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


shall be five dollars, and no fractional
part Of dollar shall be received.
7th. Security. The money deposit
ed shall be invested either in the stocks
of the United States or Of this State, or
in the capital of some OF the Banks with
in the town of Newport, or in that OF the
National Bank or in private securities at
the discretion OF "a standing committee OF
three persons to be annually chosen bv
ballot by the Directors, unless the mon
les shall be loaned to one of the incorpor-
ated banks in the town of Newport, in
which case the directors for the month
shall have power to decide, and to loan
the same, and no director or officer shall
ever be a borrower.
9th. Office hours The Office shall
be kept in some central place in the town
Of Newport and for the present shall be
open every Saturday from 8 to 2 O'Clock,
and at such otl.er times as the business
of the office may from time TO time re-
qune.
9th. Duty of Directors. Three Of
the directors shall attend at the Office ev-
cry Monday at IL O'Clock, any two Of
whom shall direct the investment of the
moneys which may hove been deposited,
subject to the provisions contained in the
seventh articles; and they pledge them
selves TO the public for the faithful and
upright execution of this part of their
trust.
10th. DioidsnAs. On the third
Wednesdays Of October and April in
every year, there shall be declared and
paid dividend of two and half per
centum or five per centum per annum,
on all sums above five dollars, which
shall have been deposited for the space
Of six months next proceeding, and a
proportionable rate OF interest shall be
paid on any sum which shall have been
deposited for tie space OF three months.
Ilth. Interest 7phen TO cease. No in
terest shall be paid on any sums with.
drawn for the period which may have
elapsed since the last dividend nor shall
any interest be paid on sums which shall
have been withdrawn before any dividend
shall have been declared.
18th. Ezra diVidends to those qpho
permit tIeir r,oncy 10 remain m the in
stitWica. AT the end OF every three
years, The first to be computed from the
third Wednesday of Oct. 1919, there
shall be declared ard paid a dividend Of
all the profits which may have accrued
within the said three years (a(ter deduct
Ing the dividends already made, the nc
cessary exrcnses of the institution, and
the sums necessary to keep good the
capital stock, TO and among all such de-
positors whose deposits exceed the sum
of five dollars and which shall have re-
NAMED in said institution, for the space
OF one year at least, next proceeding the
time of declaring said extra dividend, in
proportion to the sums by them rcspec-
lively deposited, and to the length Of
time during which the said deposits may
have remained in said Institution, but in
masking said apportionment or distribu-
,iCn no regard shall be had to any frac-
tional parts of a year, but each sum de.
posted within any year shall be referred,
for the purpose Of calculating its share
Of the extra dividend to the third We'd
nesday Of October next following, the
time in which it was deposited; Provid-
ed also, that at the time Of making said
extra dividend or within one month there
after, the directors may at their pleasure
pay off the whole of any deposits due to
any depositor whose aggregate sum shall
amount to one thousand dollars, or such
proportion thereof as they may think pro-
per; and the deposits Of any persons
shall not at any time exceed the sum OF
one thousand dollars except SO much as
may be due TO such depositor for inter
est or dividend.