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430 1872-73—Private.—Chapter 39.
newspaper published in the State ; and if at such sale the
price should not be sufficient to discharge the amount
unpaid, with all costs attending the sale, the subscriber
Assis" mentor shall be liable for the deficiency in a civil action.
Sec. 8. If any subscriber shall assign his stock before
its full payment, he and his assignee and all subsequent
assignees thereof shall be liable for its payment, and may
be sued jointly or severally by motion as aforesaid, or by
civil action, and in every case of delinquency in a sub-scriber
or others, the subscription shall be deemed a
promissory note payable to the bank, as well in respect to
the remedy for recovering the same as in the distribu-
Agencicp. tion of the assets of any deceased subscriber.
Sec. 9. Agencies of the bank may be established at
such times and places as the president and directors may
designate, and such agencies may be removed at any
time, and sliall be subject to such rules and regulations
as may be prescribed by the president and directors of
Powers of presi- +V,p KqiiL-deiit
and direct- ^"^ OdUK.
'^'"*'* Sec. 10. The president and directors shall be capable
of exercising all such powers and authority as may be
necessary for the better governing of the affairs of the
corporation, shall have power to prescribe the rules for
the conduct of the bank, the same being consistent
with by-laws, rules and regulations established by the
stockholders, not inconsistent witli the laws of this State,
and may regulate the terms and rate in which discounts
and loans may be made, and deposits received by the
bank, and they shall direct when dividends of profits
shall be made, the}^ niay call a meeting of stockholders
whenever they may think proper ; and any number of
stockholders holding together one-tenth of the stock may
call a special meeting on giving thirty days' notice in a
newspaper published in the State; at all meetings stock-proviso,
holders may be represented by proxy, each share being
entitled to one vote : Provided, No greater rate of interest
shall be charged than that allowed bv law.
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| Title | Page 488 |
| Full Text | 430 1872-73—Private.—Chapter 39. newspaper published in the State ; and if at such sale the price should not be sufficient to discharge the amount unpaid, with all costs attending the sale, the subscriber Assis" mentor shall be liable for the deficiency in a civil action. Sec. 8. If any subscriber shall assign his stock before its full payment, he and his assignee and all subsequent assignees thereof shall be liable for its payment, and may be sued jointly or severally by motion as aforesaid, or by civil action, and in every case of delinquency in a sub-scriber or others, the subscription shall be deemed a promissory note payable to the bank, as well in respect to the remedy for recovering the same as in the distribu- Agencicp. tion of the assets of any deceased subscriber. Sec. 9. Agencies of the bank may be established at such times and places as the president and directors may designate, and such agencies may be removed at any time, and sliall be subject to such rules and regulations as may be prescribed by the president and directors of Powers of presi- +V,p KqiiL-deiit and direct- ^"^ OdUK. '^'"*'* Sec. 10. The president and directors shall be capable of exercising all such powers and authority as may be necessary for the better governing of the affairs of the corporation, shall have power to prescribe the rules for the conduct of the bank, the same being consistent with by-laws, rules and regulations established by the stockholders, not inconsistent witli the laws of this State, and may regulate the terms and rate in which discounts and loans may be made, and deposits received by the bank, and they shall direct when dividends of profits shall be made, the}^ niay call a meeting of stockholders whenever they may think proper ; and any number of stockholders holding together one-tenth of the stock may call a special meeting on giving thirty days' notice in a newspaper published in the State; at all meetings stock-proviso, holders may be represented by proxy, each share being entitled to one vote : Provided, No greater rate of interest shall be charged than that allowed bv law. |
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