ers may sell at SECT. 17. Be it further enacted, That such ComCommission-missioners, or the major part of them, shall be auauction, giv- thorized and empowered to sell at public auction, mortgages and after giving thirty days public notice of such sale, ing notice, may collect debts & prose any real estate belonging to said Corporation, and any mortgages upon real estate due to said Corporation, and to make and deliver in the name of the 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 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 to said Corporation all the remaining property and estates, together with the books and papers belonging to it. Proviso. Compensation sioners. SECT. 18. Be it further enacted, That said Commisssioners shall be entitled to retain to their own use to Commis- 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. Directors, &c. fusing to give ers in their pri ties; SECT. 19. Be it further enacted, That if the President, Directors and Cashier of such Bank, shall, upon demand made by such Commissioners, refuse liable for re- or neglect to surrender to them all the books, paup property to pers, property, estates and demands of said CorpoCommission- ration, such President, Directors and Cashier, so vate capaci refusing or neglecting, shall thereupon severally become liable in their individual capacity, for the and may be payment of all such debts due from said Corporation; proceeded a and any creditor to said Corporation may have and maintain his action against such President, Directors and Cashier, or either of them, to recover against them, or either of them, in their individual capacity, the amount of his just demands against the Corporation. gainst accordngly. This Act passed February 23, 1825.] CHAPTER CCCXXXI. AN ACT to incorporate the Manufacturer's Bank. SECT. 1. BE it enacted by the Senate and House of Representatives, in Legislature assembled, That Jonathan Tucker, Reuben H. Green, Andrew Scam- Persons incormon, Abel Hersey, George Scammon, William Cutts, porated. Isaac Emery, Daniel Deshon, Ezra Dean, James W. Ripley, John Spring and Seth Storer, and their associates, successors and assigns, shall be, and here Powers and by are, created a corporation by the name of the Charterto conMANUFACTURER'S BANK and shall so continue until tinue 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, in any courts of privileges. 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 regula- Proviso. tions 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. Capital Stock 10 per cent. to partners; SECT. 2. Be it further enacted, That the capital stock of said corporation shall consist of the sum of one hundred thousand dollars, in gold $100,000; and silver, and be divided into one 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 be held by one person; and in case several individuals shall be as- person, or cosociated 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 said capital stock; and the said capital stock shall when to be be paid in at two instalments, the one half thereof paid in. 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 No loans or and twenty-six: Provided, That no money shall discounts to be be loaned, or discounts made, or shall any bills $50,000 be or promissory notes be issued from said Bank, until made, until paid in ; made. ferring stock to at first meet ing. the capital subscribed for, and actually paid in and existing in gold and silver in their vaults, shall amount to fifty thousand dollars, and and affidavit 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 transferring and disposing of said stock Mode of trans and the profits thereof, which being entered on the be determined books of said corporation, shall be binding on the 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, receive, possess and not exceeding retain to them, their successors and assigns, lands, a certain a- tenements and hereditaments, to the amount of ten thousand dollars, and no more, at any time; with. May loan and power to bargain, sell and dispose of the same, and to negotiate mo-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. may be held mount. nies, &c. Proviso. Rules &c. of tion. of debts due from, SECT. 3. Be it further enacted, That the followthe Corpora- ing rules, limitations, and provisions, shall form, and be the fundamental articles of said corporation. Total amount First. That the total amount of the debts which the said corporation 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 account of deposits, nor shall there be due to the said corporation, at any time, more than double Corporation ble in case of the amount of the capital stock actually paid in as and to, theaforesaid; in case of excess, the Directors, under whose administration it shall happen, shall be liable for the same in their individual and private capa- Directors liacities; and an action of debt may, in such case, be excess, 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 prosecut- and how; ed to judgment and execution; and the aggregate of all debts due to said Bank from the Directors, or any of them, as principals, indorsers or sureties, shall not, at any one time, exceed in amount, twenty debted over per centum of the capital stock of said Bank; certain amo't. and for every violation of this provision, every Di not to be in ed. not to employ rector consenting to, or conniving at, such violation, Penalty for vishall forfeit and pay the sum of five hundred dol- olation, and lars, to be recovered by indictment to the use of the how recoverState. Second. That said corporation shall not vest, use, or improve any of their monies, goods, Corporation chattels or effects in trade or commerce, but may their capital in sell all kinds of personal pledges lodged in their trade or com hands, by way of security, to any amount sufficient to reimburse the sum loaned. Third. That the lands, tenements and hereditaments, which the said Lands neces corporation shall hold, shall be only such as shall transaction of be requisite for the convenient transaction of their to be held. business. Fourth. None but a member of said merce. sary for the business only corporation, being a citizen of this State and resident Who may be therein, shall be eligible for a Director; and the Directors. Directors shall choose one of their own number to chosen. bonds; act as President; and the Cashier, before he enters President how upon the duties of his office, shall give bond, with two or more sureties, to the satisfaction of the Cashier to give 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. to be renewed. Fifth. No Director of any other Bank shall be eligible to the office of Director of this Bank, although Directors in he may be a stockholder therein. And any Director not eligible, accepting any office in any other Bank, shall be deemed to have vacated his place in this Bank. other Banks annually in any other time. given. annual meet ing. ing. Proviso. Meeting of the Sixth. That for the well ordering the affairs of Stockholders said corporation, a meeting of the stockholders shall October and at be holden at such place as they shall direct, on the first Monday of October annually, and at any other time during the continuance of said corporation, and at such place as shall be appointed by the President Notice to be and Directors for the time being, by public notification, given fourteen days previous thereto; at which annual meeting, there shall be chosen by ballot, Directors to be seven Directors, to continue in office the year ensuchosen at the ing their election; and the number of votes to which 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, one vote, and every four shares above one shall give a right to one vote more: Provided, no one member shall have more than twenty votes, and abscnt members may vote by proxy, duly authorized Directors to be in writing. Seventh. No Director shall be allowed compensation; any compensation for his services, but the Stockholders may make the President such compensation as to them shall appear reasonable. Eighth. No 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 DirecDividends to tors shall make half yearly dividends of all the profits, rents, premiums and interest of the Bank aforesaid. Eleventh. The Directors shall have power how appoint- to appoint a cashier, and such other officers for carrying on the business of said Bank, with salaries, as to them seem meet. allowed no President may Quorum of Di rectors. Bills to be binding. be made. Cashier, &c. ed. Bank to be at made to the State, when SECT. 4. Be it further enacted, That the said Bank shall be established in the town of Saco. SECT. 5. Be it further enacted, That whenever Loan to be the Legislature shall require it, the said corporation shall loan to the State any sum of money which may be required, not exceeding ten per cent. of the capital stock of said Bank, at any one time, reim required by the Legislature. |