PUBLISHED IN CONFORMITY WITH A RESOLUTION OF THE GENERAL ASSEMBLY, STATE OF CONNECTICUT, ss. OFFICE OF THE SECRETARY OF STATE, JUNE, 1846. NEW HAVEN: OSBORN & BALDWIN, STATE PRINTERS. 1846. RESOLUTIONS OF THE GENERAL ASSEMBLY OF THE STATE OF CONNECTICUT, PASSED AT THE MAY SESSION, 1846. At a General Assembly of the State of Connecticut, holden at New Haven in said State, on the first Wednesday of May, in the year of our Lord one thousand eight hundred and forty-six : DIRECTING BANK COMMISSIONERS TO INSTITUTE CERTAIN INQUIRIES. Resolved, That the Bank Commissioners be instructed to inquire if the present banking capital of this state is not sufficient for all the legitimate purposes to which banking capital may safely be applied within this state;—and also to inquire if any of the existing banking institutions of this state should be required to locate, by branch of such institution or otherwise, any amount, and if any, what amount of their capital in any other section of this state than where now located, for the purpose of extending greater facilities in their business transactions to the citizens of such section or sections; and that said Bank Commissioners report to the next session of the General Assembly. INCREASING CAPITAL OF MERCHANTS BANK, NORWICH. Resolved by this Assembly, That power and authority be and hereby are given to the Merchants Bank, in Norwich, to increase their capital stock (by subscriptions, as is herein after provided) the sum of thirty thousand dollars. The said additional capital stock shall not be subjected to the payment of any bonus thereon, and shall be divided into shares of forty dollars each; and a subscription for the same shall be opened at Norwich, on the first Monday of July next, under the direction of Chauncey F. Cleveland, William P. Eaton and L. F. S. Foster, Esqrs., who are hereby appointed commissioners, and who or a majority of whom shall have full power and authority to open said subscription by advertising the same in two or more newspapers published in said Norwich, two weeks at least before said first Monday of July. When the said subscription shall be opened as aforesaid, it shall be lawful for the Norwich Savings Society, and they hereby are authorized and empowered to subscribe towards the said additional stock a sum not exceeding ten thousand dollars; and the residue of said additional stock may be subscribed for by individuals. Provided, that the said Savings Society and every other subscriber shall at the time of subscription pay one dollar and fifty cents on each share by them respectively subscribed, as an advance thereon, for the expenses incurred by said bank in the purchase of plates, bills, vault and furniture, and for the equalization of the value of the whole capital stock of said bank; and the amount of said advance shall be divided among the stockholders of said bank, upon the shares by them holden before and at the time of opening said subscription. The said additional stock shall be paid into the bank either in full, at the time of subscription, or by instalments, as follows, to wit: ten dollars on each share at the time of subscription and ten dollars every sixty days thereafter, until the whole shall be paid, with interest from the time of subscription to the time of payment. And in case of failure to pay the first instalment the subscription shall be void, and in case of failure to pay the second instalment the first shall be forfeited to the bank, and in case of failure to pay any subsequent instalment the party failing shall lose the benefit of any dividends accruing during the time said payment shall be delayed; and all the payments of said additional stock may be made in such current bank bills as are equivalent to gold and silver coin, or are of par value at the time of making such payments. And no share of said additional stock shall entitle the holder thereof to a vote in the choice of directors of said bank until the whole amount of such share shall have been paid in. If the subscription aforesaid shall exceed seven hundred and fifty shares, the commissioners shall reduce the number of shares to seven hundred and fifty; for which purpose it shall be their duty to make all necessary inquiry, and apportion the shares in such manner as to them may appear proper, having regard to the interests of the bank and the accommodation of the public; but no one person, partnership or corporation (excepting the Savings Society aforesaid) shall be allowed to hold more than five thousand dollars of the capital stock of said bank. This act shall be in force so soon as the stockholders of said bank shall by their vote accept the same. Provided, they shall on or before the 18th day of June, 1846, signify by their vote, their acceptance as aforesaid, and lodge a copy thereof with the Secretary of this State, to be by him recorded. RENEWING THE CHARTER OF THE BOROUGH OF COLCHESTER. Resolved, That Alfred B. Pierce be and he is hereby authorized and empowered to call a meeting of the inhabitants and freemen of the borough of Colchester, who are legally qualified to vote therein, to be holden at the basement room of the congregational church, in said borough, some time in the month of June, 1846, by posting notice of the time, place and object of such meeting, on the public sign-post in said borough, |