Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1812-06-01

sented from the resolution or act whereof,
the same was so contracted or created, may
respectively eXonerate themselves front be-
ing so liable, by forthwith giving notice Of
the fact, and of their absence or dissent. &c
the stockholders, at general meeting which
he or they shall have power to call for that
purpose. And in case the directors, by
whose act such excess shall be occasioned,
snail not have property to pay the amount
OF such excess, then each and every stock
holder shall be liable in their private capa-
cities, tor their deficiencies. in proportion to
their respective shares in the said BANK.
Sec. II. Ind De h further enacted, That
none but stakeholder, being citizen of the
United States. shall be eligible as a Presi-
dent or Director.
Sec. Is. .47d be IL further enacted, That
the President and Directors for the time be-
ing. shall give four weeks public notice in
the newspapers of Alexandria, and in one or
more newspapers iI the city of Washington,
OF the time and place ofholding the election
OF Directors annually.
Sec Is IND be IL further enacted, That
the President, and each Director, before he
enters upon the duties of his office, shall
take the following oath or affirmation (as
the case may beg: /, do So
lemny swear, Cor affrm,) that / will inn
partially, faithfully, diligently and honestly,
execute the duties of of
the Mechanics Bank of Alexandria, con-
formally to the constitution of the same, and
the trust reposed in me, to the best of my
skill and judgment: and the President shall
give bond and security for the faithful dis
charge of his duties, to the satisfaction of
the Directors; the Cashier, other officers
and servants, shall also take an, oath, and
give bond and security to the satisfaction of
the President and Directors.
Sec. IL. ind be it further enacted, That
all bills, bonds, notes, and every other con-
tract or engagement on behalf of the corpo-
ration, shall be signed by the President and
countersigned by the Cashier; and the funds
of the corporation shall, in no case, be La
bic tor any contract or engagement, unless
the same shall be signed and countersigned
as aforesaid; and the President and Direc-
tors saall not issue any note for smaller
sum than five dollars.
Sec. Is. ind be it further enacted, That
II the President, or any Director, the Ca
shier, or any other officer of the said Bank,
shall be concerned directly or indirectly, in
purchasing any note or notes, bill or bills, at
more than lawful discount or interest, and
information thereof be given and supported
TO the satisfaction of majority of the Board
OF Directors, his or their seat IT seats of of +,
hce shall be vacated, and the Directors shall
NIL up such vacancy or vacancies
Sec. 10. ind be IL. further enacted, That
In case OF the death, disqualification OF re-
signation OF The President ar any Director,
or any officer or servant of the said corpo-
ration, the Board of Directors shall, at their
next meeting, fill such vacancy and in case
OF sickness or necessary absence of the Z re-
sident, his place may be supplied by Di-
rector, to be appointed President protein,
pore, by the President, and on his failing to
make such appointment, by the Directors.
Sec. 90. ind be il further en0cted, That
it shall not be lawful for the President and
Directors to demand or receive a greater
discount or interest, than at the rate of one
per cent for sixty days, upon any oans or
advances of money which they may make.
Sec. 81. ind be IT, further enacted, That
the shares of the capital stock shall be trans
ferable at any time, according to such rules
as may be established by the President and
Directors; but no stock shall be transfer>-
red, the holder thereof being indebted TO the
Bank, until such debt be satisfied, except
the President and Directors shall otherwise
order it.
Sec. p. find be H.further enacted, That
number of stockholders, not less than for
ty, who together, shall be propretors of
twenty thousand shares or upwards, shall
have power at any time to call a general
meeting OF the stockholders, for purposes
relative to the Constitution, giving at least
six weeks notice in one or more newspapers
in the town of Alexandria and city of Wash
ington, specifying in such notice the object
or objects of such meeting.
SEQ %. ind beh further enacted, That
on application being made, the President
and Directors may loan to the United States
any sum or sums, not exceeding one-fourth
of their capital, on such terms as may be
agreed upon.
Sec. 24. ind be IL further enacted, That
whenever any note shall be given, Contain
ing express consent in writing that it may
be negotiable at the said bank, and the same
shall be endorsed, if pay ment be refused or
neglected 70 be made at the time il shall
have become due, the ike proceedings are
to be had out OF court, and suit may be pro-
secuted against the drawer and endoTser,
Jointly or separately, in like manner as if
the same was bill OF exchange.
Sec. 25. ind be H(urther enacted. That
ifany person or persons shall forge or coun-
terfeit any OF The notes or checks on or of
the said Bank, or pay or tender in payment,
or IN any manner pass or offer-to pass such
forged or cOunterfeited note or check, know
ing the same to be forged or counterfeited,
and shall thereof be convicted in any court
OF the United States having criminal iuris-
dietion, he, she or they, shall be adjudged a
felon or fclons.
Sec. %. ind be IL. further enacted, That
if any stakeholder shall fail TO pay mp the
several instalments upon his subscription, as
the same may become due, his dividends up
on such instruments as he may have paid
shall cease as to him, and remain to the
use and benefit of the other members Of the
corporation.
Sec. 81. ind be h further enacted, That