ers appoint ed. where books scription. Notice of opening books. IN RELATION TO BANKS. An Act to Incorporate a Bank in the Town of Smyrna under the name of "The Commercial Bank of Smyrna." 6 SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met, (twothirds of each branch of the Legislature concurring therein,) That Commission- Mason Bailey, Benjamin S. Gootee, Horace Spruance, Henry C. Douglass and William C. Jump be and they are hereby appointed commissioners to do and perform the things hereinafter mentioned, that is to say, they or any three of them shall, on or before the first Tuesday in July next, procure a sufficient When and number of suitable books, one of which shall be opened in to be opened. Smyrna, and the others, if it shall be deemed advisable by the said commissioners, at such other place or places as they shall think proper, in each of which books they shall enter as follows: Form of sub- "We, whose names are hereunto subscribed, do promise to pay to The Commercial Bank of Smyrna' the sum of one hundred dollars for each and every share of stock set opposite to our respective names, in such manner, sums and at such times as shall be directed by the president and directors of said bank," and shall thereupon give notice in two newspapers published in this State, and in such other papers as. they may deem proper, at least twenty days of the time and place or places when and where the said books will be opened to receive subscriptions for the capital stock of the said bank, at which time and place or places two or more of the said commissioners shall attend and permit all persons of lawful age, who shall offer to subscribe, in the manner Limitation following, that is to say: on the first day on which the said of subscrip- books are opened no person shall subscribe for more than twenty shares, either in his own name or as attorney for another, and on the second day on which the said books shall be opened, the same restriction shall apply, and if at the expiration of the second day the whole number of five hundred shares shall not have been subscribed, then, on the third day, or any subsequent day, on which the said books shall be opened, it shall be lawful for any any person, in his own name, or as attorney for another, to subscribe for any number of shares of the said stock until the whole number of five hundred shares shall be subscribed. The commissioners shall keep the books open at least three days, and books to be at least six hours in each day, unless the whole number of five hundred shares shall have been before that time subscribed. Deductions, upon ascertaining which they may close the books. If it should if excess of so happen that more than five hundred shares shall be subscribed, tion. How long kept open. subscriptions. then the commissioners, or a majority of them, are hereby authorized and directed to deduct from the highest subscription or subscriptions until the shares be reduced to the proper number. IN RELATION TO BANKS. than two fifths by non-resi if more than by non-resi stock if more non-resi SECTION 2. And be it further enacted, That the said commis- Not more sioners, in receiving subscriptions to the said capital stock, shall ths to be not suffer or permit more than two-fifths of the said capital stock subscribed to be subscribed for by persons not residing in this State, either dents. personally or by attorney, and in case it should so happen that more than two-fifths of said stock shall have been subscribed for Deductions, by non-residents as aforesaid, then the commissioners shall two-fifths deduct from said subscriptions last subscribed by such non-resi- subscribed dents until the aggregate amount so subscribed for by them shall dents. be reduced to two-fifths. And if, at any time after the bank hereby established shall have commenced business, and during the continuance of the said corporation, it shall so happen that Forfeiture of by subscription or sale a proportion of said stock greater than a than majorimajority shall be held or owned by persons not residing in this ty owned by State, either in their own names or in the name of any other dents. person as attorney, then the share or shares constituting such majority or overplus, and last subscribed or sold and transferred on the books of the corporation, shall be forfeited by the directors for the benefit of the said corporation, and in case of the removal of any stockholder from the State so that he ceases to be a citizen, if the amount of stock held or owned by him shall quired to sell stock, when. increase the amount of stock held or owned out of the State to a proportion greater than a majority, it shall be incumbent on such stockholder to sell and transfer his said stock or so much thereof as will reduce the amount so held or owned out of the State to less than a majority to some person or persons resident within If not sold this State, within three months from the time of such removal, months to be or the same shall be forfeited by the said directors for the benefit forfeited. of the corporation. Non-resi dent Stockholders