equalized.

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Value to be $5. The directors shall equalize the value of the new stock to the old, by requiring payment on the new stock of a rateable portion of the expenses of said bank in its organization and establishment and an amount equal to the surplus profits on hand, if said bank possesses any, or by dividing a part or the whole of said surplus among the holders of the old stock.

Restriction.

$ 6. The additional capital hereby created shall not be used for the purposes of loan or discount, until the whole amount thereof shall be paid to the said corporation in specie or current bank bills; which payment shall be proved on oath to the satisfaction of the bank commissioners, before any such loan or discount shall be made. Provisions of $7. All the provisions of the act to incorporate the said company, or any act relating thereto and now in force, shall apply to the additional capital hereby created, except so far as the same may be modified or altered by this act, and also except that the president and directors of said company shall require the additional stock thus subscribed to be paid before the first day of January next: and thirty days' notice of the call therefor shall be sufficient for that purpose.

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$8. The said commissioners shall, within ten days after the distribution of the stock, publish in one or more of the public newspapers printed in the city of New-York, a statement, under oath, of the subscribers for said stock, with the amount subscribed, and the amount of stock allowed to each subscriber.

S 9. The said commissioners shall not apportion or reserve to themselves, or to any person or persons in trust for them or either of them, directly or indirectly, more than one hundred and sixty shares in the aggregate of the stock hereby created.

$10. This act shall take effect immediately on its passage, and the legislature may at any time alter, modify or repeal the same, or any of its provisions.

CHAP. 191.

AN ACT to incorporate the president, directors and company of the Lewis county bank.

Passed April 20, 1833.

The People of the State of New-York, represented in Senate and Assembly, do enact as follows:

$1. That there shall be established in the village of Name. Martinsburgh, and county of Lewis, a bank, to be called "The Lewis County Bank;" whose operations of discount and deposit shall be carried on in the village of Martinsburgh, and not elsewhere.

created.

$2. All persons who shall become holders of the capi- Corporation tal stock of the said bank pursuant to this act, shall be, and they are hereby constituted a body corporate, by the name of "The President Directors and Company of the Lewis County Bank;" and such corporation shall continue until the first day of January, in the year one thousand eight hundred and sixty-three.

S3. The said corporation shall have power to carry on Banking the business of banking, by discounting bills, notes and powers other evidences of debt; by receiving deposits; by buying and selling gold and silver bullion, foreign coins and bills of exchange; by issuing bills, notes and other evidences of debt; and by exercising such other incidental powers as shall be necessary to carry on such business. S4. The real estate which it shall be lawful for the Real estate. said corporation to purchase, hold and convey, shall be, 1. Such as shall be requisite for its immediate accomodation in the convenient transaction of its business: or, 2. Such as shall have been mortgaged to it in good faith, by of security for loans previously contracted, or for moneys due: or,

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3. Such as shall have been conveyed to it in satisfactson of debts previously contracted in the course of its dealings: or,

4. Such as shall have been purchased at sales upon judgments, decrees or mortgages, obtained or made for

such debts.

The said corporation shall not purchase, hold or convey real estate in any other case, or for any other purpose. $5. The said corporation shall not, directly or indi- Restrictions. rectly, deal or trade in buying or selling any goods, wares, merchandize or commodities whatsoever, or in buying or selling any stock created under any act of the United

Stoek.

Subscription book.

To be kept open three days.

Further subscriptions.

Distribution of stock.

Names to be

States, or of any particular state, unless in selling the same when truly pledged by way of security for debts due to the said corporation.

$6. The capital stock of the said corporation shall be one hundred thousand dollars, to be divided into two thousand shares of fifty dollars each; and George D. Ruggles, John W. Martin, Andrew W. Doig, William D. Shaler, John Whittlesey, Ela Merriam, Stephen Leonard, Ashley Davenport and Ozias Wilcox, are hereby appointed commissioners to receive subscriptions to the said capital stock. $ 7. The commissioners, or a majority of them, shall open a subscription book for the said stock, on such day, and at such place in the village of Martinsburgh, as they shall appoint; and shall give at least fourteen days previous notice of such time and place, in one or more of the newspapers printed in that village, and in the state paper.

$ 8. The book for subscriptions shall be kept open at least three days, for six hours each day; and the sum of five dollars on each share subscribed for, shall be paid to the said commissioners at the time of making such subscription. Such payment shall be made in specie or current bank bills; and no check, draft, or certificate of deposit shall be received.

$ 9. If the whole of the capital stock be not taken up during the said three days, the commissioners may receive further subscriptions on such other day or days, and at such place in the village of Martinsburgh, as they, or a majority of them, shall from time to time appoint, until the whole capital stock of the corporation shall be taken up, giving public notice thereof as directed in the seventh section of this act.

