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to be the

not held on

practical mechanic or mechanics, and the election in A. D. 1811. regard to such practical mechanic or mechanics to be elected shall be conducted and regulated in like manner as at the annual election for directors, and the first directors shall be Benjamin Knower, John Bryan, Eli- B. Knower sha Dorr, Solomon Southwick, Spencer Stafford, Isaac and others, Denniston, Benjamin Van Benthuysen, William Fow- first direcler, George Merchant, Thomas Lennington, Giles W. tors. Porter, Willard Walker, and Walter Weed, who shall hold their offices respectively until the first Monday in June, in the year of our Lord one thousand eight hundred and twelve: And provided further, That in case Corpora any future election for directors shall not be held at any solved, if etime and place appointed by law, the said corporation lection be shall not for that reason be deemed to be dissolved, but an election may be held at any future day accor- day. ding to the rules or by-laws of the said corporation. IV. And be it further enacted, That each stockhol- Number of der shall be entitled to a number of votes proportion- portioned ed to the number of shares which he or she shall have in a certain held in his or her name for at least thirty days previous to the time of voting, according to the following ratio, that is to say, every stockholder owning ten shares shall be entitled to one vote on each such share, and for every additional number of five shares one other vote, until such stockholder shall have voted upon one hundred shares, and for every additional number of ten shares one other vote, until such stockholder shall have voted upon one thousand shares, and not further Citizens of or otherwise, and stockholders being citizens of the the U. S. United States, and actually residing therein, and none by proxy. other, may vote by proxy in an election for directors.

votes ap

ratio.

may vote

to make

dividends

V. And be it further enacted, That it shall be the Directors duty of the directors to declare and make half yearly half yearly dividends of so much of the profits of the said bank of profits. as to them, or a majority of them, shall appear advisable, but it shall not be lawful for the said corporation to demand any greater interest on any loan or dis count than at the rate of six per centum per annum, loans limitand all bills or notes which may be issued by order cent. per of the said corporation, promising the payment of annua money to any person or persons, his, her or their or

Interest on

ed to 6 per

A. D. 1811. der, or to bearer, though not under the seal of the said corporation, shall be binding upon the same in like manner and with like force and effect as upon any private person if issued by him in his private or natural capacity, and shall and may be assignable and negociable in like manner.

lated.

VI. And be it further enacted, That no transfer of

Transfer of stock regu-stock shall be valid or effectual unless the same shall have been entered in books to be kept for the purpose by the directors, and in such manner and form, and under such restrictions and regulations as the by-laws of the said corporation may direct and prescribe; and the said directors, or a majority of them, may call or Amount of demand from the stockholders respectively the amount shares to be of their shares in such proportions and at such time or requisition times as may be required by the directors, or a majority of them, on pain of forfeiting such shares and all previous payments made thereon, always however giv. ing sixty days previous notice of such call and demand in one or more of the papers printed in the city of Albany.

paid in by

of the di

rectors.

corporation

limited.

VII. And be it further enacted, That the total aDebts of the mount of debts at any time and in any manner due by the said corporation over and above the specie then actually deposited in the bank, shall not exceed three times the sum of the capital stock subscribed and actually paid into the said bank; and in case of any excess the directors under whose administration the same may have happened, excepting those who dissented therefrom or were not present when the same did happen, shall, in their individual and private capacities, be liable for such excess, and the estate of the said corporation shall likewise be liable therefor. VIII. And be it further enacted, That the president and directors, or a major part of them for the time being, may, by any rules, orders, or by laws, direct and prescribe the management, disposition and application of the stock, monies, property, estate and ef fects of the said corporation, the dutics and conduct of its officers, clerks and servants, the election of directors, and all such matters and concerns as appertain to

Corporati

on empow

ered to

make by

Jaws.

the bank

removed.

