preceding, in proportion to the stock by them sev- In case of such shall contri SECT. 13. Be it further enacted, That any peron who shall have been compelled to pay any execution, either wholly or in part, pur-levy, other suant to the provisions of the twelfth section of Stockholders this act, shall be entitled to recover of each individ- bute. ual, upon 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. the Bank, or tion, SECT. 14. Be it further enacted, That no stockholder of said Bank shall be permitted at any time Stock not to to pledge his stock therein, or any part thereof, to be pledged to the said Bank, or any corporation whatever; and other corpora all contracts so pledging any of said stock, shall be of no effect; and no stock or share in said Bank shall be attached on mesne process in any suit in nor attached which said Bank shall be plaintiff, and all such at- the Bank. tachments shall be of no effect. at the suit of payment of plaint to be Judge of the SECT. 15. Be it further enacted, That if at any time the said corporation shall refuse or neglect to On pay any of its bills when duly presented at said pay refusal of Bank, in banking hours, and for the space of thirty Bills, com days thereafter neglect to pay or tender payment made to a of such bills, the holder or holders of such bills, may s. J. Court; make complaint thereof in writing to any Judge of the Supreme Judicial Court, whose duty it shall be thereupon, to cause the President and Cashier thereon. of said Bank to be notified to appear before 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 or 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 ap shall take into Bank; Judge may ap- point three disinterested and discreet Commissionpoint Commissioners who ers residing near to said Bank, to take into their custody the custody and possession, all the books, papers, propproperty of the erty and estate 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 estate, books and debts And it shall be the duty of such Commismay dispose of Sioners, or the major part of them, and they are the same, and hereby authorized forthwith to proceed to dispose collect and of such estates and collect such debts, and to pay the demands against said Corporation. pay debts. Commission SECT. 16. Be it further enacted, That such Comers may sell at missioners, or the major part of them, shall be auauction, giv- thorized and empowered to sell at public auction, ing notice, mortgages and after giving thirty days public notice of such sale, execute deeds; any real estate belonging to said Corporation, and may collect 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 to the due and complete transfer and conveyance of such estates and mortgages. And said Commissioners or the major part of them shall further debts & prose- be authorized to collect all debts due and owing to cute actions. 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 up to said Corporation all the remaining property and estate, together with the books and papers belonging to it. Proviso. SECT. 17. 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; sioners. and in case of disagreement, such sum as shall be determined by the Judge who appointed such Commissioners. liable for re Commission vate capaci proceeded a SECT. 18. Be it further enacted, That if the Pre- Directors, &c. sident, Directors and Cashier of such Bank, shall, fusing to give upon demand made by such Commissioners, refuse up property to or neglect to surrender to them all the books, pa- ers in their pripers, property, estates and demands of said Corpo- ties; ration, such President, Directors and Cashier, so refusing or neglecting, shall thereupon severally be- and may be come liable in their individual capacity, for the gainst accordpayment 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, to recover of them, or either of them, in their individual capacity, the amount of his just demand against the Corporation. [This Act passed February 22, 1825.] ingly. CHAPTER CCCXVI. AN ACT to incorporate the Somerset Bank. Persons incorporated. tinue until SECT. 1. BE it enacted by the Senate and House of Representatives, in Legislature assembled, That Bryce M'Lellan, Isaac Farrar, Samuel Weston, Jonathan Farrar, Judah M'Clellan, John G. Neil, Daniel Steward, Jun. William Spaulding, Eleazer Coburn, Amos Townsend, and their associates, successors and assigns, shall be, and hereby are, created a corporation by the name of the SOMERSET Charter to con BANK; and shall so continue until the first day of October 1831. October, which will 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; Powers and defend and be defended, 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, privileges. Proviso. Capital Stock $50,000; 10 per cent. to person, or copartners; 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. 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 not more than silver, and be divided into five hundred shares; and be held by one not more than ten per cent. of such capital stock shall at any one time be held or owned by one person; and in case several individuals shall be associated 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, when to be 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 gold and silver, on or before the first Monday of October next; and the remaining half part thereof, on or before the first Monday of April, which will be in the year of our Lord one thousand eight hundred discounts to be and twenty-six: Provided, That no money shall made, until be loaned, or discounts made, or paid in. No loans or $25,000 be paid in ; and affidavit made. any bills or promissory notes be issued from said Bank, until the capital stock, subscribed for, and actually paid 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 Secretary of State. And the Stockholders, at their first meeting, shall by a majority of votes determine the Mode of trans- mode of transferring and disposing of said stock be determined and the profits thereof, which being entered on the at first meet books of said corporation, shall be binding on the stockholders, their successors and assigns, but no 'transfer of stock shall be of any effect until it shall have been entered on the books of said corporation; Real estate and the said corporation are hereby made capable not exceeding in law to have, hold, purchase, receive, possess and a certain a- retain to them, their successors and assigns, lands, ferring stock to ing. may be held mount, negotiate monies, &c. tenements and hereditaments, to the amount of ten thousand dollars, and no more at any one time, with power to bargain, sell and dispose of the same, and to May loan and loan and negotiate their monies and effects, by discounting on banking principles, on such security, as they shall think advisable: Provided, nothing Proviso. 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. the Corpora from, excess, SECT. 3. Be it further enacted, That the following rules, limitations, and provisions, shall form, Rules &c. of and be the fundamental articles of said corporation. tion. First. That the total amount of the debts which the Total amount said corporation shall at any one time owe, whether of debts due 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 account of deposits, nor shall there be due to the and to, the said corporation, at any one time, more than double Corporation, the amount of the capital stock actually paid in as aforesaid; in case of excess, the Directors, under Directors liawhose administration it shall happen, shall be liable ble in case of 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 and how; 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 the debts due to said Bank from the Directors, or any of them, as principals, indorsers or sureties, not to be in shall not, at any one time, exceed in amount, twenty certain amo't. per centum of the capital stock of said Bank: And for every violation of this provision, every Director consenting to, or conniving at, such violation, Penalty for vi shall forfeit and pay the sum of five hundred dol- how recoverlars, to be recovered by indictment to the use of the State. Second. That said corporation shall not Corporation vest, use, or improve any of their monies, goods, not to employ chattels or effects in trade, or commerce, but may trade or comsell all kinds of personal pledges lodged in their merce. debted over olation, and ed. their capital in |