, and jointly and President and severally, be and continue liable to every creditor for the pay. directors jointly ment of any bills obligatory or of credit, note or notes, that liable for notes they or any of them may issue and circulate, and upon de- sued. mand of payment being made at the bank, during the usual hours of business, and refusal thereof, an action may be brought against the said persons, then acting as president and directors of the said company, jointly or severally; and it shall be lawful for the plaintiff or plaintiffs, to declare therein generally for money had and received, with a specification of the dates, sums, payees, and numbers of the said bills or notes so demanded, and payment whereof hath been neglected or refused, and, upon judgment being rendered, execution shall issue thereon. Sec. 21. And be it enacted, That it shall be the duty of
Of Annual statethe president and cashier of the said corporation, for the time ment to be made being, under their respective oaths or affirmations, and under 10 legislature. the seal of the corporation, annually to lay before the legislature of this state, a statement of its capital stock paid in, and of its notes, debts, and spécie on hand; and if the said president and cashier shall fail to do the same for the space of three years together, that then and from thence forth this charter, and all the privileges hereby conferred, shall cease, and be forever at an end.
Passed February 26, 1834.
A SUPPLEMENT to the act, entitled “ An act respecting
the sale of the real estate of Robert Young, deceased,
passed February eleventh, eighteen hundred thirty-three. WHEREAS, the legislature of this state, did, on the eleventh of
February eighteen hundred and thirty-three, pass an act auPreamble:
thorizing Moses Chandler, of Elizabethtown, county of Essex, to sell, convey, &c. all the real estate, of Robert Young, deceased ; AND WHEREAS, the said Moses Chandler, has recently deceased, without disposing of all of said real estate, and there being no person legally authorized to take charge of or dispose of the same-Therefore,
BE IT ENACTED by the Council and General Assembly of this state, and it is hereby enacted by the authority of the
same, That Charles Davis of Elizabethtown, be, and he is Trustee ap
hereby substituted in the place of Moses Chandler, deceased, pointed to sell with like powers to sell and convey the remaining unsold real
estate of Robert Young, deceased, and divide the proceeds thereof, in like manner, as Moses Chandler could have done, and perform all other duties provided for in and by the said act, to which this is a supplement.
Passed February 27, 1834.
AN ACT to incorporate the Princeton Bank. Sec. 1. BE IT ENACTED by the Council and General Assembly of this state, and it is hereby enacted by the authority of the same, That William Cruser, John S. Vandyke, John Gulick,
Robert Bayles, Robert Voorhees, Abraham Cruser and WilCommissioners to receive sub- liam Gulick, be appointed commissioners to open a subscripscriptions for tion at Princeton, to raise the sum of one hundred and fifty
thousand dollars, in shares of fifty dollars each; the said commissioners to give notice of the time and place, or places of opening the books of subscription, by advertising the same in the newspapers published at Princeton, at least three weeks ; the books to continue open from day to day for five days, and should more than one hundred and fifty thousand dollars be subscribed, the commissioners shall make an equitable deduc. tion and apportionment: Provided always, that the citizens
or residents of this state shall be preferred in the distribution of said stock.
Sec. 2. And be it enacted, That all such persons as shall become subscribers to the capital stock in the preceding section mentioned, their successors and assigns, shall be, and are hereby created and made, a corporation and body politic, by the name and style of “ The President, Directors and Company of the Princeton Bank," and by that name shall be, and poration.
Style of incor. are hereby made capable in law, to have and purchase, receive and possess, enjoy and retain to them and their successors, lands, tenements, hereditaments, goods, chattels and effects of what nature or kind soever ; and the same to grant, . demise, alien or dispose of; sue and be sued, to plead and be impleaded, answer and be answered unto, defend and be defended, in all courts and places whatsoever; and also to make, have, and use a common seal, and the same to alter and renew at their pleasure, and also to ordain, establish, and put in execution, such by-laws, ordinances and regulations, as shall seem necessary and convenient for the government of said corporation : Provided, they be not inconsistent with Proviso. the constitution and laws of this state, and of the United States, or with this charter; and also to appoint all such officers, agents and servants, as shall be necessary to carry into effect the powers by this act vested in the said corporation, and allow to them such compensation for their services as shall be deemed reasonable.
Sec. 3. And be it enacted, That the sum subscribed, shall be paid in manner following, that is to say, five dollars on each share at the time of subscribing, to the persons receiving ment for
cinc Mode of paysubscriptions, and the remainder in instalments of five dollars on each share, when called for by the president and directors of said company, appointed and chosen in the manner hereinafter prescribed, upon thirty days previous notice being given by the cashier of the said company, and in the newspapers printed at Princeton; and any person, co-partnership or body politic, failing to pay any instalment, or any part thereof, at the times prescribed and required, shall forfeit to the said com- Stock forfeited pany, every share upon which there shall be a deficiency, i
v on failure to pay and the money thereon previously paid.
