Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-04-22
[12 i'-2 Gents Singled

| ~ no o'OIh III tiic Satu Dank, or any
part thereof, at his pleasure, not being
less than one complete share or shares,
he ansfer being made in the banl;
books, in the presence and with thr ap.
probation OF the proprie t,r, or his law.
full attorney.
Sec. 4. And be it further enacted.
That an election shall be held in hetovn
OF Alexandria, on the first Monday of
November. in each year, of which no.
tice shall be given in one or more
newspapers, printed in the town of A
leXandria, four weeks at least before
SAID day of election. And the stock
holders shall choose, by ballot, from
among the stockholders, by major
ity OF votes, twelve directors, for the
term of one year thereafter; and on
resignation, specialization or removal
OF any director, out of the county os'
Alexandria, in the district Of Column
bia, or out of The county of Fairfax,
in the state of Virginia, the other di-
rectors, at their next meeting there
after, shall elect by ballot another per-
son, qualified as aforesaid, in his
place, for the residue of the year.
The directors shall, at tie first meet
ing after every general election, elect
oy majority of their whole number,
by ballot, from among their own num-
Der, President, who shall be, there
upon entitled to all the powers and
privileges of one and if he was be-
tore director, another director shall
be elected as aforesaid, SO as to keep
the number of directors, prescribed
by this act, exclusive of the president,
entire ; and in case Of the death, re-
resignation or removal of the presi-
dent, out of the county of Alexandia.
or County ct Fairfax aforesail, or his
refusal to accept his Office, the direc-
tors shall meet as soon as conveniently
can be thereafter, and elect another
person tor President, in the manner
before directed; but The president and
directors, at present elected by The
to- Kin "lders, shall continue to act, up-
II their successors are chosen: Pro-
vided, That IN case it should at anv
Ime happen, that an election OF direc-
tors should not be made upon any day.
when, pursuant to this act, it ought to
nave been made, the corpor ton shall
not Tor that cause be deemed To be dis.
solved, but it shall be lawful on anv
other day, within fifteen days Oh reat,
ter, 20 hold and make an election OF
directors, IN such manner as shall have
been regulated by the laws and ordi-
nances OF said corporations And pro-
vided nevertheless, That this 8, ction
may at any time hereafter be altered
or amended by Congress. in such man,
ner as they may see fit, so as to pro.
vide for AN annual rotation of the di-
rectors.
Sec. S. And he it further enacted.
That there shall be meeting of the di.
rectors quarterly, for the purpose Of
examining the affairs of the bank, any
Jour OF whom shall make boar and
the board shall have power to adjourn,
from time to time and the president.
or any three of the directors, may cali
special meeting at any other tine thar
they may think proper.
Sec. 6. And be it further enacted.
va DSo'u vi oHCCtOTS, Oy ma
Jority OF votes, shall make b, laws, de-
termlne the manner of doing business.
and the rules and forms to be pursu-
ed and dispose of the money and Gre.
OF OF the bank, for the interest and
benefit OF the stockholders and are
hereby authorised to receive for d g.
counts, made at the said bank, at the
rate aud not exceeding six per CEN
tnn per aunum and make at the ex-
Piraiion OF each half year, dividend
OF the profits, or spch part thereof, as
they may think prudent.
Sec. z. And be i, further enacted.
l hat in appointing OF cashier of the
said bank, and all othsf officers, a ma.
JoTity Of the whole directors shall be
necessary to choice.
Sec. 8. And be il further enacted. Z
That any director, officer or oder pe,. {
son, holding any share or capital oil. he y
said bank stock, who shah commit znssclIt
fraud or embezzlem, TT, 'touc ing ~
money or property Of said Sank 4
shall be liable to be prosecuted IN he