the said Bank, or any person or corporation whate ever; and all contracts pledging any of said stock, shall be of no effect, and no stock or share in said nor attached Bank shall be attached on mesne process in any the Bank. suit in which this corporation shall be plaintiff, and all such attachments shall be of no effect.

at the suit of

liable to pay

Canal, amount

SECT. 14. Be it further enacted, That this corporation shall be, and are hereby made liable to Corporation pay upon demand, to the President and Directors to the C.. of the said Cumberland and Oxford Canal Corpo- of assessment, ration, for the use of said Cumberland and Oxford on its stock; Canal Corporation, the amount of all assessments upon the amount of Stock of the said Bank, in the said Cumberland and Oxford Canal Corporation as provided for, in and by this Act, whenever, and so often as the said Cumberland and Oxford Canal Corporation shall make assessments upon its stock, on penalty of double the amount of such as- under penalty; sessments, in case of neglect or refusal for the space of thirty days next after demand made of such assessments, to be recovered by action of debt, at the suit of said Cumberland and Oxford Canal Corpo- ed; ration, in any Court proper to try the same; and any writ or writs of execution upon any judgment, and execu in any such suit, may be extended and levied upon ed. the real estate, monies, goods and chattels of said Bank: Provided, That in no case, shall said assessments made upon the stock of said Cumberland and Oxford Canal Corporation, be so high, as that the amount of the proportion of the said Bank shall exceed one quarter part of the capital stock of said Bank, actually paid in.

how recover

Proviso.

per cent. to be

SECT. 15. Be it further enacted, That the tax of one per centum, imposed by law upon the capital Tax of one stock of said Bank, shall be paid by this corpora- paid into the tion into the Treasury of this State, and remain Treasury,

main until

nal,

there until the Directors of the said Canal Bank shall furnish satisfactory evidence to the Governor and there reand Council, that seventy five thousand dollars 75,000 are exshall have been expended upon said Cumberland pended on Ca- and Oxford Canal by said Bank; and the Governor and Council shall thereupon be authorized to then to be redirect the Treasurer of the State, to repay to this

funded;

.

and no tax imposed.

amount to six

Corporation the amount so paid into the Treasury for the Tax aforesaid; after which no tax shall be imposed upon the Capital stock of said Bank.

SECT. 16. Be it further enacted, That whenever When profits the annual profits of said Cumberland and Oxford per cent. tax Canal Corporation, shall amount to six per eentum ed upon part per annum, exclusive of repairs, upon the whole capital. expense of making said Canal, it shall be in the

may be impos

in case.

power of the Legislature, if they shall see fit, to impose the said tax of one per centum, upon three quarters of the Capital stock of the said Bank actually paid in.

SECT. 17. Be it further enacted, 'That if the President and Directors of the Cumberland and Oxford Act to be void Canal Corporation, shall fail to expend the sum of seventy five thousand dollars, in building the Cumberland and Oxford Canal, within the space of five years next after the passing this Act, this Act shall thereupon become void.

payment of

made to a

thereon.

SECT. 18. Be it further enacted, That if at any On refusal of time the said corporation shall refuse or neglect to Bills, com pay any of its bills when duly presented at said plaint to be Bank, in banking hours, and for the space of thirty Judge of the days thereafter neglect to pay or tender payment S. J. Court; of such bills, the holder or holders of such bills, may make complaint thereof in writing to any Judge proceedings of the Supreme Judicial Court, whose duty it shall be thereupon, to cause the President and Cashier of said Bank to be notified to appear before him at such time and place as he may appoint, to answer to such complaint and shew cause against further proceedings thereon: And if said President and Cashier shall not appear, or appearing shall not Judge may ap. Shew sufficient cause against further proceedings, it point Commis- shall be the duty of said Judge, thereupon to apshall take into point three disinterested and discreet Commissioncustody the property of the ers residing near said Bank, to take into their Bank; custody and possession, all the books, papers, prop

sioners; who

erty and estates of said Corporation; and such Commissioners, or the major part of them, shall thereby be authorized, to demand and receive of the President, Directors and Cashier of said Bank, all the real and personal estate of said Bank,

with all the books and evidences of debts due to said Bank, making and delivering to said President, Directors and Cashier, or either of them, accurate lists and memoranda of such estates, books and debts and it shall be the duty of such Commis- may dispose of sioners, or the major part of them, and they are collect and hereby authorized forthwith to proceed to dispose pay debts. of such estates and collect such debts, and pay the demands against said Corporation.

the same, and

ers may sell at

mortgages and

SECT. 19. Be it further enacted, That such Commissioners, or the major part of them, shall be au- Commissionthorized and empowered to sell at public auction, auction, givafter giving thirty days public notice of such sale, ing notice, any real estate belonging to said Corporation, and execute deeds; any mortgages upon real estate due to said Corporation, and to make and deliver in the name of said Corporation, any deed or other instrument necessary for the due and complete transfer and conveyance of such estates and mortgages. And said Commissioners or the major part of them shall further debts & prosebe authorized to collect all debts due and owing to cute actions. said Corporation, and to commence and prosecute in the name of said Corporation any action necessary to the collection of such debts: Provided, That so soon as such Commissioners shall have realized from the property of said Corporation, a sum sufficient to pay all the debts of the Corporation, their power shall cease; and it shall be their duty to surrender to said Corporation all the remaining property and estates, together with all the books and papers belonging to it.

