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

inch places respectively where subscriptions shall
have been made; and the said persons shall, at the
same time and in like manner, notify time and place,
within the said city Of Washington, the distance OF
NJ least thirty days from the time of such notification,
for proceeding TO the election OF six directors afoe-
said and il shall be lawful for such election to be then
| and there made. And the President Of the United
States is hereby authorized during the session OF
Congress hereafter to nominate and by and with the
advice and consent of the Senate 10 appoint three d.
ectors OF the said bank whether they be stockholders
not any thing in the provisions OF this act TO the
contrary notwithstanding and the persons who shall
be elected and appointed aforesaid shall be the first
directors Of the said bank and shall proceed TO elect
of the directors 10 be president of the said bank
and the directors and president of the said bankso APP
pointed and elected aforesaid, shall be capable OF
serving in their respective Offices by virtue thereof
until the end and expiration OF the first Monday OF the
month of January next ensuing the said appointments
and elections, and they shall then and thenceorth
| commence and continue the operations Of the said
| bank, al the city of Washington.
Sec 10 And be IL further enacted, That the direc-
tors for the time being shall have power TO appoint
such officers clerks, and servants under them as shall
be- necessary io executing the business OF the said cor
| poi alton, and 10 allow them such compensation Tor
their services respectively shall be reasonable; and
shall be capable of exercising such other powers and
authorities for the wellgovernlng and ordering of the
officers of the said corporation, shall be prescribed
fixed and determined by the bylaws regulations, and
ordinances ofthe same
Sec IL. And Dc IL further enacted That the follow
ing rules restrictions, limitations and provisions, shall
form and he fundamental articles of the constitution OF
said corporation, 10 wit
list The number of votes TO which the stockholders
shall he entitled voting for directors, shall be ac'
cordng the number OF shares he she, they, re-
scctyely shall hold in the proportions iolowng that
say for share and not more than two shares,
vote for every two shares above two and not ex-
ceeing ten vote for every four shares above ten,
and not exceeding thirty, one vote; for every six
shares above thirty and not exceeding sixty one voe
for every eight shares above sixty, and not exceeding
hundred, vote fer every ten shares above one
hundred, vote but no person, copartnership, or
body polite shall be entitled TO greater number than
sixty votes; and, after the first election, no share or
shares shall confer right of voting, which shall not
have been holden three calendar months previous to
| the day of elecon no proxy to any oiiicer oil the
bank or Of more than ninety days standing, shall be
valid !; no proxy shall have right to vote more than
three hundred shares and stockholders actually resi-
dent citizens of the United States and none others,
may vote in elections by proxy, otherwise and any
person holding proxy may be required by any stock
holder the time of voting, TO make oath that he be-
eyes his principal in whose behalf he votes TO be the
bona de holder othe share shares and that no sale
or transfer has been made for the purpose OF eyadng
the scale of voting established by this act
I'd. Not than fve-slxths OF the directors elect
ed by the tockhoders who shall be in office at the
time OF an annual election, shall be elected for the sue
ceedng year; and director shall hold his office for
than five years out Of six, in succession; but
the director ho shall be president at the time OF an
election, may always be reapponted or selected as
the may be.
Sd. None but stakeholder, resident citizen, shall
be director. Not than two directors shall he
elected, and not more than one appointed out of any
one State and they shall be paid by said bank such
reasonable compensation for their services the stock
holders, their annual meeting shall direct but the
salary of the president shall be fixed by the directors
4th Not less than five directors shall constitute a
board for the transaction OF business, of whom the pre-
si,I. ant hall Ina pE npSs
or necessary absence in which his place shall be
supplied by any other director whom he, by writing,
under his hand shall depute for that purpose and the
director so dcpued may do and transact all the neces-
sary business belonging 10 the Office of the president
OF the said corporation, during the continuance of the
sickness necessary absence Of the president
9th. number OF stockholders, not less than sixty,
who together, shall be propretors of one thousand
shares, upwards shall have power at any time to
call general meeting of the stockholders for purposes
relative to the institution giving at least four weeks
notice in the public newspapers of the place where the
bank is seated and specifying in such notice the OBJ
i ject objects of such meeting.
9th. Each cashier treasurer, before he enters
upon the duties Of his Office, shall be required 10 give
bond, with two more surees, to the satisfaction of
the directors, in not less than fifty thousand
dollars with a condition for his good behaviour and
the faithful performance of his duties to the corpora
ton.
It'll. The lands tenements, and Entertainments,
which shall be lawful for the said corporation to
hold shall be only such shall be requisite for Its
immediate accommodation in relation to the convene
ent transaction of its business and such as shall have
been purchased at sales upon judgments DEGREES or
shall have been assigned set of to said bank IN sat
isfacton of said judgments DEGREES, which shall
have been obtained for debts due, have been bona
fde mortgaged to it by way of security Prortded,
I hat loan shall be made on the security OF real
estate; nor shall the said corporation hold any one
parcel OF such lands enements, not necessary for
the convenient transaction of business, for longer
period than five years.
Sh The total amount of debts which the said cor
poration shall at any time owe whether by bond bill,
note or other contract, over and above the debt or
debts due for money deposited in the bank shall not
exceed the sum OF twenty five millions of dollars, I'M
less the contracting of any greater debt shall have
been previously authorized by law La case OF excess,
the directors under whose administration shall hap
pen shall be liable for the in their natural and
private capacities and action of debt may in such
be brought against Them any OF them, thelf,
any of their heirs executors administrators, in
any court of record OF the United States by any cred,
or creditors of the said corporation, and may be
prosecuted to judgment and execution any condition,
covenant agreement To the contrary notwthstand-
ing but this provision shall not be construed to ex-
einpt the said corporation, the lands, tenements
goods chattes OF the same from being also liable
Tor and chargehbe with the said excess Such OF the
sand directors may have been absent when the said
excess contracted or created, or who may have
dssened from the resolution act whereby the same
was contracted or created may respectively exone'
rate themselves from being liable by forthwith CIV
ing notice Of the fact and OF their absence dissent
, to the President of the United States and to the
stockhol iers at general meeting, which they shall
r have power to call for that purpose
9Th. The said corporation shall not directly or ind
recty deal trade in any thing except bills of ex
change, gold silver coin, bullion, goods, oil
lands purchased execution sued out on judgments
DEGREES obtained for the benefit of said bank, Ia
ken bona ide in the paymen, of debts due To it, OF
e goods which shall be the proceeds Of its lands. II
shall not be at liberty TO purchase any public debt
whatever, to make any loan uron pledge thereof