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LEVIN WINDER, ESQUIRE, GOVERNOR.
like manner be elected and qualified; Provided, that no director
of
the mother bank, nor of any other bank, shall be eligible to the
office of president or director in this bank. |
1814.
CHAP. 67. |
10. AND BE IT ENACTED, That the same president
and directors
may be elected from year to year without limitation. |
Same president
and directors may
be elected every
year. |
11. AND BE IT ENACTED, That the number and
description of
officers, in addition to the president, shall be from time to time
established by the mother bank, but the said officers shall be appointed
annually by the president and directors of the said branch,
and the salary of the president, and the other officers, from time to
time, shall be fixed by the Farmers Bank of Somerset and Worcester,
and shall not be lessened during the year, or part of the
year, for which they shall be appointed. |
Officers, by whom
to be appointed. |
12. AND BE IT ENACTED, That in the choice
of directors each
stockholder shall be allowed the same number of votes as he has
shares. |
Number of votes
allowed. |
13. AND BE IT ENACTED, That every person,
in voting for directors,
shall vote by ballot either in person or by proxy. |
Persons shall vote
by ballot. |
14. AND BE IT ENACTED, That the president
and directors at
Salisbury shall be and they are hereby empowered, to provide by
lease the proper buildings and necessary furniture for the said
branch, but that no buildings shall be purchased for the said branch
except by the Farmers Bank of Somerset and Worcester. |
Buildings, &c. |
15. AND BE IT ENACTED, That the president
and directors of the
said branch shall attend to the qualification of the officers who shall
be appointed, and require of them bonds agreeably to the nineteenth
section of the original act to which this is a supplement. |
Officers to give
bond. |
16. AND BE IT ENACTED, That the operation
of the branch bank
of Salisbury shall commence as soon as thirty thousand dollars
shall be paid in, and the president and directors of the mother bank
shall previously thereto have stationary and plates for the branch
provided, the notes struck, signed by the president and cashier,
and placed in the Salisbury branch, in order for the insertion in
the body of the note of the name of the president of the branch
bank. |
Operations, when
to commence. |
17. AND BE IT ENACTED, That the expenses necessarily
arising
in the establishment of the said branch shall be paid as they accrue
out of the joint profits of said institution. |
Expenses to be
paid out of joint
profits. |
18. AND BE IT ENACTED, That all notes offered
for discount at
the branch bank aforesaid by any person, shall on the face thereof
be made negotiable at the Farmers Bank of Somerset and Worcester,
and when the drawer shall not reside in Salisbury, such
note shall be made payable at the house of some person at Salisbury;
and in all cases of notes discounted at the said branch bank,
notice given or left by the proper servant of the bank at the house
where the said discounted note shall be made payable that such
note has become due, shall be to all intents and purposes held and
considered to be as completely binding on the drawers and endorsers
as if notice had been personally served on each of them. |
Notes to be made
negotiable at bank. |
19. AND BE IT ENACTED, That the president
and directors of
the said branch shall form by-laws, rules and regulations, for the
government thereof, not inconsistent with those of the mother bank,
but the same shall not be acted under until notified by the mother
bank. |
By-laws, rules, &c. |
VOL. III.
23
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