custody of its funds, shall give a good and sufficient bond, with sureties, to the satisfaction of the directors, for the faithful discharge of the duties of that office, and for paying over, upon demand, all the funds of the corporation, to the successor or successors of such Treasurer, or other officer or officers. [This Act passed February 25, 1825.]

CHAPTER CCCXLVI.

AN ACT to incorporate the Oxford Bank.

porated.

tinue until

SECT. 1. BE it enacted by the Senate and House of Representatives, in Legislature assembled, That Joshua B. Osgood, James Osgood, Judah Dana, Ebenezer Fessenden, junior, Thomas S. Abbot, Persons incorDavid Webster, Joseph Hobson, junior, Bennet Pike, James W. Ripley and Asa Charles, and their associates, successors and assigns, shall be, and hereby are, created a corporation by the name of the OXFORD BANK; and shall so continue until the first day of October, which shall Charter to conbe in the year of our Lord one thousand eight hun- October 1831. dred 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 record, or in any other place; and Powers 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 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.

privileges.

⚫50,000;

SECT. 2. Be it further enacted, That the capital Capital Stock stock of said corporation shall consist of the sum of -fifty thousand dollars, in gold and silver, and be not more than divided into five hundred shares; and not more he held by one than ten per cent. of said capital stock shall be at partnership;

10 per cent. to

person, or co

paid in.

No loans or made, until

discounts to be

$25,000 be paid in ;

made.

any one time held or owned by any one person; and in case several persons 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, shall not when to be 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 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, or shall any bills or promissory notes be issued from said Bank, until the capital subscribed for, and actually paid in and existing in gold and silver in their vaults, shall a-. and affidavit mount 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 meetMode of trans- ing, shall, by a majority of votes, determine the ferring stock mode of transferring and disposing of said stock and mined at first the profits thereof, which being entered on the inecting.. 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 Real estate have been entered on the books of said corporation; may be held and the said corporation, are hereby made capable a certain a-in law to have, hold, purchase, receive, possess and retain to them, their successors and assigns, lands, 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 negotiate mo- 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.

to be deter

not exceeding

mount.

nies, &c.

Proviso.

the corpora

from,

excess,

not to be in

SECT. 3. Be it further enacted, That the following rules, limitations, and provisions, shall form, and be Rules, &c. of the fundamental articles of said corporation. First. tion. That the total amount of the debts which the said cor- Total amount poration shall at any time owe, whether by bond, bill, of debts due 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 and to the one time, more than double the amount of the capital corporation. stock actually paid in as aforesaid; in case of excess, the Directors, under whose administration it Directors liashall happen, shall be liable for the same in their in- ble in case of dividual 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, execu-and how; 'tors, 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, or any of them, as debted over principals, indorsers or sureties, shall not, at any certain amo't. one time, exceed in amount, twenty per centum of the capital stock of said Bank; and for every Penalty for viviolation of this provision, every Director consent-olation, and ing to, or conniving at, such violation, shall forfeited. and pay the sum of five hundred dollars, to be recovered by indictment to the use of the State. Sec- Corporation ond. That said corporation shall not vest, use, their capital in or improve any of their monies, goods, chattels trade or com or effects in trade or commerce, but may sell all kinds of personal pledges lodged in their hands, by way of security, to any amount sufficient to reimburse the sum loaned. Third. That the lands, Lands necestenements and hereditaments, which the said cor- sary for the poration shall hold, shall be only such as may be business only requisite for the convenient transaction of their business. Fourth. That none but a member of said cor- who may be poration, shall be eligible for a Director; and the Directors. Directors shall choose one of their own number to act as President; and the Cashier, before he enters chosen. upon the duties of his office, shall give bond, with two or more sureties, to the satisfaction of the

how recover

not to employ

merce.

transaction of

to be held.

President how

Casbier to give bonds i

Directors in

annually in

any other tjine.

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 to be renewed. shall be renewed at least once in every three years. Fifth. No Director of any other Bank shall be eliother Banksgible 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 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 notificaNotice to be tion, given fourteen days previous thereto; at which annual meeting, there shall be chosen by ballot, five Directors to be Directors, to continue in office the year ensuing annual meet 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 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 absent members may vote by proxy, duly authorized in writing. Seventh. No Director shall be allowed any compensation for his services, but the StockCompensation; holders may make the President such compensation President may as to them shall appear reasonable. Eighth. No

given.

chosen at the

ing.

voting.

Proviso.

Directors to be allowed no

Quorum of Directors.

less than three 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 probe made. fits, rents, premiums and interest of the Bank aforeCashier, &c. said. Eleventh. The Directors shall have power to appoint a cashier, and such other officers for

Bills to be

binding.

how appet

ed.

arrying on the business of said Bank, with sala-ries, as to them seem meet.

SECT. 4. Be it further enacted, That the said Bank to be at Bank shall be established in the town of Fryeburg. Fryeburg.

State, when

SECT.5. Be it further enacted, That whenever Loan to be the Legislature shall require it, the said corporation made to the shall loan to the State any sum of money which required by the 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 centum per annum : Provided however, That Proviso. the State shall never, at any one time, stand indebted to said corporation, without their consent, in a larger sum than five thousand dollars.

Committee

SECT. 6. Be it further enacted, That any committee, specially appointed by the Legislature for Legislature by that purpose, shall have a right to examine into the may examine doings of said corporation, and shall have free ac- their books &e. cess to all their books and vaults; and if upon such examination, it shall be found, and after a full hearing of said corporation thereon, it shall be determined by the Legislature, that the said corporation have ex- and in certain. ceeded the power herein granted them, or failed to cases, vacate comply with any of the rules, restrictions, and conditions in this act provided, their incorporation may thereupon be declared forfeited and void.

their charter.

how called;

SECT. 7. Be it further enacted, That the per- First meeting, sons herein before named, or a major part of them, by whom and are authorized to call a meeting of the stockholders 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 printed notice to be in the State, for the purpose of making, ordain- given ; ing and establishing such by-laws, ordinances at which may and regulations, for the orderly conducting the make by-laws affairs of said corporation, as the said Stockholders first Board of shall 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

SECT. 8. Be it further enacted, That the said The original corporation shall be liable to pay any bona fide hol- altered to be

paid.