Same subject.

the application of the president of such corporation, or of a majority of its directors, or of the holders of a majority of the capital stock of the same, or of any ten of such associated proprietors, order and direct the time and place when and where such meetings shall be held, and the notice which shall be given of the same.

SECT. 245. At any meeting of such corporation or association, duly appointed and held as aforesaid, such corporation or associ ation may do all such acts, and exercise all such powers, as by its charter, or articles of association, it might or could have done or exercised at any annual meeting of such corporation or association; and the officers appointed at such special meetings shall hold their offices until the next annual meeting of such corporation or associ ation, or until others shall be duly appointed in their stead. Powers and du- SECT. 246. Whenever any such corporation or association shall ties of officers not have failed to hold its annual meeting as aforesaid, and no provision failure to hold shall be contained in its charter, or articles of association, for such annual meeting. contingency, the officers of such corporation may and shall continue

extinguished by

Limitation of the preceding sec tions.

1854.

Failure to hold annual meeting

not to forfeit charter.

1859. Special meetings

may be called by

holders.

to exercise the powers and duties to them respectively belonging, until the next annual meeting of said corporation or association, unless, at some special meeting duly convened, others shall be appointed

in their stead.

SECT. 247. Nothing in the preceding sections of this chapter shall at any time revive any corporation, whose powers may have expired for any other cause than that herein before named, nor any corpora tion, which shall have in fact abandoned and ceased to exercise the powers and franchises granted by its charter.

SECT. 248. Whenever any incorporated company shall have failed to hold any annual meeting as required by its charter, no forfeiture of such charter shall be occasioned thereby, nor shall any of the rights of such company be impaired by reason of the failure to hold said meeting; but those officers of such company, whose offices should have been filled by a new election at said annual meeting, shall continue to hold their said offices until the next annual meeting of such company, unless other persons shall in the meantime be lawfully chosen in their places.

SECT. 249. Whenever any corporation, organized under any law of corporations of this state, shall have failed to provide by its articles of association, majority of stock. Or by its by-laws, for the calling of special meetings of the corporation, at the instance of the stockholders of such corporation, or whenever any such corporation shall have so provided, and the officers of such corporation shall refuse to call such meetings, any number of stockholders, owning not less than a majority of the capital stock, shall have power to call such meetings, by giving such notice of the object, time, and place, as is required in calling the annual meetings of such corporation; and when convened, such meeting shall have power to do any acts which such corporation may do at any legally warned meeting.

Shares of stock personal estate.

1824

Taxes on the

SECT. 250. All shares in manufacturing and other incorporated companies shall be considered as personal estate, and may be disposed of as other personal estate, unless it be otherwise provided in the act of incorporation.

SECT. 251. Whenever any corporation shall impose a tax on the shares, how col- shares of its stock, said corporation may appoint a collector thereof, who shall receive from the treasurer of such corporation a tax bill and warrant, to be signed by any justice of the peace within the

lected.

county where the tax is imposed, directing such collector to collect the sums specified in such tax bill, and on neglect of any stockholder to pay the same within the time limited by such corporation, the collector may levy said warrant on such shares, or such part thereof, as may be necessary to satisfy said tax and costs, and shall proceed therein in the manner provided by law for the collection of executions when levied on the shares of the capital stock of such corporation, and the fees of said collector shall be the same as are allowed to officers on executions.

1833. Secretaries or clerks to make

SECT. 252. The secretaries or clerks of all insurance companies other than stock fire, and fire and marine insurance companies, and of all turnpike companies, shall annually, on the first day of October, annual returns. or within ten days thereafter, make out on oath, and deliver to the comptroller of public accounts, a true statement of the whole amount of capital stock of their respective institutions, and how much thereof belonged, on said first day of October, to resident stockholders, and how much to non-resident stockholders; and if any such secretary or clerk shall neglect or refuse so to do, he shall forfeit one hundred dollars to the treasury of this state, to be recovered by the treasurer of the state in an action of debt.

CHAPTER VII.

PROVISIONS RELATING TO PARTICULAR CORPORATIONS.

ACADEMIES.

Academy

SECT. 253. Any number of individuals in any town in this state, 1838. may associate for the purpose of establishing or maintaining an aca- schools, how demy school, and being so associated shall, on complying with the incorporated. provisions of this section, be a body politic and corporate; may choose a president and other officers; may enact by-laws to regulate the affairs of such corporation not inconsistent with the laws of this state, or of the United States, and compel the due observance thereof by suitable penalties; may sue and be sued, and do all other acts necessary and proper for the well ordering the affairs of such corporation, and may purchase and hold real or personal estate of a value not exceeding ten thousand dollars; but before any such association shall be entitled to the privileges herein granted, it shall lodge with the secretary of this state a copy of its articles of asso

ciation.

