Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-06-19

every SLOchflOiuCf Ahdy SoAA - .ts2A
his stock in the said Bank, or any part
thereof, at his pleasure, not beihs 'oss
than one complete share or shares, ''.e
transfer being made in the bank books III
the pre- sence and with the appreciation Oh
the oroprietop or his lawful attorney.
SEC. i. find be it further enactea' ha'
an election shall be held i'll the town OF Il
lexandria, on the first Monday OF Novem-
Der in each year Of which notice shall DC
given in one or more newspapers, piils'eu
i'm the town of Alexandria, four weeks d.
least. before said day Of election. Ana
the stockholders shall choose by DaAot'
from among the stockholders, ny a ma
ior;ty Of votes, twelve directors, Tor the
Term of one year thereafter; and ON re-
sipnation, disqualification @" removal OF
any director, out ofthe county oil AleNan-
dria, in the district of Columbia, or out
ofthe county Of Fairfax, in the state OF
Virginia, tho other directors. at their
next meeting thereafter, shall elect by
ballot another person, qualified as atore-
said, in his place, for the residue OF the
wear. The directors shall, at the first
meeting after every general election, elect
by majority of their whole number. by
ballot, from among their own number
President. who shall be thereupon enti-
tied to all the powers and privileges Clone;
and if he was before director, another
director shall be elected as aforesaid, SO
as to keep the number of directors, pre-
scribcd by this act, exclusive OF the prcsI-
dent. entire and in case of the death, re-
siynation Or removal Of the president. out
ofthe county Of Alexandria, or county OF
Fairfax aforesaid, or his refusal to accept
his Office. the directors shall meet as seen
as conveniently can be thereafter, and G.
lect another person for president, i'll the
manner before directed but the president
and directors, at present elected by the
stockholders, shall continue TO act, until
their Successors are chosen: PrOrlded,
That in ease it should at any time happen
that an election of Directors should not
be made upon any day, when, pursuant
to this act, it ought to have been made,
the corporation shall not for that cause be
deemed to be dissolved, but it shall be
lawful on any Other day, within fifteen
DAYS thereafter, to hold and make an G.
lection OF directors, In such manner, as
shall have been regulated by the laws and
ordinances of said corporation. find pro-
rided nevertheless, That this section may
at any time hereafter be altered or a
mended by Congress, in such manner as
they may see tit: SO as to provide for an
annual rotation Of the directors.
SEC. ). find belt further enacted, That
there shall be meeting of the directors
quarterly, for the purpose of examining
the affairs Of the bank, any four of whom
shall make Il board and the board shall
have power to adjourn from time to time:
and the President or any three of the Di-
rectors may call special meeting at any
other time that they may think proper.
Sec. +. And belt further enacted. That
the board of directors, by majority of
votes, shall make bye laws, determine
the manner of doing business, and the rules
and forms to be pursued; and dispose Of
the money and credit of the bank, for the
interest and benefit of the stockholders;
and are hereby authorized to receive for
discounts, made at the said bank, at the
rate and not exceeding per cent. per
annum, and make at the expiration Of each
half year, dividend of the profit, or such
part thereof, as they may think prudent.
Sec. 7. find be il. further enacted, That
in appointing a cashier of the said bank,
and all other officers. majority Of the
whole directors shall be necessary to a
choice.
SEC. 8. And be il. further enacted, That
any director, officer, or other person, hold
iay any share or capital of the said bank
stock, who shall commit any fraud or
embezzlement, touching the money or pro-
perry Of said bank, shall be liable to be
prosecuted, in the name Of the o. States,
by Indictment for the same and upon
conviction thereof, shall, besides the re-
medy that may be had by action, in the
name efthe President and Directors ofthe
bank of Potomac, for the fraud aforesaid,
a - <ho ooC,nopx- oJl HE share aud