given;

479

of said corporation, at such time and place as they shall see fit, by advertising the same, for three weeks successively, in some public newspaper prin- Notice to be ted in the State, for the purpose of making, ordaining and establishing such by-laws, ordinances and at which may regulations, for the orderly conducting the affairs make by-laws of said corporation, as the said stockholders shall first board of deem necessary, and for the choice of the first Board of Directors, and such other officers as they shall see fit to choose.

and choose

Directors.

amount of bills altered to be

SECT. 8. Be it further enacted, That the said The original corporation shall be liable to pay any bona fide holder, the original amount of any note of said paid. Bank, altered in the course of its circulation to a larger amount, notwithstanding such alteration.

the capital to

the benefit of

interest;

SECT. 9. Be it further enacted, That one twentieth part of the capital of said Bank shall always Certain part of be appropriated to loans to be made to citizens be loaned for of this State, wherein the Directors shall wholly agricultural & and exclusively regard the agricultural and manu-manufacturing facturing interest, which loan shall be made in sums not less than one hundred nor more than five hundred dollars, and upon the personal bond of the borrower, with collateral security by mortgage of and how. real estate to the satisfaction of the Directors of said Bank, for a term not less than one year, and on condition of paying the interest annually, on such loans, subject to such forfeiture and right of redemption by law, as in other cases.

SECT. 10. Be it further enacted, That said corpo- Corporation to ration shall be obliged to receive in payment for receive their all debts due to said corporation, the bills by them debts due. issued.

own bills for

tions, restric

SECT. 11. Be it further enacted, That the conditions, restrictions and provisions contained in the act entitled, "An Act to enforce the payment of Further condi Bank notes, and for other purposes," be and they tions, &c. hereby are made applicable to, and obligatory on the Bank established by this act; and that each return of the state of said Bank, to be made pursuant to the first section of the act directing the mode Returns to speand time of making returns of Banks, shall, in ad- of all the Didition to the several particulars required therein to

cify the names

rectors, &c.

Mode of en

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.

SECT. 12. Be it further enacted, That if said corporation shall refuse or neglect to pay on demand, any bill or bills by such corporation issued, and the holder thereof shall obtain judgment and forcing the sat-execution, for the amount thereof, against said corjudgments by poration, and such execution shall not be satisfied, levy upon the by payment thereof, within ten days after demand perty of the made upon the Cashier of said Bank, by the officer stockholders. having such execution, or sufficient personal or real

isfaction of

bodies or pro

Proviso.

estate of such corporation shewn to satisfy the same, the officer may serve and levy such execution upon the body or bodies, or real or personal estate of any person or persons who are or were members of said corporation, within three years next preceding, in proportion to the stock by them severally and respectively holden: Provided, That no person shall in the whole, be compelled to pay upon execution or executions, to an amount greater than the amount of the stock which such person holds or shall have held within three years as aforesaid.

SECT. 13. Be it further enacted, That any person who shall have been compelled to pay any exIn case of such ecution, either wholly or in part, pursuant to the levy, other provisions of the twelfth section of this act, shall shall contri- be entitled to recover of each individual, upon

stockholders

bute.

Stock not to

the Bank or

whose body or property such execution might have been levied, the same proportion of the sum so paid, as such individual owns or shall have owned of the stock of said Bank, at any time within three years prior to such payment, as for so much money paid to the use of such individual.

SECT. 14. Be it further enacted, That no stockholder of said Bank shall be permitted at any time he pledged to to pledge his stock therein, or any part thereof, to other corpora- the said Bank, or any corporation whatever; and tion, all contracts so pledging any of said stock, shall be nor attached of no effect, and no stock or share in said Bank at the suit of shall be attached on mesne process in any suit in

the Bank.

which said Bank shall be plaintiff, and all such attachments shall be of no effect.