re within three $50,000. SECTION 3. And be it further enacted, That the capital stock Capital stock of the said company shall be fifty thousand dollars divided into five hundred shares of one hundred dollars each. be paid at SECTION 4. And be it further enacted, That each subscriber to Ten dollars the stock of said company shall pay to the commissioners afore- per share to said, at the time of subscribing for the same, the sum of ten subscription dollars on each share subscribed. It shall be lawful for the directors of the said company, appointed in the manner hereinafter directed, to call in and demand of the stockholders respectively, all such sums of money as are by them subscribed, by installments not exceeding twenty dollars per share, upon giving thirty days' previous notice to the stockholders in two newspa- Notice of pers printed in this State, and in such other newspaper as the calls. said directors shall deem proper; and in case of failure in the payment of all or any part of the said installment at the time or times so required, every share on which such failure shall have ers appoint ed. where books scription. Notice of opening books. IN RELATION TO BANKS. An Act to Incorporate a Bank in the Town of Smyrna under the name of The Commercial Bank of Smyrna." SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met, (twothirds of each branch of the Legislature concurring therein,) That Commission Mason Bailey, Benjamin S. Gootee, Horace Spruance, Henry C. Douglass and William C. Jump be and they are hereby appointed commissioners to do and perform the things hereinafter mentioned, that is to say, they or any three of them shall, on or before the first Tuesday in July next, procure a sufficient When and number of suitable books, one of which shall be opened in to be opened. Smyrna, and the others, if it shall be deemed advisable by the said commissioners, at such other place or places as they shall think proper, in each of which books they shall enter as follows: Form of sub- "We, whose names are hereunto subscribed, do promise to pay to 'The Commercial Bank of Smyrna' the sum of one hundred dollars for each and every share of stock set opposite to our respective names, in such manner, sums and at such times as shall be directed by the president and directors of said bank," and shall thereupon give notice in two newspapers published in this State, and in such other papers as. they may deem proper, at least twenty days of the time and place or places when and where the said books will be opened to receive subscriptions for the capital stock of the said bank, at which time and place or places two or more of the said commissioners shall attend and permit all persons of lawful age, who shall offer to subscribe, in the manner Limitation following, that is to say: on the first day on which the said of subscrip- books are opened no person shall subscribe for more than twenty shares, either in his own name or as attorney for another, and on the second day on which the said books shall be opened, the same restriction shall apply, and if at the expiration of the second day the whole number of five hundred shares shall not have been subscribed, then, on the third day, or any subsequent day, on which the said books shall be opened, it shall be lawful for any any person, in his own name, or as attorney for another, to subscribe for any number of shares of the said stock until the whole number of five hundred shares shall be subscribed. The commissioners shall keep the books open at least three days, and books to be at least six hours in each day, unless the whole number of five hundred shares shall have been before that time subscribed, Deductions, upon ascertaining which they may close the books. If it should if excess of so happen that more than five hundred shares shall be subscribed, tion. How long kept open. subscrip tions. then the commissioners, or a majority of them, are hereby authorized and directed to deduct from the highest subscription or subscriptions until the shares be reduced to the proper number. IN RELATION TO BANKS. than two by non-resi by non-resi stock if more non-resi SECTION 2. And be it further enacted, That the said commis- Not more sioners, in receiving subscriptions to the said capital stock, shall to be not suffer or permit more than two-fifths of the said capital stock subscribed to be subscribed for by persons not residing in this State, either dents. personally or by attorney, and in case it should so happen that more than two-fifths of said stock shall have been subscribed for Deductions, by non-residents as aforesaid, then the commissioners shall two-th deduct from said subscriptions last subscribed by such non-resi- subscribed dents until the aggregate amount so subscribed for by them shall dents. be reduced to two-fifths. And if, at any time after the bank hereby established shall have commenced business, and during the continuance of the said corporation, it shall so happen that Forfeiture of by subscription or sale a proportion of said stock greater than a than majorimajority shall be held or