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

made. And the President of the United
States is hereby authorised duIing the pres
ent session OF Congress, TO nominate, and by
and with the advice and consent OF the Sen
ate, TO appoint fse directors Of the said banks,
though not stockholders, any thing in the
provisions ct this act TO the contrary Oolwiia-
standing and the persons who shall be eiec-
ted and appointed as aforesaid, shall be the
FIRST directors Of the said bank, and shall pro-
ceed TO elect one of the directors to be pres
ident of the said bank and the directors and
president Of the said bank so appointed and
elected as aforesaid, shall be capable Of SER
wing in their respective Offices, by virtue
thereof until the end and expiration Of the FIRST
Monday Of the month Of January next ensu-
ing the said appointments and elections and
they she'll then and thenceforih commence
and continue the operstions Of the said bank
at the city Of Philadelphia.
Sec. 10. Ind Del: Jarther enacted, That the
directors for tho time being shall have pow
er TO appoint such officers, clerks, and SER
wants under them as shall be necessary for
executing the business Of the said corpora.
tion, and to allow them such compensation
for their services respectively, as shall be
reasonable aud shall be capable of exeroi-
sing such other powers and authorities, for
inc WSIi RoNCiniuB oIucTiS oi Tue OH
GERS ofthe said corporation as shall be prescri.
bed, fixed and determined by the laws regula.
tions and ordinances of the same.
Sec. IL. .dnd De H further enacted, That
the following rules, restrictions, Limitations,
and provisions shall form and be fundamen.
tai articles of the said corporation, TO wit:
l. The number of votes 10 which the
stockholders shall be entitled, in voting for
.kalt ka 81 Hac
Of shares, he, she, or they respectively shall
hold in the proportions following that is to
say, for one share, and not more than two
shares, one vote (; for every two shares above
TWO, and not exceeding ten, one vote for ev-
cry -four shares above ten, and not exceeding
thirty, one vote for every six shares above
thirty, and not exceeding sky, one vote for
every eight shares above sixty, and not ex-
eceding one hundred, one vote and for ev.
cry ten shares above one hundred one vote
but no person, copartncrship, or body poll.
tic, shall be entitled to a greater number than
thirty votes and alter the first election, no
share or shars shall confer right of voting,
which shall not have been holden thee Gallon
der months previous to the day of election.
And stockholders, sctually resident within
the United States and none other, may vote
in elections by proxy.
Not more than three fourths Of the direc-
tors elected by the stockholders and not more
than four flths Of the directors appointed by
tho President Of the United States, who shall
be in Office at the time of an annual election,
mall be elected or appointed for the next
succeeding year and no director shall hold
his office more than three years osi OF four
in succession but the director who shall be
the president at the time Of an election m ay
always be appointed, or re elected, as the case
may be.
None but a stockholder being resident
citizen Of the United States, shall be direc.
tor nor shall director be entitled to any
employment but the directors may make
such compensation TO the president for his
extraordinary attendance at the bank, as shall
appear TO them reasonable.
Not less than seven directors shall con-
stitute board for the transaction OF business,
Of whom the president shall always be one,
except in case Of sickness or nscessay alb
scnce, in which case his place may be sup.
piled by any other director whom he, by wri
ting, under his hand shall deposc for that
purpose. And tho director so deputcd may
do and transact all the necessary busines be-
belonging to the office Of president Of the
said corporation, during the continuance Of
the sickness of the president.
A number Of stockholders, not less than
sixty, who together, shall be proprietors of
one thousand shares or upwards, shall have
power at any time TO call general meeting
Of the stockholders, for purposes relative TO
the institution, giving at least ten weeks no.
lice in two public newspapers ofthe place
where the bank is seated, and specifying in
such notice the object or objects Of such
meeting.
Each cashier or treasurer before he en-.
,ers upon the duties Of his office, shall be re-
quired to give bond. with two or more surf
ties, TO the satisfaction OF the directors in
sum no, less than fifty thousand dollars, with
a condition for his good behavior, and the
faithful performance Of his duties to the COR
pora,ion.
The lands, tencments, and hcredtaments,
which it shall be lawful for the said corpora.
ton to hold, shall be only such as shall be
requisite for its i'm mediate accommodation in
e -.