The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1819-09-22

SEC. 8. And be ii further enacied,
That all deposits Of money received by
the said corporation, shall be vested in
public stocks, or other securities, to the
best advantage and the income or profits
thereof shall be by them applied and di-
'vided among the persons making the
said deposits. their executors or admin
istrators in just proportion, with such
reasonable deductions as the manage
ment of the Institution may require, and
the principal Of such deposits may be
Withdrawn at such times, and in such
manner as the corporation shall direct
and appoint
SEC. 4. Ind DC IL further enacted,
That the said corporation may have
common seal, which they may change
s. renew at pleasure; and that all deeds,
conveyauces and grants, covenants and
agreements made by their authority and
direction, according to their institution,
shall be good and valid; and the same
corporation shall at all times have pBwer
to sue and be sued, plead and be i'm
pleaded, and may defend and shall be
held to answer by the name, style and
title aforesaid.
Src. s. And be IL further enacted.
That the SAID corporation shall! hekafter
meet at Newport, some time in the
month Of July, annually, and as much
oltener as they may deem expedicnt;
and any seven numbers of the said cor
poration of whom one at least shall te
Director. shall be quorum; and the
said corporation at their meeting in July
annually, shall have power to elect and
choose twenty five Directors, who may
elect a President from their own body
and from the members Of the Corpora
ton, Treasurer and all other such off,
GERS as to them shall appear necessary
which officers so chosen, shall continue
in Office one year, and until others are
chosen in their room; and all officers SO
chosen shall be under oath to the iaithful
performance of the duties of their Offices
respectively.
SEC 6. Ind be it further enacted,
That the said corporation shall have pow
er to elect by ballot any other person or
persons as member, Of said corporation.
SEC. Z. And be IL f0rthey enoc.cd,
That the said corporation hereby arc,
and forever shall be vested with the pow
cr Of making bylaws ard regulations for
the more orderly managing the business
OF the corporation; provided, the same
arc not rcpuguant to the constitution and
laws Of the United States or Of the state
Of Rhode Island
And whereas the following articles
have been agreed upon for the regula.
tons of said company, viz:
lst. Object Of khc Institution. To
promote a safe and profitable mode of
enabling industrious persons OF all de-
scriptions 10 invest such part OF their
earnings or property as they can consen-
ientiy spare in manner which will afford
them both profit and security.
I'd. Management. The Institution
shall be managed by President and
twenty-iour other Directors, who shall
have power to elect Treasurer and such
other officers as the interest Of the institu-
ton may require.
Sd. Election The said Directors
shall be chosen by the members of the
corporation at their annual meeting, and
shall hold their Offices for one year and
until others are chosen in their stead
they shall have power to fill all vacancies
in the board of directors which may hap
pen during the year.
Ath. Trcasmer's Bond. The Treas
urer before he enters on the duties of his
Office shall give bond in sum to be de-
terminetl by the Directors to the corpor-
alton with sufficient surety or sure;ies for
the faithful execution of his trust.
5th. Meeting Of Directors. The