Sec. 4. And be it enacted, That the capital stock of said corporation shall be one hundred and fifty thousand dollars, to be divided as aforesaid, into shares of fifty dollars each, with the privilege of increasing the same to two hundred and fifty thousand dollars, at any time during the continuance of this charter, and upon the closing of the said books of subscription, or within five days after the directors are chosen, one thousand shares having been subscribed as aforesaid, the said commissioners herein before named, shall deliver over into the hands of the said directors, the said subscription
Amount of ca
books, and all other books and papers whatsoever, which shall be in their hands, and belonging and appertaining to the said corporation; and shall also pay over to the said directors, all moneys which they shall have received on account of said subscription; and the said directors shall have power to call in and demand from the stockholders, payment of tho sums remaining due upon the shares subscribed, at such times and in such instalments or proportions, as they or a majority of them shall deem proper and requisite, under the penalty of forfeiture as aforesaid; and that it shall not be lawful for the said bank to issue any notes or bills, until an affidavit by the president and cashier shall have been made and filed in the office of the secretary of state, stating that fifty thousand dollars of the capital stock of the said corporation have been subscribed and paid, in conformity to the provisions of this
Time, place, and mode of election of directors.
Sec. 5. And be it enacted, That all the affairs, property, and concerns of the said corporation, shall be managed and conduct. ed by thirteen directors, all of whom shall be stockholders and citizens of this state, which directors shall hold their offices for one year, and shall be elected on the first Monday in April in every year, in the banking house, at such time of the day as the board of directors for the time being, shall appoint; and notice shall be given by the said directors, not less than fourteen days previous to the time of holding the said election, by an advertisement to be inserted in one of the newspapers printed at Princeton; for the well ordering of which election, the directors shall previously thereto, appoint three stockholders, not being directors, to be judges of election, who shall conduct and regulate the same; they shall determine whether the persons voted for are eligible to be elected directors, and after the conclusion of the ballot, shall decide and declare who are elected directors; and the said election shall be made by such of the stockholders as shall attend for that purpose, either in person or by proxy, and each stockholder shall be entitled to one vote for each share of stock, not exceeding ten, and one vote for every five shares over and above that number, which he, she, or they shall have held in his, her, or their names, at least three months before the time of voting; and all such elections shall be by ballot; and the persons who shall have the greatest number of votes shall be directors, who shall take an oath of office; and if it should so happen, at any election, that two or more persons shall have an equal number of votes, then the said directors in office at the time of such election, or a majority of them, shall proceed by ballot and plurality of votes, to determine which of the persons so having an equal number, shall be the director or directors, so as to complete the whole number, and the directors so elected, as soon as may be thereafter, shall proceed in like manner. to elect one of their number by
Location of the
ballot, who shall be their president; who shall be an inha- President to be bitant of the place, living within three miles of the banking chosen. house of said company, and whenever a vacancy or vacan. cies shall happen among the directors, by death, resignation, or otherwise, such vacancy or vacancies shall be filled for Vacancies sup
plied. the remainder of the year, by such person or persons as the remainder of the directors, for the time being, or a majority of them, shall appoint: Provided nevertheless, that as soon Proviso. as one thousand shares shall be subscribed, the said commissioners, or a majority of them, may call a meeting of the stockholders at Princeton aforesaid, by giving at least two weeks notice in one of the newspapers published in Princeton, and the stockholders assembled in pursuance of such notice, shall choose by ballot, from among the stockholders, by a majority of such as are present, or by proxy, thirteen directors with the same qualifications as herein before provided, to be the first directors of the said corporation, and who shall hold their offices until the first Monday in April then next ensuing, and until others be chosen by the stockholders.
Sec. 6. And be it enacted, That a majority of the whole number of the aforesaid directors shall have power to fix on, a place for transacting the business of the said company, bank. within the bounds of the borough of Princeton, and the same to change at their pleasure to any other place within the said borough.
Sec. 7. And be it enacted, That there shall be a meet- Quarterly meeting of the board of directors every quarter year, who shall ing of directors. have power to adjourn from time to time, and the president and any three of the directors may call a special meeting at any other time they may think necessary.
Sec. 8. And be it enacted, That the said directors at every quaterly meeting, shall choose three of their body to inspect the business of the company for the ensuing three months, and the inspectors so chosen, shall twice in every month, examine into the state of the cash account and other business of the said company, and see that the accounts are regularly balanced and transferred.
Sec. 9. And be it enacted, That the capital stock and Stock personal funds of the said corporation shall be deemed personal estate.
Sec. 10. And be it enacted, That the following shall be Fundamental the fundamental articles of the constitution of the said com- articles. pany:
ARTICLE I. A general statement of the affairs of the company shall be exbibited every year at the banking house of the company, Annual atatea at least thirty days before the annual election of directors, ment to be ex
hibited, and remain open to the inspection and examination of any stockholder during the usual hours of business.