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

the arount Of the stock, stocks OF shares,
which shall apnear by the books OF sald
company to belong to him at the ,lme or
fines when such loss or losses shall be
sustained, except as is hereafter excepted
that is to say: If the total amount Oh Tie
debts which said company shall at any
time owe, whether by bond, note, bill or
other contract, shall exceed twice the a.
mount eff the capital stock Of the said
hank, over and above the monies actually
depasited in the bank for safe-keeplng'
then. in ease Of such excess, the directors
under whose administration it shall hap
nen. shall be liable for such excess in their
natural and private capacities !: and an
action or actions ofde may be brought a.
gainst them or any Of their heirs. execu-
tors or administrators, in any court OF re-
co,I within the District of Columbia, by
any creditor or creditors of said company,
and may be prosecuted to judgment and
execution, any condition or covenant, or
agreement, to the contrary notwitlstand-
ing but this shall not be construed to OK
empt the said body polite, or lands, tene-
nents, goods or chattels, of the same, from
being also liable for and chargeable with
said excess ProUided, That such Of the
said directors, who may have been absent
when said excess was contracted, or ere
ated, or who may have dissented from the
resolution or act, whereby the same was
so contracted or created, may respectively
exonerate themselves from being SO liable,
by forthwith giving notice OF the fact, and
of their absence or dissent, to the Mayor
of the town Of Alexandria, for the time
being, and to the stockholders at a gene
raj meeting. which he or they shall have
power to call for that purpose. And in
case the directors, by whose act such ex-
cess shall be occasioned, shall not have
property to pay the amount Of such excess,
then each and every stakeholder shall be
liable in their private capacities for the
deficiencies, in proportion to their respec-
tive shares in the said bank.
Sec. IL. find be it further enacted,
That the said president and directors shall
not issue any note for smaller sum than
five dollars and the said president and
directors shall, once in every year, cause
to be laid before the Secretary of the
Treasury of the United States an account
truly sEstinS the situation of the bank and
it's funds
SEC. 12. find be it further enacted,
That no director shall be entitled to any
emoIument, unless the same shall have
been allowed by majority of the stock
holders, at a general meeting, but the
directors shall make such compensation
to the president for his extraordinary
services and attendance at the bank, as
shall appear to them reasonable.
Sec. Is. find be it further enacted,
That none but stakeholder, being citi-
zen OF the United States, and resident
of the county of Alexandria, or county of
Fairfax aforesaid, shall be eligible as a
president or director.
SEC. III. find be it further enacted,
That number Of stockholders, not less
than twenty, who together shall be pro-
prietors OF one thousand shares, or upwards,
shall have power at any time to call &c
neral meeting of the stockholders, for pur
poses relative to the institution, giving at
least six weeks notice in one or more news
papers, printed in the town of Alexan-
dtia, and specifying in such notice the OBJ
ject or objects ofsuch meeting.
SEC. IS. find be it further enacted,
That this act shall, to all intents and pur-
poses, be deemed and held public act.
j. b. VARNUM, Speaker
Of the House Of Representatives..
GEO. CLINTON,
Tice-President Of the United States,
ahd President Of the Senate.
February Is, 1911.
APPROVED,
JAMES MADISON.
NEW-HAVEN, June Is.