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Sale to be

continued

mation of the auctioneer.

sation.

same manner, from day to day, continuously, excluding Sundays, or until the whole is disposed of, and they shall make such other regulations as may be necessary to carry the sale of the said stock by auction, fully into effect, a fuli and correct statement of the said sale, under oath or affirmation, from day to shall be rendered to the State Treasurer by the said auctioneer, day (Sundays within ten days after the said sale, and the said auctioneer excepted) until the whole shall declare to the best of his knowledge and belief, that capital stock the said sale has been fairly and honestly conducted, without is sold. any collusion between the said auctioner, and any of the said commissioners, or any other person, or between any of the Oath or affir said commissioners among themselves, or any other person, to influence said sale, to procure any of said stock to themselves or friends, or any other person, otherwise than by the means His duties. authorized by this section; and the proceeds of said sale over and above the par value of sau stock shall be received by the said commissioners and paid over by them (first deductHis compensing one eighth of one per cent. on the amount of said excess, and the amount of the first instalment for the compensation to the said auctioneer in lieu of commissions,) to the State Treasurer, for the use of the commonwealth, previous to the charter being signed by the Governor, and shall be credited to the said bank in payment of bonus required to be paid for the privileges granted by this act; Provided, That if such surplus above the par value does not amount to five per cent. on the capital of said bank, the balance to make up said five per cent. on the capital, shall be paid to the commonwealth by said bank, in three equal annual instalments, from the 2d Proviso. date of this act ; Provided also, That no other banking institution shall be fallowed directly or indirectly, to purchase or hold any stock in this bank, or to be interested in any way, either immediately or by the agency of any one, in the same, but all such stock so purchased or held, or in which any other bank shall be interested, shall be forfeited for the benefit of the bank established by this act, and the said commissioners shall permit all persons of lawful age, citizens of this, or any other of the United States, who shall purchase at said auction sale, to subscribe in their own names, or in the name of any person who shall authorize the same, for shares in the said stock, in the said bank.

Tat Proviso.

Who may subscribe.

Capital stock when and how to be

paid.

SECTION 3. The one half of the capital stock shall be paid in at the call of the directors, within six months after said bank shall go into operation, and from time to time, after six months, such further amount as the directors may call for, not exceeding the whole capital; and should the bank fail to meet its engagements, each person holding stock at the time liable for the of such failure, shall be personally liable for the debts of the debts of the bank, to the amount of the balance unpaid on the stock of such stockholder.

Stockholders

bank.

SECTION 4. If after thirty days notice, in at least three

space

ment.

newspapers published in the city of Pittsburg, of the time. and place appointed for the payment of any proportion or instalment of the capital stock, any stockholder shall neglect to pay such proportion or instalment at the place appointed, for the space of thirty da s after the time appointed, every sach stockhofler or his assignee, shall, in addition to the instalment so called for, pay at the rate of one per centum Penalty of per month, for the delay of such payment, and if the same one per cent. and such additional penalty shall remain unpaid for such per month for delay of payof time as that the accumulated penalty shall become equal to the suns before paid, in part and on account of such shares, the same shall be forfeited to the said bank, and may be sold Forfeiture. to any person or persons willing to purchase, for sach price as can be obtained for the same; or in default of payment by any stuck ulder of any such instalment as aforesaid, the president and directors may at their election, cause suit to be brought in the name of the said bank, before an alderman, or a justice of the peace, or in any court having competent jurisdiction, for the recovery of the same, together with the penalty aforesaid; Provided, That no stockholder, whether original Proviso relasub-criber or an assignee, shall be entitled to vote at any election, or at any general or special meeting of the said coiporation of the stockholders of the same, on whose share or shares any instalment or arrearages may be due and payable more than thirty days previously to the said election or meeting.

tive to vo

ting.

direct.rs.

