olation, and Penalty for vi-rector, consenting to, or conniving at, such violahow recover- tion, shall forfeit and pay the sum of five hundred dollars, to be recovered by indictment to the use of the State. ed. Returns to specify the the Directors, &c. SECT. 9. Be it further enacted, That each return of the state of said Bank, to be made pursuant to the first section of an act directing the mode and names of all time of making returns, shall, in addition to the several particulars required therein to be included, specify the names of all the Directors of said Bank; and if in taking the oath required by said first section, any Director or Cashier shall swear falsely, and be thereof duly convicted, he shall suffer as for wilful and corrupt perjury. porated. [This Act passed February 21, 1825.] CHAPTER CCCXIV. AN ACT to incorporate the Thomaston Bank. SECT. 1. BE it enacted by the Senate and House of Representatives, in Legislature assembled, That John Gleason, Joseph Sprague, James D. Wheaton, William Cole, William R. Keith, Eusebius Fales, David N. Piper, Ballard Green, Robert N. Foster, Oliver Fales, John Lovejoy, Iddo Kimball, Persons incor- Halsey Heally, John Spear, David Kellogg, Hezekiah Prince, Benjamin S. Dean, John Ruggles, Daniel Rose, Amos H. Hodgman, and their associates, successors and assigns, be, and they hereby are, created a corporation by the name of the President, Directors and Company of the THOMASTON BANK; and shall so continue until the first day of October, which will be in the year of October 1831. Our Lord one thousand eight hundred and thirty-one; and by that name shall be, and 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 Charter to continue until privileges. Proviso. 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 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. $50,000; be held by one person, or co SECT. 2. Be it further enacted, That the capital stock of said corporation shall consist Capital Stock of the sum of fifty thousand dollars, in gold and silver, and be divided into five hundred shares; and not more than not more than ten per cent. of said capital stock 10 per cent. to shall be at any one time held or owned by any one person; and in case several persons shall be associ- partners; ated together as co-partners, the whole amount of said stock, held or owned by the co-partnership, and by all the individuals constituting the co-partnership, shall not at any time exceed ten per cent. of when to be said capital stock; and the said capital stock shall paid in. be paid in at two instalments, the one half thereof to be paid in gold and silver, on or before the first Monday of October next; and the remaining half part thereof, on or before the first Monday in April, which will be in the year of our Lord one thousand eight hundred and twenty-six: Provided, That no money shall be loaned, or discounts made, nor shall any discounts to be bills or promissory notes be issued from said Bank, made, until until the capital, subscribed for, and actually paid paid in; in and existing in gold and silver in their vaults, shall amount to twenty-five thousand dollars, and the affidavit of the President and Cashier, of such facts, shall have been filed in the office of the Secre- and affidavit tary 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 and the profits thereof, which being entered on the Mode of transbooks of said corporation, shall be binding on the ferring stock to stockholders, their successors and assigns, but no at first meettransfer of stock shall be of any effect until it shalling. have been entered on the books of said corporation; and the said corporation are hereby made capable in law to have, hold, purchase, receive, possess and Real estate retain to them, their successors and assigns, lands, may be held 7 No loans or $25,000 be made. be determined not exceeding a certain amount, negotiate monies, &c. tenements and hereditaments, to the amount of ten thousand dollars, and no more at any one time, with May loan and power to bargain, sell and dispose of the same, and to loan and negotiate their monies and effects, by discounting on banking principles, on such security, as they shall think advisable: Provided, nothing herein contained shall restrain or prevent said corporation, from taking and holding real estate in mortgage or on execution, to any amount, as security [for,] or in payment of, any debts due to said corporation. Proviso. the Corpora tion. Total amount from, SECT. 3. Be it further enacted, That the followRules &c. of ing rules, limitations, and provisions, shall form, and be the fundamental articles of said corporation. First. That the total amount of the debts which the of debts due said coporation shall at any time owe, whether by bond, bill, note or other contract, shall not exceed fifty per cent. beyond the amount of their capital stock actually paid in, exclusive of the sums due on and to, the account of deposits, nor shall there be due to the Corporation. said corporation, at any one time, more than double the amount of the capital stock actually paid in as aforesaid; in case of excess, the Directors, under ble in case of whose administration it shall happen, shall be liable for the same in their individual and private capacities; and an action of debt may, in such case, be brought against them, or any of them, their or any of their heirs, executors, or administrators, in any court proper to try the same, by any creditor or creditors of said corporation, and may be prosecuted to judgment and execution. And the aggregate of all debts due to said Bank from the Directors, not to be in- or any of them, as principals, indorsers or