The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1817-06-18

general meeting of stockholders Of the said
bank shall be holden on the frat Monday Il
Jolly, In the year eighteen hundred and sew
cn,eeo, and on the frat Monday Of July 10
every year thereafter, at such place as the
president end directors shall appoint, by Civ.
ing four weeks notice in two or more news.
pspers of the District, for the purpose of G.
Iec,ing directors for the ensuing year, who
shall meet on The day succeeding their cleo.
tion, and shall Immediately proceed to choose
a president; and tho president end direct
ors, for the time being, shall continue in Of.
fice until others shall be duly elected IN their
places, and be organised. by the assembling
of . Quorum m, and the choice OF the president
Al all eie ctions, the persons having the great.
est number Of votes shall be dee med TO be
chosen. All elections shall be held under
the superint tendance of tho president Of the
bank for the time being, and four stoekhold-
ers, not being at the time directors sppoint-
ed by the board Of directors, any three Of
whom shall be the judges thereof. They
shall immediately thereafter notify the PET
sous elected, to meet the ensuing day at the
bank, and shall make q return Of persons O.
,iected, at their first meeting. ShoOld two
or more persons have the same number of
shall determine by ballot, from among said
persons, who shsli be the director or direct
ors. All elections shall be opened at ten o.
clock in the forenoon, and close at three in
the afternoon.
Sec. 8. hnd De il further enacted, That
tho president aud directors shall have full
power 10 make, revise, alter, and annul, all
such rules, orders, bylaws, and reg sUlations
for the government Of said corporation, and
that of its officers, servants, end affairs, as
they yshall from time 10 time think expedicnt;
and to use, employ, md dispose OF the cap
itai stock, funds, and properly Of said bank,
for the into est and benefit OF the stoCkhold-
ers, subject only to the restrictions herein
con, aimed; but the said bank shall no, take for
discounliDg, any bill or note, more than al
the rste of six per ccntum per annem, opon
the amount due by such bill or note.
Sec. T. md be IL (srfher enacted, That all
promissory notes, bills OF exchange, drafts,
checks and receipts for the payment OF mo-
'ncy, made on be halt Of said bank, signed by
the president, and countersigned and attest
ed by the cashier, shall be obligatory on the
said body corporate, ana shall possess the
like qualities as TO segoiabiii,y, and the hol-
dcrs thereof shall have the like actions there.
upon, as IL such promissory notes bills oi ex-
change, dcafs, cbocks, or receipts, had bee en-
made by, or on behalf Of q natural person.
See. 8 .4nd be il further enacted, That ihe
books, papers, correspondence, and funds OF
the bank shall, q, times, be subject to the io-
spcctions of the directors.
Sec. 9. dad Be IL further enacted, That the
president and directors shall have power 70
H.. IN.
servants, Cor exec0tiag the business OF said
bank, and to establish the compensation 70
the president, end all other officers or ser.
wants Of the said bank, respectively, but no
'compen,a,ton shall besgncn TO director for
his services, except by q vote OF che sock.
holders in general meeting.
Sec. 10: ind DC IL further enaafed, That
the preslden, airI directors shall have power
to csil general mcc ting Of the stockholders,
for purposes concerning the interest OF the
bank, giving a. least sfx weeks notice IN Que
or more Of The newspapers of the District,
specifying 10 such notice the object or ob-
jocts Of such meeting.
Sec. IL. -dnd Be it further enacted, That
the shares Ot the capital stock at any time
owned by an individual s,oekholder, shall be
transferable only on the books Of the b nix,
according 10 such rules NJ may, coniormably
to law, bc established in that behalf by the
president and directors, but oil debts actually
duo pnd payable TO the bank (days Of grace
for the payment being passed) bya stockhoId-
or requesting a transferment, must be salts
6sd before sucb transfer shall be made, until
the president and directors shall direct 10 the
ccusrarv.
Sec. -. .fsrd 5r if further eraere6, that the
dividends OF tho profits Of the company, or
so much Of said profits as shall be deemed
expedient and proper, shall be declared half
yearly in the first week in Jply and january,
in each year tho amorot Of said dividend
shall, from ,ime to time, DO determined Sy
the president and directors, and shall in no
case exceed the amount OF the net profits &C.
tually acquired by the company, so tha, the
capital stock Of said company shall never
DO impaired by dividends.