Jenks's Portland gazette. [volume] (Portland [Me.]) 1799-1802, 1799-08-05

| mlne the amount OF the payment 10 be made
on each flare, and The time when each pay
nent fhall be made alto the mode of tranf-
ferring and ddpoiing of the Cock and the pro-
hts thereof, which, being entered on the books
of faid Corporation, fhall be binding on the
Stockholders, their fuccefIsrs and a1igns Pro-
Siaed, That no Stakeholder fhall BE- allowed to
borrow at faid Bank until he fhall have paid
in his full proportion of the one Hundred tbouand
doilars aforelad. And faid Corporation are
hereby made capable in law, to have, hold, pur.
chaie, receive, podefs, enjoy and retain to them
their iucceaors and a0igns. lands, rents, tene
ments and Entertainments to the amount Of
fifteen tbou/and do2art, and no more, at any one
time, with power to bargin, fell and difpoie Of
the lame lands, tenements and Entertainments,
and to loan and negotiate their monies and
effects by difcountng on banking principles on
fueh feeurity AS they thall think adsifable.
SEcr. 8. lind be il Ja,sSer enaaed, That the
following rules, limitations and proviiions fhall
form and b: the fundamental articles OF faid
Corporation.-Fga,T That the faid Corporation
fhall not owe at any one time more than twice
the amount Of their capital iiock paid in, in
addition to the fimple amount of all monies
actually depoGted in aid Bank for fate keep.
| ing And in cafe of any excefs, the DIRECTORS,
under whole adminiitration it fhail happen,
ihall be liable for the fame in their private ca.
pacity but this il,all not be coharued to ex
empt the faid Corpor alton, or any ellate, real
or perfonaI, which they may hold body
corporate, from being alfo liable for and charge.
| able with fuch excefs.-Seeond, That the faid
| Corporation fhall not vell uie or improve any
| OF their monies, goods, ehattels or effects in
trade or commerce, but may fell all kinds of
perfonal pledges lodged in their hands by way
| OF fecurity to an amount fuflicient TO reimburle
the fun loaned.-Z6rd, That the lands, tene.
ments and Entertainments which faid Corpcra-
ton fhsll hold ihall be only fuch as ihall be
quilite for the convenient tianfaaion of its
buiineEs. -Foprib, None bat member of faid
Corporation, being citizen Of this Common
wealth. and refdent therein, fhall be eligible for
a Director or Gather and the Directors ihall
choofe one Of their own number TO an as Pref
dent. And the Gather, before he enters on the
duties of his Office, lhall give bond, with two
furetes, to the fatisfatfon of the Board of Di.
retfors, in fun not iefs than fifteen fboufand
dohnr1, with condition for the faithful diirha ge
Of the duties of bis ofice.-Fifb, No Director
Of any other Bank fhall be eligible to the Office
ola Director Of this Bank, although he may be
Stakeholder herein and any Director accept
ing an office in airy other Bank, ihall be deemed
to have vacated bis place in this Bank Sixth,
That for the well ordering of the affairs of the
faid Corporation, a meeting Of the Stockhold-
ers fhall be held, at fach place as they fhall d.
ref, on the Ara Monday in January, annually,
and at any other time during the continuance of
faid Corporation. at fuch place as ihall be ap
pointed by the Proficient and Direetors for the
time beiog by public notification being given
one week previous, at which annual meeting
there thall be chofen, by ballot, feven Directors
to continue in Office the year enfuing their
election and the number of votes to which
each to,kholder fhall be entitled, fhall be
according to the number Of flares he fhall
hold, in The following proportions that TO Jay,
tor one thare one vote, and every two flares
| above one, fhall give right to one vote more.
Provided, That no one member fhall have more
than ten votes, and abfent members fhall vote
by proxy authorized in writing No
Director fhall be entitled to any emoument for
bis fervces but the Stockholders may make
the Pre6dent fuch compensation as to them fhall
appear reafonable-Egbtb, Not lef; than four
Directors fhall con0itute Board for the tranf-
action Of buGnefs, of whom the Pleiiient fhall
always be one, except in cafe of Gcknefs or ne
ce6ary abfence in which cafe the Directors
preient may choofe Chairman for the time
being in his Aead --N;mb, All bills iGued from
the Bank aforeiaid and igned by the Prefiden',
fhall be binding on faid Corporation but it
ihall not be lawful for them to iIue any Bills
o, lds denomination than fpe dOllars Tenth,
The Directors ihall make half yearly dividends
OF all the profits, rents, premiums and intereas
Of the Bank aforefaid. --Ekvsnib, The Directors
ihall have power to appoint Gather, Clerks,
and fueh officers for carrying on the bulnefs of
the Bank, with fuch flaries, as to them ihall
fecm meet.
Sfcr. 4. find Be it further enat7ed, That the
faid Bank ihall be kept and eaabihed in tie
town of Portland aforefaid. And whereas it is
rePugnant TO the principles Of free govern.
ment, that the property of any of its citizens
ihould be placed out of the reach OF any of their
juit Creditors
Srcr. {. Be II further eaaaea That the