The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1816-06-05

tie usudt form, ana sndu psy auu ueu'cr tnc
same TO the president, directors, and eompa-
ny of the said bank on the Fl st day Of January,
one thousand eight hundred and seventeen,
which said stork il shall be lawful for the
president, directors, and company to sell and
transfer for gold and silver coin or bullion at
their discretion: Provided, they shall not
sell more than two milliens Of dollars thereof
in any one year.
Sec. 7. And ten further enacted, That the
subscribers TO the back Of the United States
of America, their successors and assigns, shall
be, and are hereby created, corporation and
body polite, by the name aad style oil " The
President, Directors and Company OF the
Bank Of the United States" and shall SO con-
tinue until the third day of March, 10 the
year one thousand eight hundred and thirty
SIX, and by that name shall be, and are hereby
made able and capable in law, TO have, pur-
chase, receive, possess, enjoy and retain to
them and their successors, lands, rents tene-
mcnts heredtaments, goods, chst,eis and
effects, OF whatsoever kind, nature and quality
10 an amount not exceeding, in the whole,
fifty five millions Of dollars, Including the
amount Of the capital stock aforesaid and
tie same TO sell grant demise, alien or dis
pose of; TO sue and be sued, plead and
be Impleaded, answer and be answered, de-
fcnd and be defended, in all State courts hay-
ing competent Jurisdiction, and in any cfrfuif
courts the United States and also TO make,
have, and use a common seal, and the same
TO break, alter and renew, at their pleasure,
and also To ordain, establish and put into ex.
eeutioD, such flaws. and ordinances, and
regulations, as they shall deem necessary
and convenient for the government of the
said corporation, not being contrary TO the
constitution thereof, or the laws OF the Uni
ted States !: and generally to do aud execute all
and singular the acts. matters and things,
which totbem it shall or may sppertain to do |;
subject, nevertheless, to tie rules, regulations,
limitations and provisions hereinafter pre-
sc'ibed and declared.
Sec 8 And be IL further enccted, That for
the management Of the affairs OF the said COR
poration, there shall be twenty five directors,
fve OF whom, being stockholders, shall be
annually appointed by the President Of the
United States, by aud with the advice and
consent OF the Senate, not more than three
OF whom shall DO residents of any one State,
and twenty Of whom shall be annually cleo
ted at tho banking house in the city of Phila
deIphia, on the first Monday of January, in
each year, by the qualified stockholders OF
the capital Of tbs said bank, other than the
United States, and bya plurality of votes
then and there actually given, according to
,be scale of voting hereinafter prescribed {:
Provided always, that no person, being "a di.
recto' in the bank Of The United States, or
any of its branches, shall be a director Of any
other bank: and should any such director
&C, as a director in any other bank, it shall
F,rt 4, A., "A s~ sh~E
rictioo of the bank Of the United States.
And the directors, so duly appointed and c.
iectcd, shall be capable of serving, by virtue
oi such appointme and choice, from ,he
first Monday in the month Of January of each
year, until the end and expiration of the first
Monday IN ,he month of January of the year
next ensuing time Of each annual election to
he held by the s,ockholdersas aforesaid. And
The boa Of directors, annually, at the Ii ST
meeting after their election in each and ev-
efy year, shall proceed to elect one Of the
directors TO be president Of the corporation,
who shall hold the said Office during the same
period for which directors are appointed and
elected as aforesaid Provided also, that the
hrst appointment and election of the direc.
tors and president of the said bank shall be
at the time and for the period hereinafter de-
declared: ind PROVIDED also, that in case il
should at any time happen that an appoint
mcnt or election of directors, or an election
Of The president Of the said bank, should no,
be made as TO take any effect on any day when
in pursuance Of this act, they aught to take
effect, the said corporation shall not, for tha,
Cause, be deemed to be dissolved (; but il shall
be lawful st any other time to make such ap.
point men,s. and 10 hold such elections Gas the
case may be) and the manner Of holding the
elections shall be regulated by the laws and
ordinances Of the said corporation and uu.
I'll such appointments and elections be m maes.
the directors and esidcn, ofthc said bank, for
the time being, shall continue in office .3nd
provided, also, that in case Of the death,rs.
signa,ion, or removal of the president Of the
said corporation, the directors shall proceed
to elect another presiden, from the direc,n's
as aforesaid : and in case OF the death, resis-
nation or absence from the United States,
or remova, of director from office, tho va.
cancy shall he supplied by the President Of
the United Safes, or by the Stockholders, as
the case nav be- But the presidept of thc