Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1812-05-20

appreciation Of the proprietor or his lawfnl at
torncy.a
Sec. l3. ind bel further enacted, That no
STOCKHOLDERS or member of said corporation
shall be answerable for any losses, deficiencies
or failure of the capital stock OF the said Bank,
for any more, or larger sum or sums OF mo-
ney whatsoever, than the amount Of stock,
stocks or shares, which shall appear by the
books of said corporation, to belong to him at
the time ar times when such loss or losses
shall be sustained, except as Is hereafter ex-
cepted, that is to say: II the total amount OF
debts which said company shall at any time
owe, whether by bond, note, bill, or other con-
tract, shall exceed twice the amount OF the ca
pital stock Of the said Bank, over and above
the monies actually deposited in the Bank for
safe keeping /; then, in case of such excess, the
Directors under whose administrator 1t shall
happen, Shall be liable for such excess In their
natural and private capacities; and an action
or actions of debt may be brought against
them, or any of their heirs, executors or adj
! ministrators, in any court of :ecord within the
y. States, by any creditor or creditors OF said
corporation and may be prosecuted to judg-
! ment and execution, any condition, Or cove
! nant or agreement, to the contrary notWith-
1 standing but this shall not be construed to
exempt the said body polite, or lands, tene-
ments, goods, and chattels of the same from
! being also liable for, and chargeable with said
excess Provided, That such OF the said Dl-
rectors who may have been absent when said
| excess was contracted or created, or who may
have dissented from the resolution or act
whefeby the same was so contracted or Gre
ated, may respectively exonerate themselves
from being SO liable, by forthwith giving no.
tce ofthe fact, and oftheir absence or dissent,
to the stockholders, alta general meeting which
he or they shall have power to call tor that
purpose. And incase the Directors, by whose
act such excess shall be ocCasioned, shall not
have property to pay the amount of such ex-
cess then each and every stockholder shall be
liable in their private capacities, tor their def
ciencies, in proportion to their respective
shares in the said Bank.
Sec. IA. Ind be it further enacted, That
none buta stockholder, being citizen OF the
u States, shall be eligible as president or
director.
Sec. Is. And be hfurthcr enacted, That the
president and directors for the time being,
shall give four weeks public notice in the
newspapers of Alexandra, and in one or moi e
newspapers in the city IF Washington, Of the
time and place of holding the elestion OF D-
rectors, annually.
Sec 10. Ind be it further enacted, Tat
the president, and each Director, before he
enters upon the duties Of his office, Shall take
the following oath or affirmation Gas the case
NAV be): I, do solemnly swear,
Cor AFFIRM that will impartialIy, faithfully
diligently and honestly, execute the duties o.
of the Mechanics
Bank OF Alexandra, conformably to the con-
stitution of the same, and the trust reposed
in me, to the best of my skill and judgment:
and the President shall give bond AID
security for the faithful discharge Of bis duties
to the satisfaction of the Directors the Cash
Ter. other officers and servants, shall also take
an oath, and give bond and security to the sa-
tisfaction of the President and Directors.
Sec. II. Ind be it further enacted, That
all bills, bonds, notes, and every other contract
or engagement on behalf Of the corporation,
shall be signed by the President and counter
signed by the Cashier; and the funds of the
corporation shall, in no case, be liable tor any
contract or engagement, unless the same shall
be signed and countcrSigned as aforesaid; and
the President and Directors shall not issue a.
nv note for a smaller sum than FIVE dollars.
Sec. l8. md BIZ H.further enacted, That if
the President, or any Director, the Cashier,
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 salts
faction of majority of the Board of Directors
his or their seat or seats of Office shall be va
Gated and the Directors shall fill up such
vacancy or vacancies
Sec. l9. find be ii further enacted, That
in case of the death, disqualification or resig-
nation, of the President or any Director, or