The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1817-03-10

ca IN tNelr places, ana DC organized, BY
the assembling OF quorum, and the
choice of a president AT al! elections
the persons having the greatest num-
Der of votes, shall be deemed To be
chosen; all elections shall be held uu-
der the superintendent of the presi-
den, of the bank for the time Being, and
four stockholders, not being at the
time directors. appointed by me ooaro
OF directors, 3ny three OF whom shall
be the judges the cot They shall i'm
mediately thereafter notify the persons
elected, 10 meet the ensuing day at the
Bank, ami shall make return OF per
sons elected at their first meeting !;
shocId two or more persons have the
san.c number of votes, the other i'll
tliyiauals, elected directors, shall de-
tea C!nc by ballot, from among said
persons. who shall be The director or
directors all elections shall be opened
at ten O'Clock in the forenoon and Close
a. three 10 the afternoon.
Sec. 8 Ind Be IL further enacted,
That The president and directors shall
nave full power 20 make, revise, alter,
and annul, all such rules, orders, by
laws, and regulations Tor the govern
nent of said porslion, and that Of its
officers, servants & FAIRS, as they shall
from time TO time think expcdIent and
use, emploJ, and dispose ofthe ca.
pi,si stock, funds and property of said
bank for tie interest and benefit of the
stockholders suhjeC, only to the reslric
lions herein contained but The said
bank shall not take for discounting any
bill or note, more than Al the rate OF
SAX per centum per annum. upon the
aAount due by such bill or note.
Sec 7 .4nd be if .Furthcr enacted.
That Ill prrmissery notes, bills of en-
change, dtstts, checks, and receipts
Tor the payment Of money, made or
behalf of SAID bank, signed by the pre-
sident, and 'ceuntersigued and a,tcsled
by The cashier. shall be obligatory or
the said body corporate, and shall pos
sess the like qualities as 10 negotiable
ity, and the holders thereof shall have
the like actions thereupon as If such
promissory notes. bills Of exchange,
drafts, cheeks, or receipts, had been
made by,or on behalf of natural person
Sec. 8. Ind be il further enacted
That the books, papers, correspondence,
and The funds of the bank shall, at all
times, be subject to the inspection Of
the directors.
Sec. 9. Ind be IL further enacted,
the presiden, and directors shall!
have power 10 annoini a cashier. and all
"a n nj Star
the business q said bank 8 to establish
the compensation to be made to the pre-
sidents and all other officers or servants
of the said bank rsspectively, but no
compensations shall be given To director
for his services, except by vote of the
stockholders in general meeting.
Sec 10. IND Dc il further enacted,
That The president and directors shall
have power TO call general meeting of
he stockholders Tor pu poses concern
log the interests of the bank, giving al
Il asst six weeks notice in one or more
newspapers Of the district, specifying
in such notice the object or objects Of
such meeting.
Sec IL Ind be 1t further enacted,
That the shares of the capital stock at
any time owned By any individual stock
holder, shall be Transferable only on the
books of the bank, according to such
rules as may, conformabiy to law, be
established in that behalf by the presi-
dent and directors but all debts actu-
ally due and payable to the bank Cdays
of grace for payment being passed. by
a stockholder requesting a transfer,
must be satisfied before such transfer
Shall be made, until the president and
directors shall direct to the contrary
Sec l2. ind be iS .JS!rfher cnaefrd,
That the dividends of the profits og the
company, or so much oil SAID profits as
shall be deemed cxpedient and prop,
shall be declared half yearly in The fir,
week 10 July and January, in each year !;
,he amount Of said dividend shall from
time TO time nc determined by the presi.
dent and directors, and shall in no case
exceed the amount Of the net profits &C.
Iually acquired by the comp2ny, so hat
the capital stock of said company shall
never be impaired by dividends
Sec. 10. Ind be IL further enacted,
That if tie said directors shall, at any
time WilluIly and knowingly make o.
declare any dividend which shall impai,
the said capital stock, all the directors
present at the making or declaring Of,
said dividend, and conserving thereto,
shall be liable, in their indieidual capa
cities, TO the company FOR the amount