Page:United States Statutes at Large Volume 2.djvu/663

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ELEVENTH CONGRESS. Sess. HI. Cu, 16. 1811. 627 the president of the bank for the time being and four stockholders, not being at the time directors, appointed by the board of directors, any three of whom shall be judges thereof They shall immediately thereafter notify the persons elected to meet the ensuing day at the batik, and shall make a return of the persons elected at their first meeting. Should two or more persons have an equal number of votes, the other individuals elected directors shall determine by ballot from among said persons, who shall be the director or directors. All elections shall be opened at ten o’clock in the forenoon, and closed at three o’clock in the afternoon. Sec. 6. And be it further enacted, That the president and directors Powers of the shall have full power to make, revise, alter and annul all such rules, §T°Sl$"“";“d orders, by-laws and regulations, for the government of the said corpora- ,,:3,; i),?_],,:,°,,_ tion, and that of its officers, servants and affairs, as they shall, from time to time, think expedient; and to use, employ and dispose of the capital stock, funds and property of the said bank, for the interest and benefit of the stockholders, subject only to the restrictions herein contained; but the said bank shall not take, for discounting any bill or note, more than at the rate of six per cent. per annum, upon the amount due by such bill or note. Sec. 7. And be it further enacted, That all promissory notes, bills of Promissory exchange, drafts, checks and receipts, for the payment of money, made ;’i°l:;;S;°‘ on behalf of the said bank, signed by the president, and countersigned pgsidguz Obi,. or attested by the cashier, shall be obligatory upon the said body corporate, sntory upon and shall possess the like qualities as to negotiability, and the holders 2g°lg;°l‘l°'°’ thereof shall have the like actions thereupon, as if such promissory notes, i ` bills of exchange, drafts, checks or receipts, had been made by or on behalf of a natural person. Sec. 8. And be it further enacted, That the books, papers, corre- Books, Src. spondence and funds of the bank, shall at all times be subject to the lim- S“l7l°°*l" inspection of the directors. And the said president and directors shall of once in every year cause to be laid before the Secretary of the Treasury Reports to be of the United States an account truly stating the situation of the bank ""¤d"*° 'l‘° S°°· and its mis. {g;;;;,,;' *’···= Sec. 9. And be it further enacted, That the said president and direc· _President and tors shall have power to appoint a cashier, and all other officers and ser- d‘R€‘;*°:: ‘° *;,1; vants, for executing the business of the said bank, and to establish the 2;;;, &J&g_ ` compensation to be made to the president and all other officers and servants of the said bank respectively. But no compensation shall be given to a director for his services, except by a vote of the stockholders in general meeting. Sec. I0. And be it further enacted, That the president and directors G€,,e,.,]m,,€t_ shall have power to call a general meeting of the stockholders, for pur- ings of the poses concerning the interests of the bank, giving at least six weeks’ “°°kh°ld°"· notice in one or more of the newspapers of the city of Washington, specifying in such notice the object or objects of such meeting. Sec. 11. And be it ftrther cmzclcd, That the shares of capital stock, Sym,,, how at any time owned by any individual stockholder, shall. be transferable transferable, only on the books of the bank, according to such rules as may, con- 8‘°·&°‘ formably to law, be established in that behalf by the president and directors; but all debts actually due and payable to the bank (days of grace for payment being past) by a stockholder requesting a transfer, must be satisfied before such transfer shall be made, unless the president and directors shall direct to the contrary. Sue. I2. And be it further enacted, That the dividends of the profits Dividends, of the company, or so much of said profits as shall be deemed expedient §;£5A;}5°*g_L;° and proper, shall be declared halfiyearly, in the first week in May and ’ ’ November, in each year; the amount of said dividend shall, from time to time, be determined by the president and directors, and shall in no case exceed the amount of the net profits actually acquired by the com·