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1809 17 (1809)

handle is hein.ssl/ssct0370 and id is 1 raw text is: .October Session, 1809. CHAP. . An Act to incorporate the Derby Bank, B E it enacted by the tovernor and Council and House of Reliresentatives in General Court aasem bled, That it shall be lawful to establish a Bank at Derby, the capi- Capital staeci tal stock of which shall bd divided into shares of one hun- and number of dred dollars each, which shall be transf.rable according to shares. such rules as may be established by the directors :-and the subscribers to the same, their successors, and assigns shall be, and hereby are constituted, a body politic and corporate by the name of The President, Directors andCompany of Corporate the Derby Bank :-and by that name shall be capable in law namo. to lrchase and hold property of whatever nature, real, per- General pow- sonal or mixed, and the same at pleasure to dispose of, or ers. alienate ; to sue and be sued in all courts whatsoever, to have and to use a common seal, such as they may devise, and to make and carry into effect such by-laws and regula- tions ais may be deemed expedient for the proper manage- nent of the affairs of the Corporation, not being repugnant to this act, or the laws of this State, or of the United States, and genevally to do and cause to be executed all such acts and thiings as to them may appertain, subject nevertheless to the provisions herein contained. § 2. Be itfurther enacted, That the following articles be established for the government of the corporation. 1st. For the well ordering the affairs of the corporation Directors. there shall be eleven directors, who shall be elected annual. ly, by the stockholders in general meeting-None but st.ck holders shall be eligible as dircctors-not more than three fourths of the directors in olice, exclusive of the president, shall be eligible for tle next succeeding year-and no di- rector exclusive of the president shall hold the office of di- rector for a longer term than three years in succession, af. ter which such director shall be ineligible for one year ; but no person who is a director of the Derby Fishing Company shall be eligible as a director. At their first meeting after each election, the dircctors shall choose one of their number ,..._ , .... .

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