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the state shall have a right to increase the number of A.D. 1811. shares and stock which the said corporation may hold, Stock in to the amount of the sum to be subscribed, if the woh number of shares herein before limited shall be sub.creased. scribed before such subscription shall take place on the part of the state. X. And be it further enacted, That the total amount Restriction

as to aof debts which the said corporation shall at any time, mount of owe, whether by bond, bill, note or other contract, debe 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 said bank; and in case of such excess, the directors under whose administration it shall happen shall be liable for the same, in their separate and private capacities, but this shall not be construed to exempt the said corporation or any estate, real or personal, which they may hold as a body corporate from being also liable for and chargeable with such excess, but such of the directors, who have been absent when the said excess was contracted, or who may have dissented from the resolution or act whereby the same was so contracted, shall not be so liable.

XI. And be it further enacted, That the lands, tene. ments and hereditaments which it shall be lawful for esta the said corporation to hold shall be only such as shalt which the

*** company be requisite for its immediate accommodation, in rela- may hold. tion to the convenient transacting of its dealings or such as shall have been bona fide mortgaged to it by way of security, or conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or purchased at sales upon judgments which shall have been obtained for such debts; and further, the said As to deal.

ingh goods corporation shall not directly or indirectly deal or trade &c. in buying or selling any goods, wares, merchandizes or commodities whatsoever, or in buying and selling any stock created under any act of the United States or any particular state, unless in selling the same when truly pledged by way of security for debts due to the said corporation,

seal of the

transfera ble.

notes wi

ation.

A. D. 1811. XII. And be it further enacted, That the bills obliBills&notes gatory and of credit under the seal of the said corporaunder the

tion, which shall be made to any person or persons, corporation shall be assignable by endorsement thereupon, under

the hand or hands of such person or persons, his, her or their assignee or assignees, and so as absolutely to transfer and vest the property thereof in each or every assignee or assignees respectively, and to enable such assignee or assignees to bring and maintain an action thereupon, in his, her or their own name or names; and

bills or notes which may be issued by order of the said Bills or

corporation, promising the payment to any person or out seal persons, his, her or their order, or to bearer, though binding on the corpor. not under the seal of the said corporation, shall be bind

ing or obligatory upon the same, in like manner, and with like force and effect, as upon any private person or persons if issued by him, her or them, in his, her or their private or natural capacity or capacities, and shall be assignable and negociable in like manner as if they were so issued by such private person or persons.

XIII. And be it further enacted, That it shall be Shares for

" lawful for the directors for the time being, to call and non pay: demand from the stockholders respectively all such ment of

sums of money by them subscribed, or to be subscribed, at such times and in such proportions as they shall see fit, under pain of forfeiture of their shares and of all previous payments thereon, to the said company, always however giving thirty days previous notice of such call and demand, and in one of the newspapers to be published as aforesaid.

XIV. And be it further enacied, That this present This act act of incorporation shall in no wise be forfeited by not forfeited by non any non user whatsoever, at any time before the first user bofore day of June, which will be in the year of our Lord one

thousand eight hundred and twelve, and that it shall on that day be lawful for the stockholders above mention. ed to assemble for the purpose of carrying the same into effect, any want of notice in the manner above pre

scribed to the contrary in any wise notwithstanding. Half yearly XV. And be it further enacted, That it shall be the di idemoise. duty of the directors to make half yearly dividends

of so much of the profits of the said bank as to them,

feited

calls.

1st of Jun 1812.

lic act.

or a majority of them, shall seem advisable ; and that A.D. every cashier and clerk, before he enters upon the du- Cashier and ties of his office, shall give bond with two or more sure ive Bonu.

clerks to ties, to be approved of by the directors for the time being, or a majority of them, in a sum not less than ten thousand dollars for such cashier and two thousand dol.lars for each clerk, conditioned for the faithful discharge of their several duties.

XVI. And be it further enacted, That the said cor- Not more poration shall not demand any greater interest on any cent to be

perlaken for loan or discount than at the rate of six per centum per foar · annum.

XVII. And be it further enacted, That this act be , and is hereby declared to be a public act, and that the Thisa pub

same be, for the time herein before limited, construed
in all courts and places benignly and favorably, for ev.
ery beneficial purpose therein mentioned.

CHAP. LXIX.
An ACT to incorporate the stockholders of the Bank

of Newburgh. Passed March 22, 1811. .UT THEREAS Isaac Belknap, junior, Jacob Pow- Preamble.

