The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-26

VI
his her or their order shall be assgnable by endorse
ment in like manner and with the hike effect a. ior-
eiqn bills of exchange now are; and those "hen s,e
pa yable to bearer shall be nssignabie ana hesouaoe
by delivery only Propided That all bills OF ho'es 30
Ia be issued by said corporation shall be made payable
on demand. r. -
Iith. Half yearly dividends may be made OF 80
much of the profits Of the bank shall appear to me
directors advisable, not exceeding three ana nan
per cent for any one half year. When surplus ne
rona that limit shall have accumulated in the said
bank TO an amount exceeding two millions oil dollars
The excess beyond that sum and beyond the annual
dividends as such excess accrues, shall be ANNUALLY
transferred and paid over 10 the treasurer OF 'he
United States and upon the expiration OF TINS char
Ter any surplus which may be in the sand bank amer
the payment of dividends aforesaid and aiier rem
bursting the capital of the stockholders shall IN i'ke
manner be paid into the Treasury OF the United states
If the dividends shall in any halt year ia beio" 'ne
above Limitation Of three and half per cent Congress
will out Of the surplusses which shall have been pre-
yiously paid TO the Treasurer appropriate sum
sufficient 10 make up the deficiency. II there sha DC
failure in the payment OF any part OF any sum sun
scfbed To the capital of the said bank the
80 delinquent shall lose the benefit OF any dividend
which may have accrued prior to the time for making
such payment, and during the delay OF the same.
18th Once in every year the directors shall lay be-
fore the stockholders at general meeting OF publish
for their information exact and particular slate
ment of the debts which shall remain unpaid after The
expiration Of the original credit and Of the surplus OF
the profits if any after deducng losses and dividends
10th The directors of the said corporation snail es
abllsh one competent office of discount and deposit IN
any State in which two thousand shares shall nave
been subscribed, may be held whenever, upon air
plication Of the Legislature Of such State Congress
may by law require the same. And the sad directors
may also establish competent offices OF discount ana
deposit in any State, Territory District OF the nj
ted States and shall have power 10 commit the manage
of the said offices and the business thereof re-
.f,y..iy In surh rarga nd
they may deem proper, not being contrary to law
or to this charter Or instead of establishing SAID
offices shall be lawful for the directors OF the said
corporation from time to time to employ any agent or
agents any other bank banks, to be approved by
the Secretary Of the Treasury, any place or places
that the said directors may deem safe and proper, To
manage and transact the business proposed as aoe-
said other than for the purposes of discount, and to
perform the duties hereinafter required u the SAID cor
poration to be managed and transacted by such ON
GERS under such agreements and subject 10 such regu
ations they shall deem Just and proper Not more
than less than five managers or directors OF
every office established aforesaid shall be annually
appointed by the directors of the said corporation, 10
year. The said managers or directors shall
choose president from their own number they shall
be citizens of the United States and residents of the
State Territory District wherein such office Is es-
tablished and at least OF the SAID managers or
directors shall be ineligible to reappontment at the end
of every fist and each succeeding year, but the pre-
18th The officer at the head of the Treasury De-
parment of the United States shall be furnished from
Sime time often as he may require, not exceed
Ing once week with such statements of the condl-
and business Of said corporation he may special
~ direct and he shall also have right TO inspect, or
cause to be inspected, by by him duly au-
thorzed all the books papers and accounts OF the sad
corporation of every Gind including the accounts OF
individuals and to make cause 10 be made, an ex-
animation into the affairs, transactions, and condition
A. hall
be published monthly in such manner, and with such
particularly the Secretary of the Treasury shall
direct And the said bank shall be open at all times
to the full and unrestricted inspection and examination
of committee of either House of Congress-, a com
mce of the stockholders, and to each and all OF the
directors of the bank And for the purpose of secur
ing full and unrestricted inspection and examination
aforesaid the Secretary of the Treasury, or any
one by him duly authorized or committee OF either
House Of Congress, may respectively summon and ex-
anime under OATH all the directors officers, or agents
of the said corporation and of any branch agency
thereof and such other witnesses as they may think
proper relation TO the affairs, TRANSACTIONS and con-
dition of the corporation and any such DIRECTOR oli-
GER agent other person, who shall refuse without
usabe cause to appear and testify when thereto re-
CURED aforesaid, shall conviction, be subject to
a fine not exceeding thousand dollars, and impr
sonment for a term not exceeding one year.
| 18th. No note shall be issued of less denomina
ii on than dollars shall the said bank discount
/
loans when the notes in circulation exceed three times
| the amount of specie in lis vaults
| 10Th The debts due and becoming due to said bank
shall never time exceed the amount of the CAPT
tai stock actually paid in and seventy-iso per cent
| advance thereon
10Th. No paper shall be discounted or any loan
made by said bank for longer period than one hun
dred and eighty days; shall any note or BILL OF
other debt evidence of debt be renewed or extend
ed by any engagement contract of said bank, after
! hp inn Inch 1 a.
pred
2lst The said bank shall not hold any securities
other than notes of hand bills of exchange unless
| taken for the security of debts.
22d. The said bank shall not pay out the notes OF
any other bank any thing except legal coin bullion
| or its own notes.
odd The directors the said bank shall not within
the District ofColumba, discount any promissory note
OF bill Of exchange, make any loan whatever,
cept II be loan to the Government OF the United
States according to the provisions of law.
All notes or bills adapted and intended to crcuat,
money shall he prepared under the direction of the
parent institution at w ashingon shall be signed as
herenbctore provided for and shall be made payable
the banking house in Washington, at some o.
the offices discount and deposit be specified on tn,
face ofhe note bill And no notes bsbut such
prepared and signed aforesaid shall be issued by
any of the said offices OF discount and deposit Pro
ridcd, That nothing herein contained shall be con
strued prohibit the said offices from selling draft.
for fifty dollars and upwards each, drawn and intend
ed for the purpose of remittance,
| The notes bills of the said corporation, although
the he upon their face respectively made payabl,
at particular place only shall nevertheless be rcceiv
ed by the said corporation, at any of its offices Oft dis
count and deposit, when rendered in liquidation Of
payment of any debt balance due to said corpora
ton.
25h The officers Of the corporation shall not b,
permitted to borrow money from the said corpora
ton contract any debt Herewith, in any man
| whatever, and note, bill, which sucl
officer is maker drawer, endorscr ncceptor or other
wise party, shall be discounted; Prorided Tho
the directors of the SAID office discount and depos
shall net he considered officers of the bank, within thu