the said corporation, and as are usual and necessary A. D. 1811. in monied associations: Provided, That the said pres- Proviso. ident and directors shall not prohibit by any bylaw or resolution the discount of notes to the amount of fifty dollars, nor shall the president or any of the directors be permitted to be indebted to the said corporation at any one time in a sum exceeding six thousand dollars for any discounts or loans at any time or times had and received at the said bank, nor shall any person be a director of the said bank who shall be a director, officer or servant of any other bank, nor shall any person be a director, cashier, clerk, officer or servant of the bank hereby incorporated who shall directly or indirectly be concerned in purchasing Officers of any notes, bills or other securities at more than law- convicted of ful interest or discount, or upon usury, but such di- usury to be rector, cashier, clerk, officer or servant being therewith charged before the board of directors, and having had due and sufficient notice to appear and defend himself against the said charge before the said board, may, if the said charge be supported to the satisfaction of the said directors, or a majority of them, be removed from office by a vote of the said directors, or a majority of them; and if the person so removed from office shall be a director, the vacancy occasioned thereby shall be filled in the manner directed by the third section of this act: And provided further, That every cashier and clerk of the bank hereby incorpo- clerks to rated shall, before he enters upon the duties of his of- give bonds fice, give a bond to the said corporation, with two or fal dismore surcties, to be approved of by the directors, or a their duties majority of them, in a sum not less than ten thousand dollars for such cashier, nor less than five thousand dollars for such clerk, for the faithful performance of his duties therein: And provided further, That in case of the absence of the president at any meeting of directors, a chairman pro hac vice may be chosen by the said directors, or a majority of them, and the said pointed by president, cashier, clerks, officers and servants of the the direc said corporation, and appointed by the directors, or a able at pleamajority of them, are hereby declared to be remova

Cashier and

for the faith

charge of

Officers ap

ters,remov.

sure.

A. D. 1811. ble from the appointment so conferred upon them by 7 directors the said directors, or a majority of them, at their to be a quo- pleasure; and seven directors shall constitute a board for the transaction of business.

rum.

to make

loans on

mortgages

Proviso.

Directors IX. And be it further enacted, That for the convenauthorized ience of farmers, manufacturers and practical mechanics, the board of directors, in their discretion, may for 1 year. accept and receive mortgages on real estates in security for any loan or loans which shall be made payable at any time not exceeding one year, with interest at six per centum per annum: Provided, That the sum so loaned on mortgage to any one person, firm or company shall not exceed the sum of six thousand dollars at any one time, nor shall the whole amount so loaned exceed the sum of fifty thousand dollars at any one time. X. And be it further enacted, That this act shall be a public act, deemed a public act, and shall be benignly and favorably construed for all the purposes therein expressed and declared in all courts and places whatsoever.

This act declared to be

CHAP. LXV.

An ACT to incorporate the Genesee Missionary Socie-
Passed March 22d, 1811.

ty.

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HEREAS, Joseph Grover and certain other persons have formed themselves into a society Preamble. by the name and style of "the Genesee Missionary Society," in the state of New-York, for the purpose of propagating the gospel in the new settlements, and have by their petition to the legislature prayed to be incorporated in order the better to promote the above laudable purpose: Therefore,

of the Gen

onary socie

*ted.

Members I. BE it enacted by the people of the state of Newesce missi York, represented in senate and assembly, That all such ty incorpor-persons as now are or hereafter may become members of the said society, shall be and hereby are ordained, constituted and appointed a body politic and corporate, in fact and in name, by the name of the Genesee Missionary Society, in the state of New-York, and by that name they and their successors shall and may for fifteen years from the passing of this act have continual succession, and shall be persons in law, capable of suing

and being sued, pleading and being impleaded, in all A. D. 1811. courts and places whatsoever, and that they and their Their powsuccessors may have a common seal, and may change vileges ers and priand alter the same at their pleasure; and also that they and their successors, by the name of the Genesee Missionary society in the state of New-York, shall be in law capable of purchasing, holding and conveying any estate, real or personal, for the use of the said society. ·Provided always, That such real and personal estate shall not exceed the annual value of two thousand dollars.

cers to man

age the af

II. And be it further enacted, That for the better certain officarrying into execution the objects of the said society, there shall be a president, vice president, eight trustees, fairs of the a secretary and treasurer, who shall hold their offices society. for one year, or until the second Monday in October next, when, and on the second Tuesday in October in every year, or at such other time and at such place as the corporation shall from time to time appoint; and that every such election shall be by ballot by a majority of the members present at every such meeting, and that in case any vacancies should happen in either of the said offices by death, resignation or otherwise, such vacancies shall and may be filled up for the remainder of the year in which they shall happen by the president or vice president and a majority of the trustees elect, and at such places and times as shall be appointed by the by-laws of said corporation.

Officers

III. And be it further enacted, That Joseph Grover shall be the first president, and Samuel S. Haight the named for 1 first vice-president, Reuben Parmele, Aaron C. Col- year. lins, John Niles, Abisah Warner, Henry A. Townsend, William Wirner, Nathan Watkins and Joel Pratt, the first trustees, Nathaniel Fisher, the first treasurer, and James H. Hotchkin, the first secretary.

of trustees

IV. And be it further euacted, That at every ordi- President& nary or extraordinary meeting of the society by their a majority trustees, when the president or vice president and a ma- may transjority of the trustees are met, they shall have full power to do and transact all the business thereof.

act business

corpora

Powers of corporation

V. And be it further enacted, That the said tion and their successors shall have full power to make,

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