V el, Selah Reeve, Chauncy Belknap and others, by their petition presented to the legislature, have prayed to be incorporated as a company and body corporate, by the name of “the President, Directors and company of the Bank of Newburgh : Therefore, Stockhold. I. BE it enacted by the people of the state of New

Bank of York, represented in senate and assembly, That all such Newburgh persons as now are subscribers to the stock and those ed. that shall hereafter become stockholders in said bank, shall and hereby are ordained, constituted and declared to be from time to time, and until the first day of De- the corpora cember, which will be in the year of our Lord one thou-ation. sand eight hundred and twenty-five, a body corporate and politic, in fact and in name, by the name of "the Pre- Their style sident, Directors and Company of the Bank of New

VW - ate rights. burgh,” and by that name they and their successors, un. til the first day of December, which will be in the year of our Lord one thousand eight hundred and twenty-five aforesaid, shall and may have continual succession, and shall be persons in law capable of suing and being sued,

ration of

orNum shares.

reserve

A. D. 1811. pleading and being impleaded, answering and being an

swered unto, defending and being defended, in all courts and places whatsoever, and that they and their successors by the same name and style, shall be in law capable of purchasing, holding and conveying any estate real or personal, for the use of the said corporation, and also

they may have a common seal, and may change and alAmount of ter the same at their pleasure ; and further, the said inse cae ind bank shall be established in the village of Newburgh. stock

II. And be it further enacted, That the capital stock of the said corporation, exclusive of what may be subscribed on the part of the state, shall not exceed four hundred thousand dollars, and that a share in the said stock shall be fifty dollars; and that subscriptions to

the said capital stock shall be kept open, under the di. mber of rection of the president and directors, until the num.

ber of shares subscribed, together with those already Right of Subscribed, shall amount to eight thousand, and that subscribing this state shall have a right to subscribe any number of the state. shares in the said bank, not exceeding in the whole one

thousand, at any time when they shall by law authorise any person or persons for that purpose, which shall be

paid for in such proportions and at such times as shall directors "be provided for by the legislature. and man. . III. And be it further enacted, That the stock, propchoosing. erty and concerns of the said corporation shall be man

aged by fifteen directors, to be appointed and chosen in manner hereafter mentioned, who shall be stockolders and citizens of this state ; the governor of this state for the time being, by and with the advice and consent of the council of appointment, shall appoint two, who shall hold their offices during the pleasure of the said goy. ernor and council; the remaining thirteen shall be elec. ted by the stockholders, and shall hold their offices for one year, at least eight of whom shall be residents of the village of Newburgh; the election for directors shall be held on the third Tuesday of May in each year at such time of day and at such place within the village of New. burgh as a majority of the directors shall appoint, and public notice shall be given of not less than thirty days previous to the time of holding said elections by an ad. vertisement to be inserted in at least one of the public newspapers printed within the county of Orange ; the

vand at such the directors sha than thirty days.

holder to Ave more

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. 123 said election shall be made by the stockholders in the A.D. 1811. said corporation, either in person or by proxy; all elections for directors shall be by ballot, cach stockholder votes he shall be entitled to a number of votes proportioned to apportionthe number of shares which he or she shall have heldu bona fide in his or her own name at least three months prior to the time of voting, according to the following ratio, that is to say, at the rate of one vote for every share not exceeding ten, and one vote for every ten No stockshares above ten ; but no stockholder shall have more than thirty votes, and the thirteen persons who shall than 30 have the greatest number of votes, selected as aforesaid, shall be directors ; and if it should happen at any election that two or more persons selected as aforesaid have an equal number of votes, then the directors in office at the time of such election, or a major part of them, shall proceed to ballot and by plurality of votes determine which of the said persons so having an equal number of yotes shall be director, or directors, so as to A presicomplete the whole number so to be elected ; and the dent to be

elected. directors as soon as may be thereafter shall proceed by ballot to elect one of their number to be their presi, dent; and if any director living in the village of New. burgh shall remove out of the same, his office shall be Vacancies considered as vacant, and all vacancies in the direction of directors

how filled. shall be filled for the remainder of the year in which they shall happen by such person or persons, as the remainder of the directors, or a majority of them, shall appoint ; and Isaac Belknap, junior, Jacob Powel, Se. lah Reeve, Chauncy Belknap, John Chambers, Free. Pirst direcgift Tuthill, Leonard Carpenter, Samuel 8. Seward, Jonathan Hedges, Francis Crawford, James Hamilton, John D. Lawson, Richard Tremble, together with two other suitable persons to be appointed by the governor and council in manner aforesaid, shall be the directors for the present year, and shall hold their offices until the third Tuesday of May, in the year of our Lord one, thousand eight hundred and twelve : Provided always, to reside in That at every such election one director shall be chosen who shall reside in and be a freeholder in the town Goshen and

"1 in Warof Montgomery, one who shall reside in and be a free-wick holder in the town of Gashen, and one who shall reside

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