Page:United States Statutes at Large Volume 2.djvu/675

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ELEVENTH CONGRESS. Sess. HI. Ch. 19. 1811. 639 Sec. 9. And be it jlzrther enacted, That the said president and direc- omeers, Sw. {Org shall have power to appoint a cashier, and all other otlioer and he- MW ¤P· sermrits, for executing the business of said bank, and to establish the P°"‘°°d' 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 dipectorrfor his services, except by a vote of the stockholders in enera meeun . g Sec. 10. ..4151 be it farther enacted, That the president and directors Genemlmest. shall have power to call a general meeting of the stockholders, for pur- ings ¤*` dw poses concerning the interests of the bank, giving at least six weeks’ "°°kh°ld°"‘ notice, in one or more of the newspapers of the district, specifying in such notice the object or objects of such meeting. Sec. 11. And be it further enacted, That the shares of the capital Transfer or stock, at any time owned by any individual stockholder, shall be trans- ¤l¤¤¥¤¤· ferable only on the books of the bank according to such rules, as may, confbrmably 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 passed) 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. Sec. 12. And be it furtlwr enacted, That the dividends of the profits Dividends to of the company, or so much of said profits as shall be deemed expedient l’° $l°°l¤*°d and proper, shall be declared half yearly, in the first week in April and ”°m"“"°”uy' October, in each year; the amount of said dividend shall from time to time be determined by the president and directors, and shall in no case exceed the amount of the net profits actually acquired by the company, so that the capital stock of the said company shall never be impaired by dividends. Sec. 13. And be it further enacted, That if the said directors shall at capital notto any time, wilfully and knowingly make or declare any dividend which bl? l¤'¤P¤l*°d shall impair the said capital stock, all the directors present at the making l €r°by' or declaring of said dividend, and consenting thereto, shall be liable in their individual capacities to the company, for the amount or proportion cl` said capital stock so divided by the said directors; and each director p;,,,,,t,,,,w;,,, who shall be present at the making or declaring of such dividend, shall are present at be deemed to have consented thereto, unless he shall immediately enter gZ:$id:‘:§;Q§bf; in writing, his dissent on the minutes of the proceedings of the board, ` and give notice thereof to the Secretary of the Treasury of the United States. Sec. 14. And be it jbrfluzr enacted, That the bank shall, in no case, Bank not to be owners of any ships or vessels, or directly or indirectly, be concerned 3}*; :¤%;‘g°d “' in trade, or the importation or exportation, purchase or sale of any P ’ ' goods, wares cr merchandise whatever, except bills of exchange, bullion, stock of the United States, or of incorporated institutions, and such ships, vessels, goods, wares or merchandise, as shall be truly pledged to them by way of security for debts due, owing or growing due to the said bank, or purchased by it to secure such debts. Sec. 15. And be it further enacted, That the bank shall not purchase N,,,.;,, map",. cr hold any lands, tenements or other real estates, other than what may gba!; vf Inndv, be necessary for the convenient transaction of its business, unless such °‘ °‘ lands, tenements and real estates, shall have been bona fide mortgaged to the bank by way of ecurity or conveyedlto it in satisfaction of debts previously contracted in the course of dealings, or purchased to secure debts contracted with or due to the bank; and in every instance m which the bank may become the owners or claimants of lands, tenements or real estates, the president and directors are empowered to sell or dispose pf the same, in such a manner as they may deem beneficial for the smd ank. Sec. I6. And be it f·iu·f}u·r enacfrd, That if any vacancy shall at any