Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-05-01

That it shall and may be lawful for the
stockholders of the Central Bank of
Georgetown and Washington aforesaid,
al their next annual meeting for the cleo
tisn of directors, to reduce the board of
directors for the said Central Bank, to
any number not less than six.
Sec. IL. Ind be it further enacted,
That the corporation of the Bank of Po-
tdnac be, and the same is hereby, con-
thued and extended to the third day of
March, in the year of our Lord one
thousand eight hundred and thirty six,
during which time it shall hold, and be
possessed Of all the rights, privileges,
and immunities, now secured to it by an
act, passed on the sixteenth day of
February, one thousand eight hundred
and eleven, entitled i" An act to inrnr-
porate the Bank OF Potomac," and shall
be subject to all the restraints and limita-
tons expressed in the said act, except
so far as the same shall be altered by any
provisions hereinafter contained.
Sec. l2. Ind be it further enacted,
That an election for directors of the
Bank of Potomac shall be held in the
town of Alexandria, on the first Monday
in November in each year, Of which no
tice shall be given in one or more news
papers published in said town, for four
weeks at least before the day of election !;
and the stockholders shall choose, by bal
lot, to be given in person or by proxy, by
a majority of votes, from amongst the
stockholders, thirteen directors, for the
term of one year thereafter, and, on re-
signation, disqualification, or removal,
of any director out of the county of Alex
andria, or out of the county of Fairfax,
in Virginia, the other directors, at their
next meeting thereafter, may elect, by
ballot. another person, qualified as alore-
said, in his place, for the residue of the
year. The directors of said bank shall,
at the first meeting after every general
election, elect, by ballot, from among
their own number, by majority of their
whole number, president; and in case
OF his death, resignation, or removal out
Of the county of Alexandria, or out of
the county of Fairfax, or of his refusal to
accept his Office, the directors shall meet,
as soon as conveniently can be thereafter,
and elect another person as president, in
the manner before described.
Sec. l3. ind be it further enacted,
That every stakeholder of the Bank OF
Potomac, being citizen of the United
States, shall be entitled to vote at all
elections to be holden by the stockhol-
ders of said bank, in pursuance Of this
act, and shall have as many votes in pro-
portion to the stock he may hold, as fol-
lows, that is to say: For every share,
from one to twenty, one vote; for each
share, from twenty to fifty shares, one
vote for two shares from fifty to one
hundred, one vote for four shares; above
one hundred shares, one vote for six
shares :: Provided, That no share, or
number of shares, pledged 10 the said
bank as security for any debt due, or to
become due, to it, shall be considered as
comforting any right to vote at the said
elections
Sec. IA. ind be it further enacted,
That it shall be lawful for the President
of the Union Bank of Alexandria, at any
time before the first day of April next,
with the consent of a majority in interest
of the stockholders thereof, to subscribe
to the said Bank of Potomac the full
amount of the capital stock of the said
Union Bank, and, on such subscription
being made, to deliver over and transfer
to the said Bank of Potomac all the
books, papers, money, property and evil
dences of debts, belonging to the said
Union Bank, and to convey to the said
Bank of Potomac the real estate belong
ing to said Union Bank, for passing the
title of which bank in the said estate, to
the said Bank of Potomac, the deed Of
the President of the said Union Bank
shall be eifectual; on which subscrip-
ton, delivery, transfer, and conveyance,
being made, the stockholders of the said
Union Bank shall, forthwith, become
stockholders in the said Bank ofPotomac,
and shall be entitled to the same privi-
leges and advantages, and the stock of
and purposes, be considered as forming
a part of the capital of the said Bank Of
Potomac; and the proper officers of the
said Bank of Potomac shall forthwith is
sue to the stockholders of the said Union
Bank certificates of stock in the said
Bank of Potomac, at the rateof one share,
or one hundred dollars of Potomac Bank
stock, for every hundred dollars of the
Union Bank stock SO subscribed, accord
ing to the respective interests of the said
stockholders in the stock SO subscrb-
ed.
Sec. Is. md be it further enacted,