sureties, debted over shall not, at any one time, exceed in amount, twenty Directors lia excess, and how; certain amo't. per centum of the capital stock of said Bank; olation, and ed. and for every violation of this provision, every DiPenalty for vi-rector consenting to, or conniving at, such violation, how recover- shall forfeit and pay the sum of five hundred dollars, to be recovered by indictment to the use of the State. Second. That said corporation shall not Corporation not to employ vest, use, or improve any of their monies, goods, their capital in chattels or effects in trade, or commerce, but may sell all kinds of personal pledges lodged in their trade or com merce. Lands neces business only chosen. Cashier to give to be renewed. other Banks hands, by way of security, to any amount sufficient to reimburse the sum loaned. Third. That the sary for the lands, tenements and hereditaments, which the said transaction of corporation shall hold, shall be only such as shall to be held. be requisite for the convenient transaction of their business. Fourth. None but a member of said cor- Who may be poration, being a citizen of this State and resident Directors. therein, shall be eligible for a Director; and the Directors shall choose one of their number to President how act as President; and the Cashier, before he enters upon the duties of his office, shall give bond, with bonds; two or more sureties, to the satisfaction of the Board of Directors, in a sum not less than twenty thousand dollars, with condition for the faithful discharge of the duties of his office; and such bond shall be renewed at least once in every three years. Fifth. No Director of any other Bank shall be eli-Directors in gible to the office of Director of this Bank, although not eligible. he may be a stockholder therein. And any Director accepting any office in any other Bank, shall be deemed to have vacated his place in this Bank. Sixth. That for the well ordering the affairs of Meeting of the said corporation, a meeting of the stockholders shall Stockholders be holden at such place as they shall direct, on the October and at first Monday of October annually, and at any other any other time during the continuance of said corporation, and at such place as shall be appointed by the President and Directors for the time being, by public notification, given fourteen days previous thereto; at which annual meeting, there shall be chosen by ballot, seven Directors, to continue in office the year ensuing chosen at the their election; and the number of votes to which annual meeting. each stockholder shall be entitled, shall be according to the number of shares he shall hold, in the Manner of vot following proportions, that is to say: for one share, ing. one vote, and every four shares above one shall give a right to one vote more: Provided, no Proviso. member shall have more than twenty votes, and absent members may vote by proxy, duly authorized in writing. Seventh. No Director shall be allowed Directors to be any compensation for his services, but the Stock-compensation; holders may make the President such compensation President may as to them shall appear reasonable. Eighth. No annually in time. Notice to be given. Directors to be allowed no rectors. Bills to be binding. . Quorum of Di- less than four Directors shall constitute a board for the transaction of business, of whom the President shall always be one, except in case of sickness or necessary absence, in which case the Directors present may choose a chairman for the time being, in his stead. Ninth. All bills issued from the Bank aforesaid, and signed by the President, shall be binding on the corporation. Tenth. The Directors shall make half yearly dividends of all the profits, rents, premiums and interest of the Bank aforesaid. Eleventh. The Directors shall have power Cashier, to appoint a cashier, and such other officers for carrying on the business of said Bank, with such salaries, as to them seem meet. Dividends to be made. &c. how appoint ed. Bank to be at SECT. 4. Be it further enacted, That the said Thomaston. Bank shall be established in the town of Thomaston, in the county of Lincoln. Loan to be required by the SECT. 5. Be it further enacted, That whenever the Legislature shall require it, the said corporamade to the tion shall loan to the State any sum of money which State, when may be required, not exceeding ten per cent. of the Legislature. capital stock of said Bank, at any one time, reimbursable, by five annual instalments; or at any shorter period, at the election of the State, with the annual payment of interest, at a rate not exceeding five per cent. per annum : Provided however, That the State shall never, at any one time, stand indebted to said corporation, without their consent, in a larger sum than five thousand dollars. Proviso. Legislature SECT. 6. Be it further enacted, That any committee, specially appointed by the Legislature for may examine that purpose, shall have a right to examine into the their books&c. doings of said corporation, and shall have free ac cess to all their books and vaults; and if, upon such examination, it shall be found, and after a full hearing of such corporation, be determined by and in certain the Legislature, that the said corporation have excases, vacate ceeded the power herein granted them, or failed to comply with any of the rules, restrictions or conditions in this act provided, their corporation may thereupon be declared forfeited and void. their charter. First meeting, by whom and how called; SECT. 7. Be it further enacted, That the persons hereinbefore named, or a major part of them, are authorized to call a meeting of the Stockholders |