AGRICULTURAL SOCIETIES.

1840. 1863. Agricultural

ceive two hun

SECT. 254. Every incorporated county agricultural society now existing, or which may be hereafter incorporated in the manner here- societies in each inafter specified, which shall have raised, by contribution or tax upon county may reindividuals, not less than the sum of one hundred dollars in any one dred dollars from year, to be thereafter expended for the uses of the society during the state treasury then current year, shall be entitled to receive, in the months of Sep- conditions.

annually, upon

County societies, how formed.

Agricultural societies to make returns to secre

tember or October of that year, out of the treasury of the state, a sum equal to the amount so raised by said society; but the society or societies of any one county shall not receive a greater sum than two hundred dollars in any one year.

SECT 255. The county treasurer of each county, in which there is no incorporated agricultural society existing, may notify a public meeting to be held at such place as he may direct, in the county town, or one of the county towns, of such county, on the fourth Monday of August, in any year, to form a county agricultural society for the purposes herein specified, and all the residents in such county, who shall attend at the said time and place, may, if they see fit, form themselves into such a society, which society, the provisions of this chapter having been complied with, shall be a body corporate, and may choose a president and other officers, enact by-laws, not inconsistent with the laws of this state, and compel the due observance thereof by suitable penalties, may sue and be sued, and do all things necessary for the well ordering of its affairs; but before any such corporation shall be entitled to the privileges granted in this chapter, it shall lodge with the secretary of this state a copy of its articles of association.

SECT. 256. Every agricultural society, which shall claim the said allowance out of the public treasury, shall, in the month of September tary, under oath. or October annually, file in the office of the secretary of this state a certificate, signed by the president and treasurer of said society, specifying under oath the sum actually raised by said society as aforesaid; and the comptroller of public accounts shall draw an order on the treasurer, in favor of said society, for the sum to which such society may be entitled.

Money, how expended.

Notice for meet

SECT. 257. Every agricultural society, which shall receive the said allowance from the treasury of the state, shall offer annually, by way of premiums, or shall otherwise apply, at its discretion, for the encouragement or improvement of agriculture or manufactures, the whole amount so received from the state, together with an equal amount received from the contributions or taxes of individuals And said society shall also transmit to the office of the secretary of this state, in the month of January annually, a statement of its proceedings in relation to the expenditure of such money, specifying the nature of the encouragement proposed by the society, and the objects for which the premiums have been offered, and to whom they were awarded; but all money offered for premiums, which shall not be awarded or paid, shall be placed in the hands of the treasurer of the society, to be expended in like manner for promoting its objects.

SECT. 258. The notice to be given by the county treasurer, as reings, how given. quired in the two hundred and fifty-fifth section of this act, shall be by a publication thereof in a newspaper published in the county where such meeting is to be held, or if none be published in such county, then in a newspaper published in an adjoining county, which publication shall be for two successive weeks previous to such meeting.

1837.

Arts union societies, how corpo

ARTS UNION SOCIETIES.

SECT. 259. Any number of individuals in this state may associate for the purpose of establishing arts union societies, and, being so assorated, and their ciated, shall, on compliance with the provisions of this section, be a powers. body politic and corporate; may choose a president and other officers;

may enact by-laws for regulating the affairs of such corporation, not inconsistent with the laws of this state, or of the United States, and compel the due observance thereof by suitable penalties; may sue and be sued; and do all acts necessary and proper for the well ordering of the affairs of such corporation, and may purchase and hold real or personal estate of a value not exceeding ten thousand dollars; but before such association shall be entitled to the privileges To lodge a copy herein granted, it shall lodge, with the secretary of this state, a sociation. copy of its articles of association.

of articles of as

BANKS.

SECT. 260. The several incorporated banks in this state, in which 1833. the shares of stock, as prescribed in the charter, exceed one hundred How shares of dollars each, may, at any regular meeting of the stockholders, divide reduced. the same into shares of one hundred dollars each.

stock may be

specie equal to

culation and de

SECT. 261. Each bank shall keep within such bank, at all times, 1858. an amount of gold and silver coin, or bullion, at least equal to one- Banks to keep tenth of all the circulation and deposits of said bank; but so long as one-tenth of cirsaid bank shall redeem its bills at par in New York or Boston, any posits. deposit standing to the credit of such bank in any specie paying bank in New York or Boston, and payable on demand, shall be deemed equivalent to gold and silver coin or bullion, for the purposes of this section; but the amount, actually kept in the vault of the bank, shall not be less than one-tenth of the circulation.

York or Boston.

fourth of circu.

