Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1840-11-25

SEC. IL. Any director, who may have
paid more than his share Of The Liabilities
mentioned in the preceding sections, may
have any proper action, in law or'equity,
against such other. directors as shall not
have paid their fuIlpshares.
SEC ID The directors, after beng
Iquai6ed to act as spca, 10 the manner re-
tqnired by law, NAV appoint one OF their
Inumberto be president of such hank and
may appoint and remove, at pleasure, a
cashier, and all other necessary officers
and servants, aad-fx their compensatory
and may maissaIl necessary by Jaws and
regulations, not iaconsistens via the act
of orporaIion, OF The laws Of This State.
10 regnlate
/. .The conduct and dusies Of he sever
laI'officers
3. The times and places 8. holding
and the manner 81 notifyings the meetings
lof the directors and OF he corporation;
Sd. The terms and conditions on
(which oil leans and discounts shall be
lmade. and other negotiations of the corpo-
fration shall be transacted
Il A. The disposition ofthe stock, prop
euy, and effpcts, Of said corporation
IS. The election Of directors and filing.
vacancies in that office;
And all o,hsr regulations necessaryfor
the proper management Of the business of
The bank, and to carry into effect the par-
poses Of its incorporation.
SEC. Is. The cashier of the bank shall
be required, before he enters upon the dn-
ties of his Office, to give a bond to the
treasurer ofths State, with sufficient sure
ties, 10 be approved by The bank COM
missioner, in the sum of not less than
twenty thousand dollars, conditioned Cor
the fnithful discharge ofthe duties of his
office; winch shall be for the security,
aud may be prosecuted for the benefit, not
only of the corporaeioa, bur Of all others
Interested.
/ SEC. IA, Any such bank may loan
and negotiata it moneys ard effects, by
|discounting OF binl,ing principles, upon
such security as the directors shall deem
lexpediept; and dividends of the profits of
The bank may be made by the directors
leverY six months.
SEC Is. Such corporation shall not
receive or demand any greater interest or
discount, on any note. draft, Of. security.
THAN al the rate of six per cent. per an
lnum; but such interest or discount may
he calculated aud taken according to the
established rules Of banking
| SEC l6 No such corporation shall, d.
reilly or indirectly, employits moneys in
trade or commerce, or deal or trade in
buying o. selling amy goods, chattels,
wares, or merchandise provided that
such corporation may sell all kinds oil
iproperty which shall come into its posses
sion in the ordinary. collection Of its debts.
/ SEC. IL. No stockholder, director, or
other officer, shall, at any one time, be,
either directly or indirectly, indebted to
the bank, in greater amount than five
ner cent oil the capital stock actually paid
in: nor shall any individual, company or
corporation ether than such stockholder,
director or other officer, be at any one
Tine Indebted to any bank in a greater
amount thar The sum of ten per cent. Of
the captalsstocli so paid in, except for de-
posies made by such bank for the pur-
pose Of redeeming their bills at the place
OF such redemption. or on the purchase OF
bills If exchange; and all the directors
aud other officers shall not, at any one
time, be directly. or Indirectly, indebted to
/ the bapk, to a greater amount than the ag-
gregnte AMOUNT of three per cent Of such
capital stock, for each director,
) SEC. l9. No such bank shall issue
: bills, or otherwise contract dects, to a
j greater amount than the amount oithe de.
posites, and twice the amount of the capt
tai sleek actually paid in; but the viola
: ton Of this provision shall not avoid any
/ contract, or be construed to prevent the
collection of any debt, contracted by such
/ bank.
, SEC. 10. All the bills and notes 0
5 such pank shall be deemed 10 BE- payable
0 at such bank. and shall at all times be re
i ceived by said bank, on all Judgments, ex
rcutions, or demands, made payable TO, o.
b The property of, such bank.
: SIC 90 1.-THE officers of and sucl
: bank shall refuse or delay payment, il
e gold or silver money, OF any bill or no.
: If such bank, presented tor payment i
r their usual hours ofbusiness the said banl
f shall be liable 10 pay the holder o. suct
If bill OF note. as damages, at the rate
Il twelve per cent. Il year, for the time dul
) ing which such payment shall be refuse
or delayed
IS SEC. 81 At any time, within tw
Of years ffom HE tlae any such bank may b
ne incorporated or rechaftered, such corpor'
=, ton shall be required, when requested b
Is the Legislature, to loan to this State an
p; sum OF money which may be SO reqleste.
CT 10 De repaid 10 three annual instrument
Ia or sooner. at The election OF the ate. vii
q; annual interest; provided, that the who
or amonnt due to such bank from the Sta