Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-03-28

stocks or shares, which shall .,o..u,
books of the said company to beicpg - =, ne
at time or times, when such loss or losss ~
shall be sustained, except as is heresfisr > s
cepted, that is to say : if the total amont =.
debts, which the said company shall a, sr VI
owe, whether by bond, bill, note or o.hor cnr
tract, Shall exceed double the alnoun, of ~;
tai stock OF the Said bank actually paid in p''
and above the monies actually deposited in ~.
bank tor saie-keeping, then in Case Of sucb sv
cess, the directors, under whose adminis,rs ,;.S
1t shall happen, shall be liable for such excesa
In their natural and private capacities and ~
action or actions OF debt may be brouob.
gainst them, orany OF them, their heirs. e.
3ors or administrators, in any court of rso,U,
within the United States, by apy cre,l;,o" 'lu
creditors OF the said company, and NAV be Nro
secuted to Judgment and execution, any row
dltion, covenant OF agreement to the contrsa.
notwithstanding but this shall not be 80,
strued to exempt the said body polite, or TN.
lands, tenements, goods and chattels of ,rs
same, from being liable for, and charpesb,.
with the said excess. Such of the direc,ors
who may have been absent, when the said ev
cess was contracted, or created, or who r,a,,
have dissented from the resolution. or ~,
whereby the same WAS so contracted or cres,sS
may respect fully exonorate themselves
from being so liable, by forthwith CIV
ing notice Of the fact. and of bic p,
scnce or dissent, to the nayor os ~.
town OF Alexandria. for tic tine bel,o. AVID >.
the stockholders at general meetnn' rb;.b
ne or they Shall have power to call for tb,t
purpose. And in case the directors, BY uhoS.
act, such excess Shall be occasoned. shaH,r,
have property sufficient to paw the amourt r
such excess, then each and every stockboder
shall be liable III their private capacities for n,
deficiency, IN proportion to their resneer;v,
shares In said bank.
Sec. Is. .1nd BE- ii 1ur.her enort,d Thu, &.
president and directors shal! not issue any no,.
tor smaller sum than five dollars and RI.
president and directors shall, ccc IN every
year, lay before the secretary Of the treasury
an account, truly St:Llg tha situation of the
bank, and It's funds ii required.
Sec. IA. Ind he b: further enacted, That ma
director shall be entitled to any emounent.
unless the same shall have been allowed Ly
majority of the stockholders at general meet.
ing. The directors shall make such compcn-
satlon to the president, for his extraordinary
services, and attendance at the bank, as shall
appear to them reasonable
Sec. IS. Ind b. il. further enacted, Thstpone
but stakeholder, being resident OF the Dis
OF Colurnbia, shall be eligible as presidel.to Or
director.
Sec. l6. AnG be il JxrtEer euacted, That G.
very cashier, or treasurer, before he enters 10.
on the duties OF his Office, shall give bond
with two or more securities to the satisfaction
OF the directors, for his good behaviour in Of.
Ace.
Sec. II. Ind be it further enacted, That in
case Shall at any time happen, that N
election OF directors shall not be made on a.v
Gay when, pursuant to this act, it ought to be
made, 1t Shall and may be lawful on any Other
DAY to hold and make an election of directors,
III such manner as shall have been regulated
ty Inc laws and ordinances Of the said presi-
dent and directors.
Sec. l8. .d',d be it further enacted, That
process of law, served on the president for
the time being, shall be deemed sufficient scr.
wee, and Shall avail III like manner, as If it
had been served on all the directors, 10 tie
intent and purpose of making the said corpo
rate company responsible.
oec. ~. ind be ii further enacted, Tha
any note shall be given, containing
express consent In writing, that it may Ge nc.
SoclaDie at the said bank, and the SAME shall
DC endorsed, IT payment be refused or negiee'
tea to De made, at the time it shall have be-
come due, the like proceedings are tc be bid
out OF court, and suit may be prosecuted a.
salnst the drawer and endorser, Jointly or Sc
Parately, In like manner as il the same w2s
bill OF exchange.
Sec. 20. Ind be It further enGcted, That Il
SAID bank shall continue to transact It's b.
ness OF discount and deposit in the countgd
Alexandria, in the district Of Columbia
J. E. VARNUM,
Ateaker fthe House Of Retresentati'h'
GEO. CLINTON.
Pice-President Of tic CEi!d
States and President Of tie 4GeA.e'
February Is, 1911.