Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-03-25

the president and directors shall APP.
lPoint, by giving four weeks notice in
two or more of Lie newspapers of the
district, for the purpose Of electing d.
Irectors for the ensuing year, whc,
shall meet on the day succeeding thei,
slection, and shall Immediately pro.
coed to choose a president and tue
president and directors for the ,ir,e
being shall continue in Office until
Others shall be duly elected in their
places, and be organized by the as.
sembling ofa quorum, aud the choice
of president. At all elections the
persons having the greatest number
OF votes shall be deemed to be cho-
sen. All elections shall be held w..
der the superintendance of the presi-
dent of the Bank, for the time being,
and four stockholders not being a, the
time directors, appointed by the beard
or directors, any three of whom shall
DC Judges thereof. They shall imme-
diately thereafter notify the persons
elected to meet the ensuing day a, the
Bank; and shall make a return of tie
persons elected at their first meeting.
Should two or more persons have an
eq ial humber of votes, the other in
'dividuals elected directors, shall de.
termine by ballot from among said
persons, who shall be the director or
directors. All elections shall be o.
Pened at ten O'clock in the forenoon,
and closed at three in the eft-rnoon.
Sec. s. And be it further enacted, That
the president aud directors shall have
full power TO make, revise, alter and
7nnui all such rules, orders, bye laws
and regulations, for the government
OF said corporation, and that of its of
hcers, servants aud affairs, as they shall
rom time to time think expedient-
and to use, employ and dispose OF
their capital stock, finds and proper
~ of said Bank, TOR the interest and
benefit of the stockholders, subject on
" to the restrictions herein contained
but the said Bank shah NOT take fer
discounting any bill or note, more
thau at the rate of SIX per cent. per
annum, upon the amount due by such
bill or note.
Sec Z. And be it further enacted, That
all promissory notes, bills of exchange,
drafts, checks and receipts, for the
payment of money made on behalf of
the Bank, signed by the presiden
and countersigned and attes,ed by the
cashier, shall be obligatory upon the
said body corporate, and shall possess
the like qualities as to negotiabiiity,
and the holders thereof shall have the
like actions thereupon, as if such
pro missory notes, bills of exchange,
drafts, checks or receipts had been
made by or on behalf of natural
person.
Sec. o. And be !, further enacted, That
the books, papers, correspondence and
funds OF the Bank, shall at all time
be subject to the inspection of thr
directors. And the said president
and directors shall once in every year
cause to be laid before the Secretary
& of the Treasury of the GATED States,
ian account, truly stating the situation
of the Bank and its funds.
/ Sec. 9. And be IT further enacted That
the said president and dire csors, shall
have power to appoint cashier, and
! all other officers and servants, for exc
J cutting the business of said Bank, and
to establish the compensation to be
made 10 the president and all other Of
ficers and servants of the bank, re-
spectively but no compensation shall
be given to director for his services,
except by vote of the stockholders
in general meeting.
| Sec. 10. And be it further enacted, That
the president and directors, shall have
power TO call gensral meeting oil
the stockholders, for purposes con.
corning the interest Of the Bank, Civ
ing at least sit weeks notice, in one
or more of the news papers OF the dis
trict, specifying in ouch notice the
object or objects of such meeting.
! Sec. Il. Mud be it further enacted, That
the shares of the capital stock, sc any
time owned by auv individual stock
holder, shall be transferable cuiy on
the books Of the Bank, according 10
such rules, as may, conformably TO
law, be established in that behalf, by
the president aud directors but all
debts actually due, and payable TO the
Bank days Of grace for payment be-
liz y 4 4. \