Indiana Republican, Volume 1, Number 16, Madison, Jefferson County, 12 April 1817 — Page 1

'li. 0t id INDI REPUBLICAN. It, si: "WHERE liberty dwells, there is my country. 11 I VOL. I. MADION, (INDIANA) -SATURDAY, 12, 1817. No, 16.

ANA

)flil 21 'v

I A AC T trie company, all further instalments to be incorporate the Farmers' and Mechanics9 paid in, a t the discretion of the president and 1 bank of Indiana. directors: Provided that not more than

- . 1 1 1 - a . j.- i li . l 1 :

live aouars on eacn snare, snan ne required at one time, of which thirty days notice shall be given ; and not more than three in-

tit' Uir thn (&ilU VP.

SeC I. OIL U CIldLicu . . ;ncil ard house of representatives, and it (ereby enacted by the authority of the r mt. . :,J0nt onH shareholders

1 nat luc uitMLicm iv. 1 . - 1 1 i r t i!

(the Farmeis and Mechanics bank of Indi-

i, together with those who shall nercatter tome shareholders in manner hereinafter ected, shall be, and they are hereby ereSd and made a body corporate and body Itic, by the name, style and title, of the )sident and directors of the Farmers and khanics bank of Indiana, and shall so conue until the first day of January, in the Ir of our Lord eighteen hundred and thirfivc ; and by that name are hereby made s and capable, in law, to have, purchase, Vive, possess, enjoy and retain, to them their successors in office, lands, rents, iements, hereditaments, goods chattels effects, of what kind, nature and quafi-

socver, to an amount not exceeding in j whole 750,000 dollars, including the caa! stock of said company, and the same to X grant, demise, a ieii or dispose of, to . is and be sued, plead and be impleaded, nwerand be answered, defend and be degraded, in courts of record, or any other . - e whatsoever; and to make have and f ' r, a common seal, and the same to break, tr and renew at pkasure, and also to orJn, establish and put in execution, such b laws, ordinance, and regulations, as ill be necessary a;id convenient for the ' -x)d government of the said body corpoiite ; and generally to do & execute, all & sin- ' -lar the acts, matters & things, which to them ' it) appertain to do; bubject nevertheless to ; rules, regulations, limitations, restrichs and provisions, hereafter prescribed . j declared. , Sec. 2. And be it further enacted, That ; stockholders shall meet annually at the ai party's office, on the first Monday in Huary, and choose by ballot from among nnseives, thi teen directors, who shall on j next day thereafter, meet at the same :ce, and elect by ballot, a president out of :ir own body ; The president and directs so appointed shall continue in of lice one ir : Provided however ; That the firstclecn of the above named office; s, shall be held (.the manner aforesaid, such times as the rsons hereinafter named to receive sub:riptions, or a majority of them, shall ap- ; dnt for that purpose, and the officers thud ' bsen are regularly appointed. Bee. 3. And be it further enacted, That s shall be lawful for any person, copartner- ; ip, or body politic, to subscribe for one '.more shares, until the company is comte ; the capital or joint stock of which, i not exceed ten thousand shares, of fifty 'dollars each ; shall be payable in manner fc'Iowing, to wit : Five dollars of each share hall bc payable in cash, at the time of subscribing, and five dollars thirty days after notice shall have been given, by the commissioners, that one thousand shares have been ; 'Ascribed for; and a failure to. make such iyrncnt punctually, shall incur a forfeiture f all that shall have been paid on each share; 3d such share or shares, shall be sold by the resident and directors, for the benefit of

I . 1 1 1 1 'III f

staiments snau ne caueu tor in one year on each share. In case of failure of such payment, all proceeds or , dividends on such share or shares, shall be forfeited to the benefit of the institution, until three months after such payment be made. Sec 4 And be it further enacted,. Tlial the prisident and directors, four of whom

shall be a quorum to transact business, (the .ally acquired by the company, so that the

tioned, and stating in such notice, the object of the call. Sec. 7. And be it further enacted, That dividends of the pr fits of the company, or so much of said profits, as may be deemed expedient and proper, shall be declared half yearly, after the first day of January 18 16, and not before, unless in the opinion of the president and directors, it may be thought advisable. The amount of said dividends shall from time to time, be determined by the president and directors, at a meeting held for that purpose, and shall in no case

