Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-04-18

no ice, Snall CnOOSc ny Odiio., from a.
mong themselves, by a majority of
votes such as shall be present, or by
proxy, nine directors, being citizens
OF the United States, for the term of
one year thereafter; and on the same
day annually, for and during the con
tinuance Of this act, {: like election
shall be made; aud in case OF refu-
sal, death, resignation, Disqualified
ton or removal out Of the district Of
Columbia, of any director, the remain
ing di ectors, at their next meeting
thereafter, shall elect by ballot another
person, qualified as aforesaid, in his
place, for the residue of the year,
The directors, or any seven of them,
shall, at their first meeting after every
general election, elect by 4 majority
of members present, by ballot, from
among the stockholders, president,
who shall, whether director or not,
be thereupon entitled to all the pow
ers and privileges OF one and if he
was before director, another diree-
tor shall be elected as aforesaid, so as
to keep up the number of directors,
prescribed 10y this act exclusive of the
president and in case ofrefusal, death,
resignation or removal out of the dis
tiict aforesaid, Of the president, the
directors shall meet as soon as conve-
niently can be thereafter, and elect
another person for president, in man.
ner before directed.
Sec. 6. And be it further enacted,
That there be a meeting of the direc-
tors quarterly, for the purpose of re-
gulating the affairs of the bank, any
FIVE of whom shall make board and
that the beard have power TO adjourn
from time to time; and the president,
or any three Of the directors, may call
Especial meeting at any other time they
may think necessary.
Sec. Z. And be it further enacted,
That the board OF directors shall de.
termine the manner of doing business,
and the rules and forn,s to be pursu-
I'd appoint and pay the various off,
GERS which they may find necessary !;
and dispose of the money and credit of
the bank, at rate not exceeding six
per centum per anuum: and make half
yearly dividends of the profits, or of
such part thereof, as they may think
prudent.
Sec. 8. And be it further enacted,
That in the appointment of cashier. of
the said bank, majority of the votes
OF seven directors shall be necessary to
a choice.
Sec. 9. And be it further enac ted i,
That the board shall, at every quarterly
meeting, choose three directors, TO in
spect the business of the bank, tor the,
ensuing three months and the inspec-
tors so chosen, or any two of them,
shall, on the evening of every Saturday,
examine into the state of the cash ac-
count, and all the notes received and
issued; and see that those accounts are
regularly balanced and transferred.
Sec. TO- And be it further enacted,
That any director, officer or other per-
son, holding any share or capital of the
said stock, who shall commit any
fraud or embezZlement, touching the
money or property of the said bank,
shall be liable to be prosecuted in the
name Of the United States, by indict-
ment for the same, 10 any court of law,
in the district wherein the offence shall
be committed ard, upon conviction
thereof, shall, besides the remedy that
may be had by action, in the name Of
the president, directors and company
Of the bank of Alexandria, for the
fraud aforesaid, forfeit all his share
and stock in the said Bank to the COM
pany.
Sec. II. And be il further enacted,
That it shall not be lawful for the bank
hereby incorporated to loan by dis
count or otherwise more than twice the
amount OF its capital stock, &C uaIIy
paid in.
ST C. 10. Ard be it further enacted.
That no stakeholder or member of the
said conpany shall be answerable
for any loss, deficiencies or failure of
the capital stock OF said bank, for any
more or lrger sum or sums OF money
whatsoever, than the amount Of the
stock, stocks or shares, which shall