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

act, IL ought TO nave been made, the Corpo-
ration shall not, for that cause, be deemed
to be dissolved but it shall be lawful on any
other day within thitty days thereafter, to
hold and make an election of Directors in
such manner as shall have been regulated
oy the laws and ordinances of said corpo-
j ration.
Dec. 6. And BE hfuy1her enacted, That
no Director shall be entitled to any emolu.
ment, unless the same shall have been al
loved by the stockholders at general
meeting; but the Directors shall make such
compensation tosae President for his ex-
traordinary services and attendance at the
bank as shall appear to them reasonable.
! Sec. z. Ind be IL fRrihes, enacted, That
the board of Directors, by majority of
votes, shall make bye-laws, determine the
manner OF doing business, and the rules and
forms to be pursued; and dispose of the mo-
ney and credit of the bank in such manner
as shall seem to them best calculated to pro-
mote the interest of the stockholders.
Sec. g. .dnd be it further enacted, That
| a majority of the whole number of Directors
shall be necessary in the Choice of Pre-
sident, Cashier and other officers of the
bank; but four members, with the Pres
dent, may constitute board for transact
ing the ordinary business of the bank.
Sec. 9. Ind be IL further enacted, That
neither the President nor any Director shall
oeentitled to receive, on accommodation pa
per, discounts or loans, exceeding in the
whole, hve thousand dollars, renewable,
however, from time to time, at the discre-
ton of the President and Directors.
Sec. 10. Ind De Hfurther enacted, That
the President and Directors, for the time be-
ing, shall have power to appoint such Off
~ md Il
necessary for executing the business of the
SAID corporation, and to allow them such
| compensation for their services, respect
| ively, as shall seem reasonable; and shall
| be capable of exercising such other powers
ane authorities, for the we'll governing and
ordering OF the affairs OF the said corporate
| on, as shall be described, fixed and deter
mined by the laws, regulations and ordinan-
ces OF the same.
Sec. IL. .6nd be IL further enacted, That
any Director, officer orotherp person, holding
| any share or capital of the said bank stock,
VINO shall commit ony fraud or embezzle-
| ment, touching the money or property of
said bank, shall be liable to be prosecuted
in che name of the United States by indict-
ment for the same, in any court of law for
the district or county wherein the offence
shall be committed and upon conviction
| thereof, shall. besides the remedy that may
be had by action. in the name Of the Me-
cnanics' Bank of Alexandria, for the fraud
aforesaid, forfeit to the company all his share
| and stock in the said bank.
Sec. ~. ind be ii further enacted, That
| every stakeholder, being citizen ofthe u
| nitcd States, shall be entitled to vote at all
elections To be holden by the stockholders,
| In pursuance of this act, and shall have as
many votes, in proportion to the stock he
| may hold, as follows: for one share, one
vote; three shares, two votes five shares,
three votes above five shares, and not ex-
ceeding fifty, for each FIVE shares above FIVE
shares, one vote & upwards oftifty shares,
| for each ten shares, one vote. No share or
shares shall confer a rightof suffrage which
shall not have beenregularly transferred on
the books of the corporation two months
previous to the election and it shall be the
duty of the Cashier to make out list of the
! stockholders, thirty days previous to an E.
lection, for their inspection. And, in choice
of Directors, every stockholder shall vote
in person, except those who shall reside out
of the town of Alexandria, who may vote
citl. in person or by g written ballot, by
him or her subscribed with his or her name,
and duly acknowledged before judge of
court, justice of peace, or notary pub
lie, certificate whereof shall be made on
said ballot, by the said judge, justice Of the
peace, or notary public, before whom such
Acknowledgement shall be made and said
ballot shall be by him sealed up, and in his
hand writing addressed to the Cashier of
the Bank, & being transmitted TO said Cash
Ter, before the time of the election Of Di-
rectors, said ballot shall be received and
counted in the choice Of directors. And e.
very stockholder may sell and transfer his
stock in the said bank, or any part thereof,
at his pleasure, not being less than one com
plete share OF shares the transfer being
made in the bank books, i'll the presence,
and with the appreciation, of the proprietor
or his lawful attorney.
Sec. 8. Ind be IL further enacted, That
no stakeholder or member of said corpora
ton shall be answerable for any losses, de-
fciencies, or failure of the capital stock of
the said bank, for any more or larger sum
or sums Of money whatsoever, than the "a
mount OF stock, stocks or shares, which
shall appear by the books Of said corpora
ton, to belong to him at the time or times
when such loss or losses shall be sustained,
except as is hereafter excepted, 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 contract, shall ex-
coed twice the amount of the capital stock
Of the said bank, over and above the mo-
MES actually deposited in the bank for safe
keeping then, in case Of such excess, the
directors under whose administration it 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, execu-
tors or administrators, in any court Of re.
cord within the U. Shy any creditor or Gre
ditors Of said corporation and may be pro-
secuted 70 judgment and execution, any con-
ditloH, or covenant or agreement to the con-
trary notwithstanding but this shall not be