payment of

inade to a

S. J. Court;

SECT. 15. Be it further enacted, That if at any time the said corporation shall refuse or neglect to pay any of its bills, when duly presented at said Bank, in banking hours, and for the space of thirty on refusal of days thereafter neglect to pay or tender payment is, comof such bills, the holder or holders of such bills, plaint to be may make complaint thereof in writing to any Judge of the Judge of the Supreme Judicial Court, whose duty it shall be thereupon, to cause the President and proceedings Cashier of said Bank to be notified to appear be- thereon. fore him at such time and place as he may appoint, to answer such complaint, and shew cause against further proceedings thereon; and if said President and Cashier shall not appear, or appearing shall not shew sufficient cause against further proceedings, it shall be the duty of the said Judge, thereupon to appoint three disinterested and discreet Judge may ap Commissiouers, residing near said Bank, to take sioners; who into their custody and possession, all the books, custody the papers, property and estate of said Corporation; Prepa 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 estate, books and debts; and it shall be the duty of such Commissioners, or the major part of them, and they may dispose of are hereby authorized forthwith to proceed to dis- the same, and pose of such estates, and collect such debts, and to pay debts. pay the demands against said Corporation.

point Commis

shall take into

property of

collect and

Commission

SECT. 16. Be it further enacted, That such Commissioners, or the major part of them, shall be authorized and empowered to sell at public auc-ers may sell at tion, after giving thirty days public notice of such auction, giving sale, any real estate, belonging to said Corpora- gages and extion, and any mortgages upon real estate due to ecute deeds; said Corporation, and to make and deliver in the

notice, mort

cute actions.

Proviso.

name of said Corporation, any deed or other instrument necessary to the due and complete trans

fer and conveyance of such estates and mortgages; may collect and said Commissioners, or the major part of debts & prose- them, shall further be authorized to collect debts due and owing to said Corporation, and to commence and prosecute in the name of the Corporation any action necessary to the collection of such debts: Provided, That so soon as such Commissioners shall have realized from the property of the 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 estate, together with the books and papers belonging to it.

to Commis

SECT. 17. Be it further enacted, That said Compensation Commissioners shall be entitled to retain to their sioners. 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.

liable for re

up property to

vate capaci

SECT. 18. Be it further enacted, That if the President, Directors, and Cashier of such Bank, Directors, &c. shall, upon demand made by such Commissioners, fusing to give refuse or neglect to surrender to them all the Commission books, papers, property, estates and demands of ers in their pri- said Corporation, such President, Directors and ties; Cashier, so refusing or neglecting, shall thereupon severally become liable in their individual capacity for the payment of all debts due from said Corporation; and any and any creditor to said Corporation proceedled a- may have and maintain his action against such gainst accord- President, Directors and Cashier, or either of ingly. them, to recover of them, or either of them, in their individual capacity, the amount of his just demand against the Corporation.

and may be

[This Act passed February 22, 1825.]

CHAPTER CCCXV.

AN ACT to incorporate the Vassalboro' Bank.

Charter to con

October 1831.

SECT. 1. BE it enacted by the Senate and House of Representatives, in Legislature assembled, That James Blish, Benjamin Brown, Albert G. Brown, Persons incor Lemuel Paine, Joseph Eaton, Gideon Hobby, Ja- porated. cob Southwick, Daniel Marshall, second, Holman Johnson, William Payson, Philip Leach, Thomas Rice, Francis Swan, Isaac Britton, Robert Fletcher, Thomas Carlton, Joshua Lowell, Samuel Homans, and their associates, successors and assigns, be, and they hereby are, created a corporation by the name of the VASSALBORO' BANK; and shall so continue until the first day of October, which will tinue until be in the year of 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 privileges. 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 Proviso. of this State. And the said corporation shall always be subject to the rules, restrictions, limitations and provisions herein prescribed.

Capital Stock

person, or co

SECT. 2. Be it further enacted, That the capital stock of said corporation shall consist of the sum of fifty thousand dollars, in gold and silver, and be di- 50,000; vided into five hundred shares; and not more than not more than ten per cent. of such capital stock shall at any one 10 per cent. to time be held or owned by one person; and in case be held by one several individuals shall be associated together as partnership; 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 said capital stock; and the said capital stock shall be paid in at two instalments, the one half thereof to be paid in

when to be

paid in.