owned by persons not residing in this owned by State, either in their own names or in the name of any other dents. person as attorney, then the share or shares constituting such majority or overplus, and last subscribed or sold and transferred on the books of the corporation, shall be forfeited by the directors for the benefit of the said corporation, and in case of the Non-resiremoval of any stockholder from the State so that he ceases to holders rebe a citizen, if the amount of stock held or owned by him shall quired to sell stock, when. increase the amount of stock held or owned out of the State to a proportion greater than a majority, it shall be incumbent on such stockholder to sell and transfer his said stock or so much thereof as will reduce the amount so held or owned out of the State to less than a majority to some person or persons resident within If not sold this State, within three months from the time of such removal, months to be or the same shall be forfeited by the said directors for the benefit forfeited. of the corporation. dent Stock within three $50,000. SECTION 3. And be it further enacted, That the capital stock Capital stock of the said company shall be fifty thousand dollars divided into five hundred shares of one hundred dollars each. be paid at SECTION 4. And be it further enacted, That each subscriber to Ten dollars the stock of said company shall pay to the commissioners afore- per share to said, at the time of subscribing for the same, the sum of ten subscription dollars on each share subscribed. It shall be lawful for the directors of the said company, appointed in the manner hereinafter directed, to call in and demand of the stockholders respectively, all such sums of money as are by them subscribed, by installments not exceeding twenty dollars per share, upon giving thirty days' previous notice to the stockholders in two newspa- Notice of pers printed in this State, and in such other newspaper as the calls. said directors shall deem proper; and in case of failure in the payment of all or any part of the said installment at the time or times so required, every share on which such failure shall have subscribers or shares forfeited. IN RELATION TO BANKS. Delinquent occurred and the interest or dividends on all moneys previously may be sued paid may be forfeited by the said directors for the benefit of the corporation, or in case they should not elect to forfeit the said share or shares, it shall and may be lawful for the said corporation to sue, either at law, by action of debt, or assumpsit, or in equity, for the recovery of any sum or sums of money, due or to become due as aforesaid, from any subscriber; and in all suits, either at law or in equity, in the courts of this State, by or against the said company, this act shall be deemed and taken to Public act. be a public act and need not be set forth in the pleadings or given in evidence. When whole scribed com porated. Name. SECTION 5. And be it further enacted, That as soon as the amount sub- whole amount of five hundred shares shall have been subscribed, pany incor- the subscribers, their successors and assigns, shall be and they are hereby declared to be incorporated by the name, style and title of "The Commercial Bank of Smyrna," and by that name shall have continuance and succession for the term of twenty years from the date of this act, and shall be able to sue and be sued, plead and be impleaded in all courts of law and equity, to purchase, take, receive, have, hold and enjoy to them and their successors, lands, tenements, goods, chattels and effects of whatsoever kind, nature or quality, and the same to sell, grant, demise, alien or dispose of, and also to have a common seal, and the same to break, alter, or renew at their pleasure. Term. Corporate powers. When to commence business. SECTION 6. And be it further enacted, That the said bank shall have power to commence business as soon as the sum of twenty thousand dollars, current lawful money of the United States, shall have been actually paid in and deposited in the vaults of said bank, and not before; and it shall be the duty of the directors to make a statement, under oath or affirmation, of the under oath. description and amount of such deposits, and transmit the same to the Governor of this State previous to the bank going into operation. Statement Directors. President Qualifications. Notice of election. SECTION 7. And be it further enacted, That for the proper management of the business and affairs of the said corporation there shall be five directors, who shall be elected by the stockholders in the manner and at the times hereinafter directed, and who shall choose a president from among their number. They shall be stockholders at the time of their election, and also during their term of service, and shall be citizens of this State. SECTION 8. And be it further enacted, That the commissioners aforesaid, as soon as conveniently may be after the capital stock has been subscribed as aforesaid, shall give ten days' notice, in two newspapers printed in this State, and in such other news |