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

in each year thereafter, by the stockholders
or proprietors Of thecapital stock of the said
corporation, and by plurality Of votes actu-
ally given: Propided hoqeeuer, mat the eight
mechanics shall first be declared elected, al
though they should not have the greatestnum-
Der of votes and those who shall be duly
chosen at any election, shall be capable Of
serving. as Directors by virtue Of such choice
untilthe end or expiration OF the second Mon
day in March next ensuing the time OF such
election, and until others shall be chosen
And the said Directors, at their first meeting
after each election, shall choose one OF their
number as President no person, Director
of another bank, or the partner in trade OF
director of another bank, shall be a director
in this bank: Provided, That in case 1t should
at any time happen, that an election OF Dlrec-
tors should not be made upon any day when
pursuant to this act, it ought to have been
made, the corporation shall not tor that cause
be deemed to be dissolved but 1t shall be
lawful on any other day within thirty days
thereafter, to hold and make an election OF
Directors in such manner as shall have been
regulated by the laws and ordinances OF SAID
corporation.
u
director shall be entitled to any emolument,
unless the same shall have been allowed by
the stockholders at a general meeting; but
the Directors shall maze such compensation
to the President for his extraordinary services
and attendance at the Bank as shall appear to
them reasonable.
Sec. Z. Ind be it further enacted, That the
board OF Directors by majority of votes shall
make bye-laws, determine the manner OF do
ing business, and the rules and forms to be
pursued, and dispose of the money and Gre
dit of the Bank in such manner as shall seem
to them best calculated to promote the inter-
est of the stockholders.
Sec. 8. Ind be ii further enacted, That
majority of the whole number OF Directors
shall be necessary in the choice OF a Presi-
dent, Cashier, and other officers OF the Bank !;
but four members, with the President, may
constitute board for transacting the ordinary
business of the Bank.
Sec. 9. int belt further enacted, That nell
Their the president nor any Director shall be
entitled to receive, on accommodation paper
discounts or loans, exceeding in the whole,
five thousand dollars, renewable, however,
from time to time, at the discretion OF the Pre-
sident and Directors.
Sec. 10. Ind be if further enacted, That
the President and Directors for the time be-
ing, shall have power to appolnt such officers
and servants under them as may be necessary
for executing the business Of the said corpo-
ration, and to allow them such compensation
for their services, respectively, as shall seem
reasonable and shall be capable of exercising
such other powers and authorities, for the
we'll governing and ordering Of the affairs OF
the said corporation, as shall be described,
fixed and determined by the laws, regulations
and ordinances of the same.
Sec. IL. .And6e it, further enacted, That any
Director, officer, or other person, holding any
share or capital of the said Bank stock who
shall commit any fraud or embezzlement,
touching the money or property OF SAID Bank
shall be liable to be prosecuted in the name
Of the United States, by indictment for the
same in any court of law for the district or
county wherein the offence shall De commit
ted and upon conviction thereof, shall besides
the remedy that may be had by action in the
name of the Mechanics Bank OF Alexandra,
for the fraud aforesaid, forfeit to the company
all his share and stock In the SAID Bank.
Sec. 10. ind be it further enacted, That
every stockholder, being citizen of the Uni
ted States shall be entitled to vote at all cleo
lions to be holden by the stockholders, In pur-
srance Of this act, and shall have as many
votes in proportion to the stock he may hold,
as follows: for one share, one vote, for three
shares, two votes; five shares, three votes;a-
hove FIVE shares, and not exceeding fifty, for
each five shares, above FIVE shares, one vote
and upwards of fifty shares, for each ten shares,
one vote. No share or shares shall confer a
right of suffrage which shall not have been
regularly transferred on the books of the COR
poration two months previous to the election i
and it shall be the duty of the Cashier to make
out list ofthe stockholders, thirty days pre-