2nd VICTORIA-CHAPTER 26. An Act in addition to an Act intituled An Act to incorporate sundry persons by the name of the President, Directors, and Company of the Bank of New Brunswick. Section. 1. Capital of City Bank, how received, &c. 2. Officers. Section. 3. City Bank securities, to whom transferred, &c. Passed 23rd March 1839. WHEREAS it is considered expedient that an union should take place between the Bank of New Brunswick and the City Bank; Be it therefore enacted, &c.—1. The President, Directors, and Company of the Bank of New Brunswick, shall and may, at any time hereafter, (if an arrangement for that purpose can be effected) receive into the capital stock of the said Bank of New Brunswick the capital stock of the City Bank, in the City of Saint John, which capital stock of the said City Bank shall, when so received, become and be part and parcel of the capital stock of the said Bank of New Brunswick; and the said Bank of New Brunswick and the said City Bank shall then and from thenceforth be united into one Bank, under the name of "The President, Directors, and Company of the Bank of New Brunswick," and as such be subject to the provisions of the said Act incorporating the said Bank of New Brunswick, and also to the provisions of an Act made and passed in the sixth year of the Reign of His late Majesty King William the Fourth, intituled An Act relating to Corporations, and also to the provisions of a certain other Act made and passed in the same year of the Reign of His said late Majesty, intituled An Act to prescribe certain general regulations in respect to Corporations, and also to the provisions of an Act made and passed in the sixth year of the Reign of His late Majesty King William the Fourth, intituled An Act to provide for the further increase of the Capital Stock of the Bank of New Brunswick, and to amend and continue the Act for incorporating the said Bank, and also to such rules and regulations for the good order and government of the said Bank of New Brunswick as have already been made, or may hereafter be made, agreeably to the said Act incorporating the said Bank of New Brunswick, and to the said Act made in the sixth year of the Reign of King William the Fourth for increasing the capital stock of the same Bank; provided always, that the whole amount of the capital stock of the same Bank, when increased under the provisions of this Act, shall not exceed the amount to which the stockholders of the same Bank are authorized to increase the capital stock thereof, by the provisions of the said last mentioned Act, passed in the sixth year of the Reign of King William the Fourth, that is to say, the sum of one hundred thousand pounds; and provided also, that the increase of the capital stock of the same Bank, made under the provisions of this Act, shall be deemed and taken pro rata, to be in lieu of any increase of such capital stock under the provisions of the said last mentioned Act of the sixth year of the Reign of King William the Fourth. 2. When an union of the said Bank of New Brunswick and the said City Bank shall be effected, agreeably to the first Section of this Act, the persons then in office, as the President and Directors of the said Bank of New Brunswick, shall continue in office as such, and be and act as the President and Directors of such united Bank until the next annual election of officers shall take place agreeably to the said Act incorporating the said Bank of New Brunswick; provided that the provisions of this Act shall not take effect, except by the order of a majority of the stockholders of the said Bank of New Brunswick, present at a meeting to be held at any time hereafter, agrceably to the terms of the said Act incorporating the said Bank of New Brunswick, at which meeting shall be represented at least three fourths of the shares of the said stockholders. 3. All the bonds, bills, notes, or other securities, held by the said City Bank at the time of such union of the said two Banks, shall and may be transferred to and recovered by and in the name of the President, Directors, and Company of the said Bank of New Brunswick; and the said President, Directors, and Company of the said Bank of New Brunswick, shall be liable to and shall pay and discharge all bonds, bills, notes, or other securities given by the said City Bank, and outstand ing at the time of such union; and the stockholders of the said Bank of New Brunswick after the said union, shall be liable for the said last mentioned bonds, bills, notes, and other securities, in like manner as for any other debts due from the said Bank of New Brunswick. 3rd VICTORIA-CHAPTER 35. An Act to alter and amend an Act intituled An Act to incorporate sundry persons by the name of the President, Directors, and Company of the Bank of New Brunswick. Section. 1. Repeal of what Acts. Section. 3. Board, what to form. Passed 25th March 1840. WHEREAS it is thought advisable that the number of Directors to be annually chosen for the management of the concerns of the Corporation of the President, Directors, and Company of the Bank of New Brunswick, be reduced to nine, that five of such number be sufficient to form a Board for the transaction of business, and that it shall be no longer required that more than three of such Directors in office during the year preceding the day of each annual election shall be re-elected for the ensuing year; and that one of the said Directors, so to be re-elected, shall as heretofore be the President of the said Corporation, who was in office during such preceding year ; Be it therefore enacted, &c.