Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-04-20

s'lSr me urSt election, no Sh2re or shares shat 1
confer right OF voting. which shall not have |
heen holden three calendar months previous I
the day OF election. Any stockholders ac,uall
resident within the United States, and none 9th.
or. may yotein elections by proxy.
:. Not more than three fourths of the direc
tors elected by the stockholders. and not more
than four-hiths the directors appointed by the
President OF the United States, VINO shall be in
office at the time ofan annual election. shall be
elected or appointed for the next succeeding year
and no director shall hold his office more than
three years out offour in succession but the d
rector who shall be the President AZ the time of
an election may always be re-apponted or re-elec
ted as the case NAV be.
j. None but stakeholder, being resident CT
nzen oil the United States, shall be director ::
nor shall director be entitled to any emolu
ment but the directors may make sush com.
pensation to the president for his extraordinary
attendance at the bank, as shall appear to them
reasonable.
4. Not less than seven directors shall constitute
board Tor the transaction of business, of whom
the president shall always be one, except in case
of sickness or necessary absence, in which case
his place may be supplied by any other director
whom he, by writing under his hand shall de-
pute for that purpose. And the director so de-
puied may do and transact all the necessary bust
ness belonging to the Office ofthe President of the
said corporation, during the continuance of the
sickness or necessary absence of the president
5. 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 stock
holders, for purposes relative to the institution.
giving OF least ten weeks notice in two public
newspapers OF the place where the bank is seated
and specifying IN such notice the objector objects
of such meeting.
6. Each cashier or treasurer, before he enters
upon the duties of his office, shall be required
to give bond. with two or more suretes. to the
satisfaction of the directors in sum not less than
nifty thousand dollars, with condition for his
good behavior, and faithful performance of his
duties to the corporation.
z. The lands, >tenements, and Entertainments
which it shall be lawful for the said corporat;on
10 hold, shall be only such as shall be requisite
1or ITS immediate accommodation in relation to
Inc convenient transaction of its business, and
such as shall have been bona fde mortgaged to it
by way OF security, conveyed to it in satisfacti
on OF debts previously contracted in the course
OF It's dealings, or purchased at sales upon iutlg
1nents which shall have been obtained for such
debts
Z. The total amount of debts which the said
corporation shall at any time owe whether bv
bond, bill, note, or other contract over and above
the debt or debts due for money deposited in
the bank, shall not exceed the sum of thirty five
millions OF dolars, unless the contracting of any
greater debt shall have been previously authori-
sed by a law of the United States. Tn case oil
excess the directors under whose administration
II shall happen, shall be liable for the same in
their natural and private capacities and an &C
ton OF debt may in such case be brought against
them or any of them, their or any of their heirs
executors OF administrators, in any court of re-
cord of the United States, or either of them. nv
any creditor or creditors of the said CORPORATION
and may be prosecuted TO judgment and execu.
tion any condition, covenant or agreement to the
contrary notwithstanding. But this provision
shall not be construed TO exempt the said corpo-
ration or The lands, 'enements, goods or chattels
ofthe same, from being also liable for, x charge
able with, the SAID excess
Such OF the said directors, who NAV have been
absent when the said excess was Contracted or
created, OF who may have diSsented from the re-
solution or act, whereby the same was so con
tracted or created, may, respectively exonorate
themselves from being so liable, ty forthwith
giving notice ofthe fact, and of their absence
or dissent, to the President of the United States
and to the stockholders at 4 general meeting
which they Shall have power to call for that puT.
pose.
3. The said corporation shall not directly or
indirectly deal or trade in any thing except bills
of exchange, gold silver bullion, or in the
sale ofgoods really and truly pledged for money
lent and not redeemed in due time, or goods
which shall be the proceeds of its lands. Ii shall
not be at liberty To purchase any public deb,
whatsoever, nor shall it take more than M the
rate OF six per cent. per annum for orupon its
loans or discounts.
10. No loan shall be made by the SAID CORPORA.
ton Tor the use or on account of the governm ent
OF the United States, to an amount exceed ny
hVehundred thousand dollars, or any particular
state to an amount exceeding $4,000 dollars or
OF any foreign prince or state, unless previously
authorised by law Of the United States.
IL The stock Of said corporation shall be as
slgnable and transferable according to such
rules as shall be instituted in that behalf by the
laws and ordinances ofthe same.
II. The bills obligatory and of credit. under
the seal OF the said corporation which shall be
made TO any person or persons shall be assigna-
able by endorsement thereupon, under the hand
or hands Of such person or persons, and his her.
or their executors or administrators, and IF his
or Their ass gnee or as. gnees & so as absolutely
to transfer and YES: the property thereof in each
& every assignee or asst nees SUCCESSFULLY and 10
enable such assignee or ass gne S, and his, her or
their executors or administrators to MAINTAIN AN
action thereupon in his, her or their own name or
Names Provided, that the said corporation shall
not make any bill obligatory or of credit. or o.
ther obligation under its seal for the payment orl
sum less thin five thousand dollars And the
bill or notes which may be issued by order of tbe
said corporation, signed by the president and
cOuntersIgned by the principal cashier or tre,.
surer thereof, promising the payment of money