Minutes of a
meeting of the Stock holders of the Kirtland Safety Society Bank; held
on the 2nd day of
Novem ber, A. D. 1836. When the following
preamble and articles were read three times by
, and unanimous ly adopted.
Stockholders of the Kirtland Safety Society Bank, for the more
per fect government and regulation of the same, do ordain and
establish the fol lowing constitution.
stock of said Bank shall not be less than four millions
of dol lars; to be divided into shares of fifty dollars each; and may
be increased to any amount, at the discretion of the directors.
of said Bank shall be under the superintendence of thirty two
directors, to be chosen annually
by, and from among the Stockholders of the same; each Stockholder
being en titled to one vote for each share, which he, she or they may
hold in said Bank; and said votes may be given by proxy or in
shall be the duty of said directors when chosen to elect from their
num ber a President, Cashier, and chief
Clerk. It shall be the further duty of said directors to meet in the
Director’s Room, in said Banking house, on the first Mondays of
November and May of each year, at 9 o’clock A. M. to in spect the
books of said Bank, and trans act such other business as may be deemed
It shall be
the duty of said directors to cho[o]se
from among their number six men, who shall meet in the Banking house on Tuesday of each
week, at 4 o’clock P. M. to
examine all notes pre sented for discounting, and enquire in to, and
assist in all matters pertaining to the Bank.
shall receive from the Bank one dollar per day for his servi ces when
called together at the semi- annual and annual meetings. The
Pres ident, Cashier, chief Clerk and the six, the committee of the
directors, shall re ceive a compensation for their services as shall
be agreed by the directors at their semi-annual meetings.
election of directors as set forth in the second article, shall take
place at the meeting of the Stockhold ers to adopt this constitution,
who shall hold their office until the first
Monday of November, 1837 unless removed by death, or
misdemeanor, and until others are duly elected. Every annual election
of directors shall take place on the first Monday of November of each
year.— It shall be the duty of the President, Cashier, and chief
Clerk, of said Bank to receive the votes of the Stockholders by
ballot, and declare the election.
books of the Bank shall be al ways open for the inspection of the
shall be the duty of the officers of the Bank, to declare a dividend once
in six months; which dividend shall be apportioned among the
Stockholders, according to the installments by them paid in.
subscribing stock in said Bank shall pay their first installment at
the time of subscribing; and other in stallments from time to time, as
shall be required by the directors.
shall give thirty days notice in some public paper, printed in this
county, previous to an installment being paid in. All subscribers
resi ding out of this State, shall be requi red to pay in half the
amount of their subscriptions at the time of subscribing, and the
remainder, or such part there of as shall be required at any time by
the directors after thirty days notice.
shall be empowered to call special meetings of the directors,
whenever he shall deem it necessary; separate and aside from the
annual and semi-annual meetings.
thirds of the directors shall form a quorum to act at the semi-annual
meetings; and any number of the six, the committee of the directors,
with the officers of the Bank, or any one of them may form a quorum
to transact business at the weekly meetings; and in case none of the
six are present at the weekly meetings the officers of the Bank must
transact the business.
directors shall have power to enact such by-laws as they may deem
necessary from time to time, providing they do not infringe upon this
Any article in
this constitution may be altered at any time, amended, added unto, or
expunged by the vote of two thirds of the Stockholders.