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
and unanimous ly adopted.
We the 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.
The capital 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.
The management 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 propria persona.
It 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 necessary.
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.
Each director 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
The first 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.
The books of the Bank shall be al ways open for the inspection
of the Stockholders.
It 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
All persons 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.
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.
The President 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.
Two 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.
The 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 constitu tion.
Any article in this constitution may be altered at any time,
amended, added unto, or expunged by the vote of two thirds of
Cl’k. [p. ]