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.
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
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.
examine all notes pre sented for discounting, and enquire in to, and assist in all matters pertaining to the
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 meetings.
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
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.
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 , previous to an installment being paid in.
All subscribers resi ding out of this , 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.
Attest , Cl’k. [p. ]