Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-04-25

keep a book, In which their procee-
dings at their meetings as board ,
shall be regularly recorded, and upon !
every question which may occur, the !
ayes and noes thereupon shall be noted,
viii h record book shall at all times be
open To the inspection OF any sIockhol
der, not being director, officer or
srrVsnt of any o;her bank, who shall,
six months previous to his application
be the proprietor of stock, TO the a
mount Of three IN usaud dollars.
Sec. IL And be it further enacted,
That any number OF stockhold, rs, not
less than twenty, owing together fifty
thousand dollars of stock, shall be at
liberty TO call a meeting OF the stock.
holders at any time, and may appoint
thr, c of their nurb Der as a committee
To examine into the state and condi-
ton OF the bank and the manner In
which its affairs have been conducted /;
Provided, that no member Of such com
mittee shall be a director, president or
other officer or servant of any other
bank.
Sec. IS. Aad be it further enacted,
That the president and cashier shall
r. sptctivelv give bond and security,
and also take an oath, for the faithful
discharge II their duties the presi-
dent in the sum of twenty thous nd
dollars, aud tie cashier in the sum
o. ,hir,v thousand dollars III, other
officers and servants shaft also take an
Il 4
ri,y in such sums as the president and
directors my prescribe.
Sec. IS. And be it further enacted,
That the said bank shall not az any time
discount or loan a greater sum than
double the amount of the capital stock
thereof, which shall b. actually paid
In.
Sec. II. And be i, further enacted,
That elloills, bonds, notes and every
contract or engagement, on behalf of
the corporation, for the payment of
money, shall be sgnea by the Pre-
sident, and coun,ersigns;l By the ca
shier and the funds OF the corpora
ton shall in no case be liable for any
conract or engagement, unless the
same shall be signed and countersign-
ed as aforesaid and the president and
directors shall not issue any note for
q smaller sum than FIVE dollars.
Sec. 10. And be it fur,her enacted,
That 1t shall nos be lawful for the
president and directors, To demand or
receive a greater discount or interest,
than at tn ra'e o. one per cent Tor six.
~ days, upon any loans or advances
S55 ~ SAnd' h 'ef il ,G TffS mtahksstted
Thrt the shares Of the capital stock
= shall be transferable az any time, &C.
: oording TO such rules rs may be estsb-
\ ilshed by the president and directors
= but no stock shall be transferred, the
; hoide thereof biting is;deosed to the
bank, until such deb, be satisfied, ex-
.cept the president and directors shall
otherwise order it.
Sec. %. And be It further enacted.
. That everc st6ckh@ider " neither he be
so by orr inai subscription or by trans
.fer, shall be considered as mem
Der OF this corporation, and, when he
ceases to be stockholder, he shall
cease 10 be member.
u.s. Sec. 81. And be it Further enacted.
{ That itshali be the duty of the presi-
dent, or in his absence, such one of
. the directors as they shall appoint to
supply his place for the time, to pre-
} side at tn board of directors, to vote
on al questions, to minute the pro-
,ceedings OF the board, TO cause all the
orders and revolutions Of the board 20
be carried into e!fecr, to sign all bonds.
bills, notes or otherengagements, which
the board of directors may from time
10 time direct TO be issued Tor the
Payment of money, and generally to SUI
Perintend the affairs, and to watch over
the interest Of this corporation.
Sec. %. And be it further enacted |
That 1T vacancy shall at any time |
happen in the Office of president. di- |
rector, cashier, or any other officer or
servant of the bank, by death. resip.
natior, disqualification or otherwise. !
The same may be flied by a majority |
o. the directors for The time being.
Sec. IS. And be it further enacted. !
lbat no Standing or uolimited accom-.
mediation shall be graured.
Sec. II. Aad be il further enacted. I
Tat ii any s'oekhoider shall fill 10
pay up the several instalmen.s upon his
subscription, as the same may become