|
each; provided, however, that if after going into
operation, it shall appear that the aforesaid Presi-
dent and Directors, or a majority of them, that
such existing capital is inadequate to meet the
public exigencies and to effectuate the objects of
the institution, it shall and may be lawful for the
said President and Directors with the assent of a
majority of the stockholders given at a general
meeting thereof from time to time called for that
purpose, in such mode as to them shall seem ex-
pedient to add to the capital stock aforesaid; pro-
vided, that the aggregate capital stock at no time
shall exceed three hundred thousand dollars, and
one half of any such increase shall be actually
paid in before it shall be added to the original
capital stock; provided, always, that the said cor-
poration when duly organized shall not commence
the business whereof created hereby, until twenty-
five thousand dollars shall have been paid in ac-
tually by the stockholders to the Treasurer of said
corporation, and his certificate of such actual pay-
ment verified by the affidavit of such Treasurer
and of the President aforesaid shall have been
forwarded to the Comptroller of the State; and so
as to any increase of capital stock as hereby au-
thorized, a like certificate in like manner verified
of the actual payment as aforesaid of one half of
such increase shall be transmitted to the Comp-
troller in or to legitimate its additions to the capi-
tal stock. |
Provisos. |
|
Sec. 10. And ie it enacted. That as the object in
creating said corporation is the benefit and accom-
modation of the community, the location of the
place of business of the said institution as nearly
as attainable shall be within the vicinity of the
postoffice. |
Objects of cor-
poration. |
|
Sec. 11. And be it enacted, That it shall not be
lawful for any Director or other officer of said cor-
poration to receive any advance therefrom on de-
posit or loan of any kind, and that nothing con- |
Not lawful
for any Direc-
tor to receive
advances. |
