The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1812-09-24


Sec. 10 Ind Be IL further esscfsd, That the Presi-
dent and Directors, for the time being, shall have
power 70 appoint such officers and servants under
mem rs may be necessary tor executing the business
OF The said corporaton and TO allow ,,m such COM
pensanon for their services, respectively, as shall
seem reasonable; and shall be capable of exercising
sueh other powers and authorizes, for the well gov
ement ana ordering OF the affairs of the said cor
poratson, as shall be described, fixed aud dc,ermn-
ca oy The laws, regulations, and ordinances of the
same.
Sec. III. Ind bem further enacted, That aay direc.
Tor, ohcer, OF other person, holding any share or
eaplIsl s the said bank stock, who shall commit any
afAau or tnhe-zlement, touching the money or pro-
er'y Of SAID bank, shall bc hla 40 be prosecute cd
IN The name Of The United States BY Indictment
iof he same, IN any court ot law for te district
county wherein the offence shall be committed and
upon Conviction thereof, shall, besides the remedy
tl'"i ma, be had by ~ciion, in the of the Me-
chanles' Bank Il Alexandria, For the fraud aiore-
said' forfeit To the company AL his share and stock
IN The sand bank.
Sec, L. md te it f;rtker enacted, That every
stockholder, being c.tizen of the United States,
snail be entitled TO vote at all elections be holden
by The stockholders, in pursuance of this act, and
shaii have as many woes, in proportion to the stock
he may holu, Is follows for share, one vote
three shares, two votes five shares, three votes
above hve shares, and not exceeding fifty, for each
hye shares above five shares, one vote and upwards
share or shares shall confer right of suffrage which
Shall not have been regularly transferred the books
OF The corporation two months previous To the elec-
ton and 1T shall be the duty of the Cashier 10 make
out list of the stockholders, thirty days previous
to an elections for their inspection. And, in choice
OF directors, every sto,khoider shall vote in person.
except those Who shall re.ide of the town of Al
cAandria, who may vote either in person or by q
written ballot, by him or her subscribed with his or
her name, and duly Acknowledged before judge of
court, Justice OF peace, or notary public, a
certificate whereof shall be made said ballot by
the said judge, justice of the peace, or notary pub
iic, before whom such acknowledgement shall be
made and said ballot shall be by him sealed up. and
III hs own hand writing addressed to the Cashier OF
The bank, and being transmitted to said Cashier, be-
fore the time Of the election OF directors said ballot
shall be received and counted in the choice of d-
rectors. And every stockholder may sell and trans
fer has stock in the ssd Bank ANY part the, eoat
his pleasure, not beng less than complete share
or shares the transfer being made in the Bank
hooks, in the presence, and with the APPRECIATION Of
the proprietor or his lawful attorney.
Sec. 3. IND DC further enacted, That no stock.
holder or member ot said corporation shall be an
s~srabls for any losses, deficiencies, failure of
larger sum or sums Of money wbatsoever, than the
amount of stock, stocks or shares, which shall APP
pear by the books OF SAID cooperation, to belong to
him ut the time or times winch such loss or losses
shall be sustained, except as IS hereafter excepted,
shat is To say Ii the tctai amoup, ii debts which
said company shall at any time owe, whether by
bond, note, bill, or other contract, shall exceed
twice the amount OF the capital stock OF the said
bank, over and above the monies actually deposited
in the bank for safe keeping 'aen, in case OF such
excess the directors, under whose administration it
shall happen, shall be liable for such excess in
ti,c,r natural and private capacities; and an ac-
ton or actions Of debt may be brought against
them, or ahy OF their heirs, executors or adninis-
in oE 1.
by any creditor or creditors Of said corporation and
may G~ prosecuted To judgment and execution, any
condition covenant or agreement 10 the contrary
Notwithstanding but this shall not be construed TO
exempt the said body polite, or lands. tenements,
goods and chattes of the same from being also LA
bic for and chargcable with said excess Proridcd,
That such of the said directors who may have been
absent when said excess was contracted or created,
or who may have dsson,ed from the resolution or
act whei eby the was contracted or created,
NAV respectively cxonerate themselves from being
SO liable, by forthwith giving notice Of the fact, and
of their absence dissent, To the stockholders at
a general meeting which he or they shall have power
70 ca.l for that purpose. And ia the directors,
BY whose act such excess shall be oceasoned shall
not have property 10 pay the amount OF such excess,
then each and every stockhoder shall he liable in
their private capacities, for their deficiencies, m
proportion to their respective shares in the said bank
Sec. a. md be II further enacted, That none but
stockhoder, being a citizen OF the United States,
Shall be eligible a President or Director.
Sec Is. Ind be IL further enacted, That the Presi
dent and Directors for the time being, shall give four
weeks public notice in the newspapers OF Alexsn.
dria. and IN one or more newspapers in the city OF
Washington, of the time and place OF holding the
election Of Directors, annually.
Sec 16 ind be IL further enacted, That the Pres
ident aud each Director, before he enters upon the
du,fes Of his Office, shall take the following oath or
affirmation (as the case may be) ], do
solemnly swear, Cor ssirm) that viii impartialy,
faithfully, diligently and honestly. execute the du'
ties Of of the Mechanics bank ot Aleran'
dria. conformably 10 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 dschstSc of his duties
TO the satisfaction OF the Directors be Csshler,oh
or officers and servants, shall also take an OATH and
give bond and security to the satisfaction OF tho
President and Directors.
Sec IL. ind be IL further enacted, That all bills
bonds, notes, and every other contract or engage
Il - e a., .stpr eha I,c