SECT. 262. Any bank, which does not redeem its bills at par in Banks not reNew York or Boston, shall keep at all times an amount of gold and deeming in New silver coin or bullion, at least equal to one-fourth of all the circula- to keep specie tion and deposits of such bank; and every bank which shall fail to equal to onecomply with the provisions of this and the preceding section, shall lation and deforfeit and pay to the treasurer of this state, the sum of one hundred posits. dollars for each week that said provisions shall not be complied with.

emitted less than. one dollar.

SECT. 263. No incorporated bank shall issue any bill or note for No bill to be a sum less than one dollar; and every person, passing any bill or note for a less sum than one dollar, issued by any bank or corporation whatever, shall forfeit three dollars to the use of the person who shall bring an action for the same; and all informing officers shall prosecute to effect all breaches of this section, and the penalties incurred and recovered shall be for the use of the town where the prosecution shall be had.

18541

bills to be issued:

SECT. 264. No bank, or banking institution, chartered by, or organized under, any law of this state, shall issue any bank bills to be No fractional used as currency representing the fractional parts of a dollar, and every bank, which shall violate the provisions of this section, shall Penalty. forfeit the sum of one hundred dollars for every fractional bill so issued, to the use of the state.

frao

SECT. 265. Every person who shall circulate, or offer for circula- Penalty for cir tion, any bank bill representing the fractional parts of a dollar, coating fr whether such bill is issued by a bank of this state, or any other state, shall forfeit the sum of twenty dollars, one-half to him who shall sue for and prosecute to effect, and the other half to the treasury of the

state.

1836.

SECT. 266. No bank shall issue any bills but such as are made payable at the bank where issued, and notes of all denominations where issued..

Bills payable,

No loans to be shall be regularly numbered when issued; and no bank shall make any loan, or discount, on pledge of its own stock.*

made on stock.

1850.

in vault of the

bank.

SECT. 267. Every bank shall, at all times, keep every plate, used Plates to be kept in the manufacture of the bills of such bank, securely locked in its own vault, except when in actual use in the hands of an engraver for alteration or repairs; and when so used, one of the directors, or an authorized agent of the bank, shall be present, and maintain a personal supervision over such plate, and the use of the same, and for every violation of this section such bank shall forfeit the sum of five hundred dollars, one-half to him who shall prosecute the same to effect, and the other half to the treasury of the state.

1837.

No office for loans except

SECT. 268. No bank shall establish any branch, office, or agency thereof, except as provided in the succeeding section, or employ any banking house. agent or person to make loans or discounts at any other place than the banking house; nor shall any bank, or any of its officers, at any time, employ any agent or person to exchange the bills of such bank for the bills of any other bank in this state, except at its banking house.

1854. An agency for the redemption

established.

SECT. 269. The banks in this state are hereby authorized to establish in the state of Connecticut, or elsewhere, a bank, banking assoof bills may be ciation, or agency, for the redemption of the bills or notes issued by any bank in this state, with power to subscribe for and hold stock in said institution, and to transact all business incident thereto; and each bank shall have liberty to subscribe for and hold stock in said institution, to an amount not exceeding five per cent. of its capital actually paid in.

1858. Notes of banks

not to exceed

SECT. 270. No incorporated bank, or banking association, shall, at any time, be indebted by its bills or notes, or have its bills or notes three-fourths the in circulation, to an amount exceeding in the aggregate seventy-five per cent. of the amount of the capital stock of such bank, actually paid in, and unimpaired by losses.

amount of actual

capital.

Penalty.

1855. 1862. Bank may not

loan more than

fifteen per cent.

one person or corporation.

SECT. 271. Any bank, or the directors, or officers of any bank, that shall knowingly and willfully violate the provisions of the next preceding section shall forfeit to the treasurer of this state the sum of one thousand dollars.

SECT. 272. No incorporated bank, or banking association, shall make any loan or discount, or in any way give credit, to any individual, company or corporation, when the party receiving the same of their capital to shall thereby become liable to said bank, or banking association, for loans, discounts, or credits obtained therefrom, to an amount greater than fifteen per cent. of the capital stock of such bank, or banking association, actually paid in. The provisions of such bank charters as limit the amount to be loaned to any one individual, company, or corporation to a sum less than fifteen per cent. of the capital of such banks actually paid in, are repealed.

Certain provi. sions of bank charters repealed.

1854.

1855. 1859. Protected circu

SECT. 273. No such bank, or banking association, shall, directly, or indirectly, loan its bills or notes for circulation to any person or lation prohibited. Corporation, under any agreement that such person or corporation shall protect the circulation of such bills and notes, or redeem the same; provided, that nothing in this section shall be construed to render any such loan invalid, but the bank making the same shall be held liable to the penalty prescribed in the next succeeding section of this act, and to no other forfeiture whatever.

Such loan may be good between the parties. Vansand v. Middlesex County Bank, 26 C. R. 144.