Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1836-08-03


ton for directors, provided thirty days pre-
vious notice shall be given of the time and
place of meeting, as provided for in the first
section Of this act.
Sec. 7. That each stockholder shall be
entitled at elections, and on all other ques-
lions. TO the number of votes proportional
10 the number of shares which he or she shall
hold in his or her own name, according to
the following ratio, viz for each share, not
over ten shares, one vote; Tor every two
shares above ten and not exceeding fifty
shares, one vote; for every five shares
above fifty, and not exceeding one hundred
shares, one vote; and for every ten shares
above one hundred shares, one vote and
no stockholder, unless actually resident
within the United States, shall vote at cleo
tons or other occasions by proxy, but no
one stockholder shall, for himself or proxy,
be entitled to give at any election, more
than one sixth of all the votes to which the
whole stock of said corporation is entitled
by this act.
Sec. 8. That the directors, before they
enter upon or execute any of the duties of
their offices except choosing president,
shall, severally take and subscribe an oath
or affirmation that they will, once at least
in every three months, unless absent from
the state, or prevented by sickness, examine
fully into the condition and operations of
said Bank, and faithfully report to the Sec
rotary of state, or such other authority as
may from time to time be prescribed by the
Ia ,cla hon
any violation or abuse of the charter of said
Bank, and that they will in all other res.
poets diligently and honestly perform the
duties of their respective offices, which re-
port shall be forthwith communicated to the
executive by said secretary of state, or 9TH
err authority, and by the executive to the le.
gislature, if in session, and if not in session
at its next meeting: and said oaths or affir-
nations, so taken and subscribed, they shall
cause to be transmitted to the secretary of
state, to be deposited in his office, which
said oaths or affirmatons either of the d.
rectors is hereby authorised to admins
ter, to the president, and then the president
shall administer the same to the other di-
rectors; and every cashier, clerk, officer
and servant, of said corporation, before they
enter upon the duties of their offices, shall
give bonds, with two or more securities, to
the satisfaction of the directors, conditioned
for the faithful performance of their duties.
Sec. 8. That the directors for the time
being, or a majority Of them, shall have pow.
err to make and prescribe such bylaws,
rules and regulations, as to them shall ap-
pear useful and proper, touching the ar
rangement and disposition of stock, proper.
ty, estate and effects Of said corporation !;
the duties and conduct ofthe officers, clerks,
and others employed therein; the election
Of directors, and all such other matters as
appertain to the business of bank and
shall also have power to appoint so many
officers, clerks and servants, for carrying on
the said business, and with such salaries and
allowances as to them shall seem meet I:
Provided, That such bylaws, rules and
regulations shall not be repugDant to the
Constitution and laws of the United States,
or of this state.
Sec. 10. That no president or other d.
rector shall be entitled to any emoluments
for their services, unless the same shall have
been allowed by the stockholders, at gen.
eral meeting; four directors shall consti-
tuie board for the transaction of business,
of which the president shall be one, except
in case Of necessary absence when he shall
in writing appoint one of the directors, or
the directors present may appoint one OF
their number to act as president protein.
pore; but for making ordinary discounts
not less than three directors shall consti-
tute board.
Sec. IL. That a general meeting of the
stockholders may be called whenever the
directors or a majority of them shall Judge
proper, of which meeting the directors shall
give thirty days previous notice in news
paper published in the county aforesaid,
which notice shall specify the object of such
meeting.
Sec. IL. That it shall be the duty of the
directors semi.annually and whenever re-
quired by the Legislature, to furnish the Sec
rotary of state, or other officer or officers
prescribed by the legislature, statement,
under oath or affirmation, of the condition
of the Bank, stating the amount of depos-
its, the amount of bills in circulation, the
amount of debts due from the directors, the
amount due from the stockholders, the
amount of debts due from all other persons
orcorporations, (not however naming them)
the amount of specie in Bank, the amount
of bills of other banks, the amount of their
deposits in other banks, the amount Of their
stock in other banks, the amount Of their
real estate and other property not herein
specified, the amount of capital actually
paid in, and containing true and faithful
exhibit of the entire state of said bank which
statement they shall also cause to be pub
lished in some newspaper within the state;
and the books, papers and vaults of said
bank, shall be at all times open to the in
spection of a committee, or commissioner
or commissioners, to be appointed by the
legislature.
Sec. l3. That the total amount of debts