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

cution, any condition, covenant or a
greement TO the contrary notwithstan-
ding but this shall not be construed
to except the said body polite, or the
lands, tenements, goods and chattels
OF the same, from being liable for, and
chargeabie with the said excess. Such
OF the directors who may have been
absent when the said excess was con-.
tracted, or created, or who may have
dissented from the resolution, or act,
whereby the same was so contracted
or created, may respectively exoner-
ate then selves from being so liable,
by forthwith giving notice of the fact,
and OF his absence or dissen', to the
mayor of the Gown of Ale1Andria, for
the time being, Nand to fKe stockhol-
ders1et general %pe sNhg, which he
oyfHs shall have po3 to call for that
p4tpo {. And in 0ase the directors,
byfgh93e act sucbsxcessA shall be oc-
ca 61zd shall n6f have property sufIi-
CT to pay the amount Of SUBJ excess,
tHeR each and every stockholdsS shall
be liable in their private capacities for
the deficiency, in proportion to their
respective shares In said bank.
Sec. IS. And be it further enacted,
That the president and directors shall
not issue any note for smaller sum
than FIVE dollars and the president
and directors shall, once in every year,
lay before the Secretary of the Trea-
sury an account, truly stating the sit
uatlon of the bank, and its funds, If
w.? sssSl4. AM be it fsye6sr enacted,
Thst dire ctorS shaltbe entitled to
any smSla ment, d4le SIS the same shall
havs been allowedbS majority of
the atockholderstat gsneral meeting.
The directorsjshall Nuke such com
pensation to Tie presidentA for his ex-
traordinary services and attendance at
the bank, as shall appear to them rea-
sonable.
Sec. IS. And be it further enacted,
That none but stakeholder, being
resident of the district of Columbia,
shall be eligible as a president or di.
| rector.
Sec. is. And be it further enacted,
Thai every cashier, or treasurer, be-
fofehe enters upon the duties Of his
oaics, hall give bond with two or
md re- Securities to the satisfaction of
the Iirectors, for his good behavior
in &cr.
Sec, II: And be it further enacted,
That if in any case it shall at any time
happen, that an election of directors
shall not beApade on ANY day when,
pursuaat TO this act it ought toebe
mad, it1shall and may bs IaR IN ON
adyoeher day t6Sheld and nhake shae-
lection ofdireefors, fnsuch mannersas
shaINhave been regulated by the laws
and ordinances of the: said president
and directors.
Sec. IS. And be it further enacted,
That process oflsw, served on the pre-
sident for the time being, shall be deem-
ed sufficient service, and shall avail In
like manner, as If it had been served
on all the directors, to the intent and
purpose of making the said corporate
company responsible.
Sec -. And be it further enacted,
lhatSwhenever any vote shall be Civ
eng eenfahing express consent in wri.
ting, THAT it may be negotiable at the
said he1k and the same shall be en-.
dorsed, fragment be refused or neg
iected to " made, at the time it shall
have became due, the like proceedings
are to beAhkd out of court, and suit
may be prosecuted against the drawer
and endorser, Jointly or separately,
In like manner as if the same was
bill Of exchange.
Sec. 90. And be 1t further enacted.
That the said bank shall continue 20
transact its business of discount and
deposit in the county OF Alexandria.
in the district of Columbia.
]. b. VARNUM,
Speaker IF the House 81 ReprcsentatiUes
GEO: CLINT ON,
Vice President o T the United States, asi
President Of the Senate.
APPROVED,