Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1841-08-11

tate enough for the convenient transaction |
Of its business.
9th. The debts Of the bank over the de- I
poslles shall never exceed twenty FIVE mil
lions, and in case of excess the directors
shall be liable.
9th. The bank shall not deal in any
thing but bills Of exchange, gold and sill !
yer, goods or lands purchased on execu-
ton, or goods taken in payment for debt.
10Th. No loan shall be made to govern.
ment exceeding one million, or to any
state exceeding one hundred thousand
dollars, unless authorized by act of Con-
gress.
18th. The stock Of the bank to be as.
signable; Provided no assignment shall
be made to others than citizens of the
United States.
18th. The bills obligatory and ofcredit
under seal to be assignable by endorse
ment: Provided no bill Of credit shall be
for more than FIVE thousand dollars, or
longer than one year.
18th. ALI bills issued, payable to bear
er or order, shall be made payable on de-
mand.
| l4th. Hal: yearly dividends to be made,
not exceeding three and half per cent.
When surplus amounting TO two mil
lions has accumulated, any excess shall
be paid to the Treasury of the Uni,ed
States; and on the expiration of the char
ter, any surplus, after payments Of divi-
dends, and reimbursing the capital, shall
be paid TO the Treasurer. 1.-THE dividends
are ever below three and half per cent
semi-annuaIly, the Treasury shall make
up the deficiency out of the surplus that
may have been paid before.sA No dividends
10 be made, except from the profits. The
{ bank not 10 purchase its own stock, or to
+ loan on pledge of it; and any shares re-
ceived lis satisfaction of debt shall be Sold
The bank shall not hold stock 10 other
, corporations. Before dividend is declar-
ed from the profits. all expenses are to be
deducted.
J. 18th. An annual statement of the debts
+ unpaid and over due, and of the surplus
, profits, to be made.
J 10th. An Office of discount and depos-
tie to be established in any state where
ten thousand shares are owned, whenever
upon application oflhe legislature of the
state, Congress may by law require 1t.
And the said directors may also estab.
r. lish one or more competent offices OF dis
Il count and deposite 10 any Territory oil
: District ofthe United States, and in any
state, with the assent OF such state; and
when established, the said office or offices
i shall be only Withdrawn or removed By
! the said directors prior % the expiration
: OF his character, with the previous assent
of Congress; Provided, 10 respect 10 any
:. :. state which shall not, at the first session
> of the Legislature thereof, held after the
|. passage of this act, by resolution or Other
I usual Legislative proceedings, uncondition
ally assent or dissent 10 the establishment
of such office or Offices within it, such as
D. sent Of the said state shall be thereafter
81 presumed;
e. And provided, nevertheless, that wher,
o. ever it shall become necessary and prop
be err, for carrying into execution any OF In
an powers granted by the constitution, TO e:
m tabish an office or Offices in any of tn
st, stairs whatever, and the establishment
on thereof shall be directed by law, it sha
ms be the duty of the said directors TO estat
lish such Office or offices accordingl
CT And the said directors shall have powe
Tor to commit the management Of the sal
on offices and the business thereof, respective
NE ly, to such persons, and under sucn regr
ex- lalions, as they may deem proper, not bs
10 ing contrary to law or to this charte
Tor, instead of establishing such offices,
M shall be lawful for the directors of tn
all said corporalion, fom time to time,
employ any agent or agents, or any cthe
if bank or banks to be approved by the Sc
unit rotary Of the Treasury, at any place I
places that the said directors may deei
GER safe and proper, to manage and transa
ted the business proposed as aforesaid, 9th
than for The purpose of discount, and
cri- perform the duties hereinafter required
der the said corporation, TO be managed al
nit. transacted by such officers under SUI
. agreements and subjectto such rrgulatio
inc as they shall deem just and proper.
the Not more than nine, nor less than Il
be managers or directors of every office, {
No ltabished- as aforesaid. shall be annual
,rn- appointed by the directors of the said CO
+ OF poration, to serve one veal. The 81
rec managers or directors shall choose pr
lident from their own number; they sh
\ as be citizens oftLe United States, and re
1ers dents Of the State, Territory or DistI
hall wherein such office is established and
least one of the said managers or direct
ors, shall be ineligible to re-appointment
fix The end ofevery first, AID each succe'
ing year; but the president may be
nda- ways re-appointed.
the 1z,b The Secretary of the Treasury