exceed the amount of the nett profits actu-

president always being one) shall open and

continue their office in the town of Madison, and shall have the iole management of the funds of the company, for the use and benefit of the stockholders, according to their respective interests therein. They shall have the power of filling any vacancies that may happen in their bodies, from among the stockholders, and should any vacancy happen in the office of the president, by death, resignation, removal or Otherwise, the directors shall proceed as aforesaid, to choose a new director, from among the stockholders, and then elect by ballot a president from among their own body ; and the officers thus chosen, shall continue in office until the next yearly meeting. In case of the temporary absence of the president, the directors may elect a president for the time being and proceed to business. Sec. c. .And he it further enacted, That the president and directors, shall have power to appoint a cashier, and all other officers and servants for executing the business of the company respectively, which they may appoint, 2nd which together with all necessary expenccs, shall be defrayed put of the joint funds of the company; they shall make full, fair and regular entries, of all their transactions, in books, to be kept at the office of the company for that purpose, whiclf shall be open at all times for the inspection of the stockholders, They shall cause to be exhibited once in three years if required, a true report of the affairs, and situation of the company; together with a fair statement of all their accounts. ; Sec. 6. And be it further enacted ; That as soon as one. thousand shares shall have been subscribed for, it shall be the duty cf the commissioners, tu give public notice f hereof, in one or more newspapers of this Territory, or any of the adjacent states, to the stockholders, and appoint such time and place, as they may' think proper, to meet, & tlcct thirteen directors,' who shall out of their own body, choose a president. And the president and directors, or a majority of the directors, shall have power to call a meeting of the stockholders, for the purposes relative to the concerns of the company ; giving three weeks notice, in one of the newspipers of the Territory, or of any of the adjacent states ; specifying iri such notice, the object or objects of such meeting ; and any number of stockholders not less than twenty, who shall at the time, own two thirds of the capital stock of the bank, upon application & refusal of the directors, shall have the power of calling a meeting of all the stockholder?, by giving the notice last abovemcn-

capital stock of the company, shall not be

impaired by dividends; but the directors shall be at liberty, to retaiu at least one per cent, upon the nett profits, for future contingencies: Provided, That no part, of the capital stock, shall be drawn from the funds of the company, by such dividends, until the year eighteeri hundred nd thi; ty-hVe. Sec. $ And be it further enic.fcl ; That in al general meetings, each stockholder shall be entitled to 'one vote, for. each share he shall hold, to the number of twenty ; every five shares above twenty, and nor exceeding fifty, one vote ; for every ten shares abov fifty, one vote. All stockholders shall vote zt eiections by ballot, or by proxy, (provided such proxy be actudly a stockholder, ) which proxy in all elections after the first, shall be made in writing, under the hand & seal of the said stockholder, and attested by two or more witnesses ; but no officer of the bank receiving a salary, shall be permitted to vote as proxy for any stockholder. Sec. 9. And be it further enacted, That the president and directors, or agents, shall not exceed their engagements, to a greater amount than twice the actual stock and deposits in the funds, nor shall any stockholder be accountable or bound, in any case, by any engagement, or contract, made by, or on behalf of the company, beyond the stock he actually has in the funds. Sec. 10. And be it further enacted, That if the president and directors, or agents, or any of them, do extend any engagement beyond twice the capital stock and deposits en hand as above, they shall be liable to the company for the same, in their natural and private capacity , and shall besides, be subject to pay to rhc company, a penalty not "xce?ding half the amount of such excess; or should they, or any one of them, appropriate any of the company's property to their own proper use, or make any by means of the credit or paper of the company, or private speculations, such offenders shall pay a penalty of not less than three times the amount so made use of or purchased. Sec. ii. And be it further enacted, That every person who shall subscribe for a share or shares, after payment shall have been made by a former subscriber, shall le charged by the president and directors, with such an advance, or be required to pay their instalments at such times, as will render their payments equal to those of former subscribers. Sec. 12. And be it further enacted, That the directors shall receive no compensation for their joint services, but their actua' f 'concluded uii the last page."