The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1816-06-12
LAWS.
lrvBLIsHEp ny AUTHORITY. !;
(Conclxica ]


In case Of excess, The dirccIofs under those
administrator il shall happen, shall be liable
tor the same IN their natural aud private Ca.
| pici,ies and an action Of debt may in sueh
| case be- brought against them or any of them,
their or any of their heirs, executors, or ad-
minisira,ors, in any court Of 'ecord OF the
Uoited States, or either OF them, by any cred.
itor or creditors, of the said corporation, eod
may be prosecuted to Judgment and exesu-
lion, any condition, cove nsnt..o or agreement
10 the contrary notwithstanding. But this
provision shall not be construed TO exempt
The said corporation or the lands, tenements,
goods, or ehatels Of ihs samo from being al
50 liable for, and chafgesble with, the said
excess. -
Such Of the said directors, who may have
been abseDt when The said excess vns con-
tfscted or created, or who may have dissen.
ted from the resolution or act whereby the
same was SO contracted or created, may res
pcctively eAonero,e themselves from being
so liable, by forthwith giving notice OF the
tact, anc OF their absence or dissent, TO the
President OF the Uniled States, and to the
stockholders, AZ general meeting, which
hey shall have power TO call for that purpose.
g. The said corporation shall not directly,
deal or trade 10 any thing except bills Of ex.
change, gold or silver bullion, or 10 the sale
OF goods really and truly pledged TO! money
'eni acd not redeemed in due time, or goods
which shall be the proceeds Of its lands. II
shall not be at liberty 10 purchase ATTY public
debt whatsoever nor shall il take more than
at the rate of six per cen,um per annum for
or upon its loans or discounts.
10 No loan shall DO mado by the said cor
po alton, for the use or on accoun, OF The gov
ernrcnt of the United States, toan amount
exceeding fve hundred thousand dollars, or
OF any particular State to an amount exceed.
ing hi,y thousand dollars, or Of any foreign
| prince or state, unless previously authorized
| by a law of the United States.
IL. The stock of the said corporation shalt
4, be assicuable and transferable according TO
such rules as shall be instituted in that behalf,
| by the laws and ordinances OF the same.
II. The bills obligatory and OF credit, un.
der the seal OF the said otporatiop, which
snal oo made to any psrrian er persons shall
der the hand or hands OF such person or per-
sons, and his, her. or their executors or ad-
minis,rators, and Of his or their assignee or
assignces, and so as absolutely TO transfer and
vest the property thereof IN each and every
assignee or assignees, succcssively, and to
enable such assignee or assignecs, and his,
| her, or their executors or administrators 10
maintain an action thcreupon in his, her,
| or their own oamc or names Provided, that
| said corporation shall not make any bill obll-
satory, or Of credit, or other obligation under
| is seal tor the payment of sum less than
| Ave thousand dollars. And the bill or notes
which may be issued by order Of the said cor
| poration, signed by the president, and eoup-
| tersisnrd by the principal cashier or treasurer
thereof, promising the payment of money to
| any person or persons, his, her or their order,
or to bearer, although no, under the seal Of
the said corporation, shall be binding and OBJ
| lieaiory upon the same, lb like manner, and
with like force and effect, as upon any private
person or persons, if issued by him, her or
| them, in his, her or their private or natural
| capacity or capacities, and shall be assignablc
| and negotiable In the like manner as if they
were so issued by such private person or per-
| SONS that is to say, those which shsll DC pay
| abie 10 any person or persons, bis, her or
| their order, shall be assigpable by endorse
| rnent, in like manner, and with the like effect
as foreign bills Of exchange now are and
| those which are payable TO bcaror shall be as.
| sigpable and negotiable by delivery only |:
| Provided, that all bills or notes, so TO be is
sued by said corporation, shall be made pay
| able on demand, other than bills or hoies for
| the paymcn, Of sum not less than one hun
dred dollars each, and payable to the order Of
| some person or persons, which bill. or notes
it shall be lawful for said corporation to make
payable at any time not exceeding sixty days
| from the date thereof
| 10. Half yearly dividens shall be tnadc Of
90 much Of the profits Of the bank, q, shah
appear to the directors advisable and once
in every three years the directors shall lay
before the stockholders, a, a general meeting,
| for their information, an exact and particular
.,,,ement Of the debts which shall havo re.
mained unpaid after the expiration Of the o.