Notice to be given of election.That the president and directors for the time being, shall give four weeks’ public notice in the newspapers of Alexandria, and in one or more newspapers in the city of Washington, of the time and place of holding the election of directors, annually.
Oath of president and directors.
President to give bond.
Cashier and others to take an oath and give bond.Sec. 16. And be it further enacted, That the president, and each director, before he enters upon the duties of his office, shall take the following oath or affirmation (as the case may be): I do solemnly swear, (or affirm,) that I will impartially, faithfully, diligently and honestly, execute the duties of of the Mechanics’ Bank of Alexandria, conformably to the constitution of the same, and the trust reposed in me, to the best of my skill and judgment: and the president shall give bond and security for the faithful discharge of his duties, to the satisfaction of the directors; the cashier, other officers and servants, shall also take an oath, and give bond and security to the satisfaction of the president and directors.
President and cashier to sign and countersign notes.
Smallest notes to be five dollars.Sec. 17. And be it further enacted, That all bills, bonds, notes, and every other contract or engagement on behalf of the corporation, shall be signed by the president and countersigned by the cashier; and the funds of the corporation shall in no case be liable for any contract or engagement, unless the same shall be signed and countersigned as aforesaid; and the president and directors shall not issue any note for a smaller sum than five dollars.[1]
Officers of the bank not to purchase bills at more than lawful discount.Sec. 18. And be it further enacted, That if the president, or any director, the cashier, or any other officer of the said bank, shall be concerned directly or indirectly, in purchasing any note or notes, bill or bills, at more than lawful discount or interest, and information thereof be given and supported to the satisfaction of a majority of the board of directors, his or their seat or seats of office shall be vacated, and the directors shall fill up such vacancy or vacancies.
Supply of vacancies.Sec. 19. And be it further enacted, That in case of the death, disqualification or resignation of the president or any director, or any officer or servant of the said corporation, the board of directors shall, at their next meeting, fill such vacancy; and in case of sickness or necessary absence of the president, his place may be supplied by a director, to be appointed president pro tempore, by the president, and on his failing to make such appointment, by the directors.
Now lawful to receive more than one per cent. for sixty days.Sec. 20. And be it further enacted, That it shall not be lawful for the president and directors to demand or receive a greater discount or interest, than at the rate of one per cent. for sixty days, upon any loans or advances of money which they may make.
Shares transferable, &c.Sec. 21. And be it further enacted, That the shares of the capital stock shall be transferable at any time, according to such rules as may be established by the president and directors; but no stock shall be transferred, the holder thereof being indebted to the bank, until such debt be satisfied, except the president and directors shall otherwise order it.
Forty stockholders may call a general meeting.
Six weeks’ notice to be given.Sec. 22. And be it further enacted, That a number of stockholders not less than forty, who, together, shall be proprietors of twenty thousand shares or upwards, shall have power at any time to call a general meeting of the stockholders, for purposes relative to the constitution, giving at least six weeks’ notice in one or more newspapers in the town of Alexandria and city of Washington, specifying in such notice the object or objects of such meeting.
- ↑ The 17th section of the act incorporating the Mechanics’ Bank of Alexandria, passed May 16, 1812, providing that “all bills, bonds, and notes, and every other contract or engagement on behalf of the corporation, shall be signed by the president, and countersigned by the cashier, and the funds of the corporation shall in no case be liable for any contract or engagement, unless the same shall be signed as aforesaid,” does not apply to contracts and undertakings implied at law. Mechanics’ Bank of Alexandria v. The Bank of Columbia, 5 Wheat. 326; 4 Cond. Rep. 666.