SECTION 5. It may be lawful for the stockholders to meet at any time previous to the third Monday in November, one thousand eight hundred and thirty-six, and choose by ballot the aforesaid thirteen directors, to serve to that time or until Election of others are elected, notice of the election having been given by the commissioners, at least ten days previous thereto, in three or more newspapers printed in the city of Pittsburg; and that this charter shall continue in full force and effect until the second day of November, one thousand eight hundred and fifty-one, and no longer.

SECTION 6. The thirteenth section of the act entitled "An act to recharter certain banks," passed the twenty-fifth day

Term of

cha: ter.

of March, eighteen hundred and twenty-four; and also the Reference to fourth section of the act of the twenty-third of April, eighteen certain acts. hundred and twenty-nine, entitled "A further supplement

a act entitled An act to reform the penal laws of this commonwealth; and also the fifth section of the act entitled “An act to establish a bank in the county of Lebanon, and for other purposes," dated the eleventh of April, eighteen hundred and twenty-seven, be, and they are hereby extended to the bank chartered by this act.

SECTION 7. No stockholder shall be entitled to more than Number of thirteen votes in their own right, either by him or herself, or votes. by power of attorney, as proxy, by any other person for him

Proxies.

a director.

or herself: Provided also, That any person or persons holding one or more powers or proxies, as attorney or agent for any other person or persons, they shall be entitled to vote in the same manner and proportions as other persons entitled to vote in their own right.

SECTION 8. No person shall be eligible as a director who Eligibility of is, or shall be at the same time a director in any saving fund institution, or insurance company, or who has a partner who is a director in any other bank or saving fund institution, or insurance company in the county of Allegheny.

exhibited to the legisla. ture.

SECTION 9. It shall be the duty of the president and diStatement of rectors of the said bask, to exhibit to the legislature, when affairs to be called upon to do so, a statement of their affairs, in the form of a regular account current, or in such form as may hereaf ter be pointed out by the legislature, as they shall stand, on any day to be designated. specifying particularly the amount of their capital stock prid in, the daily average deposits throughout the year of gold and silver, and also notes of solvent banks, debts due to other banks, contingent fund, real estate at cost, gold and silver on hand, notes and bills discounted, bills of exchange, stock, bonds, judgments, mortgages, notes of other banks, debts due by other banks, distinguishing in each of the last eight items those which are good, those which are in suit, and those considered doubtful or bad, and such other information as may enable the legislature to possess a correct knowledge of the actual state and condition of the affairs of said bank: Proviled, That such statement of the affairs of said bank, as they shall stand on the first Monday of October in each year, shali annually, prior to the last Monday of October, be transmitted, under oath or affirmation of the president or cashier of the said bank, who shall also state specifically how much gold, and how much silver belongs exclusively to said bank, and the same statement to be transmitted to the Auditor General, who shall, by the first Monday in January following, lay the same before the legis lature.

Proviso rela tive to the statement.

Office of dis- SECTION 10. The president and directors of the “Excount and de-change Bank of Pittsburg." may, and they are hereby posit may be authorized to establish an office of discount and deposit in established Butler, Butler county, or in Meadville, Crawford couaty, or in Erie, Erie county, or in Mercer, Mercer county, or in Hollidaysburg, Huntingdon county: Provided, The said corporation shall not establish a branch at more than one of the places mentioned in this section.

in Butler, Meadville or Erie.

Reserved

powers of the

legislature.

SECTION 11. The privileges hereby granted to the said bank, shall be su-ject to such alterations, provisions and restrictions as now exist, or such as the legislature may at any time hereafter think proper to enact for the better regulation of the banking institutions of this commonwealth, and

shall be liable to such taxes, whether on dividends or othervise, as the legislature may at any time hereafter impose.

NER MIDDLESWARTH,

Speaker of the House of Representatives.

THOMAS S. CUNNINGHAM,

Speaker of the Senate.

APPROVED The second day of March, Anno Domini, one thousand eight hundred and thirty-six.

JOS: RITNER,

No. 28.