-1. So much of the Act made and passed in the sixtieth year of the Reign of His Majesty King George the Third, intituled An Act to incorporate sundry persons by the name of the President, Directors, and Company of the Bank of New Brunswick, as relates to the number of Directors to be annually chosen for the management of the concerns of the said Corporation, the number requisite to constitute a Board for the transaction of business, and the number of Directors in office during the year preceding the day of election to be re-elected, and also an Act made and passed in the second year of the Reign of Her Majesty Queen Victoria, intituled An Act to alter and amend an Act intituled "An Act to incorporate sundry persons by the name of the President, Directors, and Company of the Bank of New Brunswick," be and the same are hereby repealed. 2. At the general meeting of the stockholders and members of the said Corporation to be annually holden as by law required, there shall be chosen by a majority of the stockholders and members of the said Corporation present, nine Directors for the management of the concerns of the said Corporation, who shall continue in office for one year, or until others are chosen in their room; in the choice of which Directors, the stockholders and members of the said Corporation shall vote according to the rule in and by the said Act of incorporation mentioned; and the Directors when chosen shall at their first annual meeting after their election choose out of their number a President; provided always, that three of the Directors in office shall be re-elected at such annual meeting for the next succeeding twelve months, of which the President shall always be one. 3. Five Directors so chosen, but no less than five, shall constitute a board for the transaction of business, of which the President shall always be one, excepting in case of sickness or necessary absence, in which case the Directors present may choose one of the board as Chairman in his stead; the President shall vote at the board as a Director, and in case of there being an equal number of votes for or against any question before them, the President shall have a casting vote. 4. Every Board of the Directors to be hereafter annually elected and chosen, shall and may exercise and enjoy all and singular the powers and authorities heretofore granted to or exercised and enjoyed by the Board of Directors of the said Corporation, under and by virtue of the said Act of incorporation. 4th VICTORIA-CHAPTER 29. An Act to extend the provisions of the Act for the increase of the Capital Stock of the Central Bank of New Brunswick, Section 1.-Residue of increased stock, how long time extended for sale. WHEREAS by the second Section of an Act made and passed in the sixth year of the Reign of His late Majesty King William the Fourth, intituled An Act to increase the Capital Stock of the Central Bank of New Brunswick, and to amend the Act incorporating the same, it is enacted that no sale of such increased stock shall be made after the period of five years from the passing of the said Act: And whereas there now remains the sum of fifteen thousand pounds of such increased capital stock unsold, and it appearing from the petition from the President, Directors, and Company of the Central Bank, that it would not at this time be advisable to dispose of the said stock so remaining unsold ;-- Be it therefore enacted, &c.-1. The term for the sale of the residue of the said increased stock, amounting to the sum of fifteen thousand pounds, shall be and the same is hereby extended to a further period of five years, and the President and Directors of the said Bank are hereby authorized and empowered to sell and dispose of the same at such time and times as they may deem expedient, giving at least fifty days notice in the Royal Gazette of the time of such sale, stating in such notice the amount of the increased stock it is intended to sell; provided that no such sale shall take place for a less sum than five thousand pounds at any one time, nor after the said period of five years from the passing of this Act shall have expired. 7th VICTORIA-CHAPTER 14. An Act to continue and amend the Act incorporating the Charlotte County Bank. Section. 1. What Section of Act repealed. 2. Stockholders' liability. 3. Directors, aggregate liability. Section. 7. Bank note when presented before suit. 8. What Section of Act repealed. 9. Directors, number to be chosen. 4. Returns of state of Bauk, &c. when 10. Board for business. 11. Directors, powers of. 12. Loan, when not allowed. 13. Limitation. Passed 25th March 1844. Be it enacted, &c.-1. The nineteenth Section of an Act made and passed in the sixth year of the Reign of King George the Fourth, intituled An Act to incorporate sundry persons by the name of the President, Directors, and Company of the Charlotte County Bank, be and the same is hereby repealed. 2. The holders of the stock of the said Bank shall be chargeable in their private and individual capacity, and shall be holden for the payment and redemption of all bills which may have been issued by the said Corporation, and also for the payment of all debts at any time due from the said Corporation, in proportion to the stock they respectively hold; provided however, that in no case shall any one stockholder be liable to pay a sum exceeding the amount of stock actually then held |