Proviso.

sioners.

SECT. 20. Be it further enacted, That said compensation. Commissioners shall be entitled to retain to their to Commis own use for their services, such sum as may be agreed upon between them and said Corporation; and in case of disagreement, such sum as shall be determined by the Judge who appointed such Commissioners.

fusing to give.

SECT. 21. Be it further enacted, That if the Pre-Directors, &c. sident, Directors and Cashier of said Bank, shall, liable for reupon demand made by such Commissioners, refuse up property to or neglect to surrender to them all the books, pa-ers in their pri pers, property, estates and demands of said Corpo

Commission

vate capaci

ingly..

ration, such President, Directors and Cashier, so refusing or neglecting, shall thereupon severally beand may be come liable in their individual capacities, for the proceeded a gast accord- payment of all debts due from said Corporation; and any creditor to said Corporation may have and maintain his action against such President, Directors and Cashier, or either of them, in their individual capacity, and may recover of them, or either of them, the amount of his just demand against the Corporation.

[This Act passed February 19, 1825.]

Persons ircordorated.

CHAPTER CCCXII.

AN ACT to incorporate the Merchants Bank.

SECT. 1. BE it enacted by the Senate and House of Representatives, in Legislature asser bled, That Philip Greely, William Woodbury, Isaac Adams, Jonathan Tucker, Phinehas Drinkwater, Thomas Chadwick, Amos H. Cross, John Williams, Israel Richardson, Samuel Hanson, Rufus Emerson, Greely Sturdevant, James Lunt, Thomas Warren, Sylvanus Blanchard, Benjamin Knight, Daniel Chainberlin, David Greely, Joel Hall, Anthony Fernald, Nehemiah Cram, Eleazer Wyer, Justin Kent, William Oxnard, Edward Oxnard, John Coe, Franklin Tinkham, and their associates, successors and assigns, shall be, and hereby are, created a corporation by the name of the MERCHANTS BANK; and shall Charter to con- so continue until the first day of October, which will October 1831. be in the year of our Lord one thousand eight hundred and thirty-one; and by that name shall be, and

tinue until

privileges.

hereby are made capable in law to sue and be sued; plead and be impleaded; defend and be defended, Powers and in any courts of record, or in any other place ; and also to make, have and use a common seal; and to ordain, establish, and put in execution such by-laws, ordinances and regulations, as to them may appear necessary and convenient for the government of said corporation, and the prudent management of their affairs Provided, such by-laws, ordinances and

Proviso.

regulations shall in no wise be contrary to the laws of this State. And the said corporation shall always be subject to the rules, restrictions, limitations and provisions herein prescribed.

$150,000;

10 per cent. to

paid in.

SECT. 2. Be it further enacted, That the capital stock of said corporation shall consist of the sum of one hundred and fifty thousand dollars, in gold and Capital Stock silver, and be divided into two thousand shares; and not more than ten per cent. of such capital stock not more than shall at any one time be held or owned by one per- be held by one son; and in case several individuals shall be associ- person, or coated together as co-partners, the whole amount of partners; said stock, held or owned by the co-partnership, and by all the individuals constituting the co-partnership, shall not at any one time exceed ten per cent. of said capital stock; which capital stock shall be paid when to be in, in three instalments in gold and silver; the first, of seventy-five thousand dollars on or before the first Monday of October next; the second of thirty eight thousand dollars, on or before the first Monday of April, which will be in the year of our Lord one thousand eight hundred and twenty-six; third, of thirty-seven thousand dollars on or before the first Monday of Octo-No loans or ber following: Provided, That no money shall discounts to be be loaned, or discounts made, or shall any $75,000 be bills or promissory notes be issued from said Bank, paid in; until the capital, subscribed for, and actually paid in and existing in gold and silver in their vaults, shall amount to seventy-five thousand dollars, and the affidavits of the President and Cashier, of such made. facts, shall have been filed in the office of the Secretary of State; and the Stockholders, at their first meeting, shall by a majority of votes determine the mode of transferring and disposing of said stock Mode of transand the profits thereof, which being entered on the be determined books of said corporation, shall be binding on the ing. stockholders, their successors and assigns, and no transfer of stock shall be of any effect until it shall have been entered on the books of said corporation; and the said corporation are hereby made capable Real estate in law to have, hold, purchase, and receive, possess not exceeding and retain to them, their successors and assigns, land, mount.

made, until

and affidavits

ferring stock to

at first meet

may be held

a certain a