An Act

To incorporate "The president and managers of the Kensington and
Oxford turnpike road company."

SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That Samuel Anderson, Samuel Keath of the city Commission of Philadelphia, Charles Norris, Jonathan Pickering. Chris- era appointed topher Rex. Thomas Roach, George M'Callmount, George Pickering, Pawel Carpenter, Thomas Weaver, Samuel Ba ker, John Felton, John Culin, jr. William Carr, Samuel M. Linn, John D. Wentz, James Comly, Robert Whitaker, James Buckman, William Overington, William M. Carter, Philip A. Rickert. Joseph Hallowell, John F. Myers, Jacob Ridgeway, John Falkrod, William Whitson, John B. Winder, Samuel Morton, John Hellerman, Ralph Eddowes, John 8. Leibert, William F. Hughes, James Varree, Amos Snyder, William Watson, John Blake, John Cockle, William Livezey, Jacob Livezey, Thomas Yerkes, Samuel Kimber, Edward Parish, Robert V. Massey, James Hart, jr. Franklin A. Comly, Mahlon Dungan, Isaac Boileau of the county of Philadelphia, James Baird, John Ryner, Jacob R. Myers, Reuben Myers, John McMullen, Israel Hallowel', Abel Hallowell, William Morison, John Walton, Jacob Shelmire, Amos Addis, John Grant of Montgomery county, John Davis, Thomas Purdy, John Hart, Richard Leedom, Christopher Search, Lemon Banes of Bucks county, be, and they are

Shares of

each.

To procure hereby appointed commissioners to do and perform the sev two books for eral things hereinafter mentioned, that is to say: They shall, subscriptions on or before the first day of May next, procure two books, and in each of them enter as follows: We whose names. are hereuntos bscribed, do promise to pay to the president and managers of the Kensington and Oxford turnpike road company, the sum of filty doilars for every share of stock set stock 50 dols opposite to our respective names, in such manner and proportions, and at such times as shall be determined by the president and managers of said company, in pursuance of an act of the general assembly of this commonwealth, entitled "An act to incorporate the president and managers, of the Kensington and Oxford turnpike road company." Witness our hands the day of in the year of our Lord, one Notice to be thousand eight kundred and thirty- and thereupon shall given when give notice in two or more public papers printed in the city and where subscription and county of Philadelphia, for twenty days at least, of the books are to time and places, when and where the said books shall be be opened. opened to receive subscriptions for the stock of the said company, at which time and places, one of the said commisManner of sioners shall attend, and permit and suffer all persons of subscription. lawful age, who shall offer to subscribe in said books in their.

own games, or in the name or names of any other persons who shali duly authorize the same, for any number of shares of said stock, and the said books shall be kept open respectively for the purpose aforesaid, at least six ours in every juridical day, for the space of six days, or until the said books shall have sixteen hundred shares therein subscribed.. Whole No. of And if, at the expiration of the said six days. the books. shares 1609, aforesaid shall not have the said number of sixteen hundred

Proviso.

5 dollars to

be paid on each share before sub. scribing.

shares therein subscribed, the commissioners respectively,. may adjourn from time to time, and transfer the said books from place to place. until the whole number of shares shall be sub-cribed, of which adjournment and transfer the_commissioners aforesaid, shall give such public notice as the occasion may require; and when the whole number of shares. subscribed shall amount to sixteen hundred, the same shall be closed; Provided always, That every person offering to subscribe in said books, in his own or any other name, shall previously pay to the attending commissioner or commissioners, the sum of five dollars for every share to be subsribed, out of which shall be defrayed such incidental charges. and expenses as may be necessary for taking such subscription, and the remainder shall be paid over to the treasurer of the corporation, as soon as the same shall be organized, and the officers chosen, as hereinafter mentioned.

SECTION 2. When twenty persons or more, shall have subscribed eight hundred shares of the said stock, the said commissioners respectively may, or when the whole number of shares aforesaid shall be subscribed, they shall certify under

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