$10. The commissioners shall proceed, within four months after the passage of this act, to distribute the capital stock of the said corporation among the subscribers thereto; and in case there should be subscriptions to more than the amount of such stock, within the said three days, it shall be the duty of the said commissioners to apportion the same among the subscribers thereto, in such manner as a majority of them shall deem most advantageous to the interest of the institution; and there shall not be allowed to any one of the subscribers or commissioners, directly or indirectly, or to any one in trust for him, more than fifty shares of said stock, if, without such allowance, the whole stock be taken up.

$ 11. The commissioners shall, within ten days after published. the distribution of said stock, publish in one of the newspapers published in the county of Lewis, a full and com

plete statement of all the subscribers for the same, with their places of residence, the number of shares by each subscribed for, and the number of shares alloted to each of them; which statement shall be sworn to by the commissioners.

$ 12. The expenses incurred by the commissioners in Expense. executing any duties required by this act, shall be paid out of the monies received by them from subscribers to whom stock shall be distributed.

S13. No corporation, having banking powers under Restriction. the authority of this state, or of the United States, shall be permitted or authorised, directly or indirectly, to subscribe for any part of the capital stock of the corporation by this act created; nor to purchase, take or hold any part of such stock, except when the same shall be hypothecated in good faith in security for a debt or loan; and in such case, the shares of stock so hypothecated shall be sold within sixty days after such debt shall become due, according to the terms of such hopothecation; and if not so sold, the same shall be forfeited, and shall belong to the fund created by the "Act to create a fund for the benefit of the creditors of certain monied corporations, and for other purposes," passed April 2d, 1829; and the commissioners directed to be appointed by the said act, shall take the necessary measures to appropriate the same accordingly, and shall sell the same as soon as may be, and pay the proceeds to the comptroller for the benefit of the said fund.

S 14. The stock, property, affairs and concerns of the Directors. said corporation, shall be conducted by thirteen directors, being stockholders of the said corporation, and citizens of this state; but no person shall be a director, who shall not, at the time of his appointment, hold on his own account, and not in trust in any manner whatsoever for any other person, at least ten shares of the stock of the said corpo

ration.

S 15. The first election of directors under this act, and First elceof three inspectors of the first annual election thereafter, tion. shall be held at such time and place in the village of Martinsburgh as shall be directed by the commissioners herein. before appointed; and the said commissioners are hereby appointed inspectors of such first election; and the directors then to be elected shall hold their offices until the second Tuesday of June, in the year one thousand eight hundred and thirty-four, and until others are elected; and the said election shall be holden within two months after the capital stock shall have been subscribed.

Subsequent elections.

Notice.

Votes.

By ballot.

$16. The directors for every subsequent year, shall be elected on the second Tuesday of June of every year, at such time of the day, and at such place within the village of Martinsburgh, as a majority of the directors for the time being shall, by resolution to be entered in their minutes, appoint, and shall hold their offices one year, and until others are elected in their stead. No person who shall be a director in any other bank or monied corporation shall be eligible to the office of director in the corporation hereby created.

$ 17. Public notice of every election under this act shall be given by the commissioners or directors, not less than fourteen days previous to the time of holding such election, by an advertisement to be inserted in one or more of the newspapers printed in the said village of Martinsburgh, and in the state paper.

S 18. Each stockholder, at the time of the first election of directors, shall be entitled to one vote on each share of stock which he shall have held in his own name at least fourteen days previous to the time of voting. At every subsequent election, each stockholder shall be entitled to one vote on each share of stock which he shall have held for the time required by law; except that in case any one person shall hold more than four hundred shares, (including all others which may be held by any other person in trust for him,) no more than four hundred votes shall be given upon all such shares.

$ 19. All elections for directors shall be by ballot, and the thirteen persons who shall have the greatest number of votes shall be directors; and if, at any election, two or more persons have an equal number of votes, either for directors or inspectors, then the directors who shall have been duly elected, shall proceed by ballot, and by plurality of votes, to determine which of the said persons so having an equal number of votes shall be director or directors, or inspector or inspectors, so as to complete the whole number.

Vacancies. S 20. If any director shall remove out of the state, or cease to be a stockholder to the amount of ten shares, his office shall be vacant; and whenever any vacancy shall happen among the directors, such vacancy shall be filled for the remainder of the year in which it shall happen, by such person possessing the qualifications as to ownership of stock and citizenship above required for a director of this corporation, as the remainder of the directors for the time, being, or a majority of them, shall appoint.