Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1841-05-13

the convenient transaction of the business thereof but the
real estate, held shall unless by special authority for
the purpose exceed twelve per the of the cap
a stock exclusive Of what the bank may hold mortgage
receive on execution or take security in payment Of
any debts.
Sect 10. Every bank subject such restrictions
mentioned in this chapter may loan and negotiate their
les and Effects ny dscountng banking principles such
security their regulations may permit provided that
loan shall be made by airy bank upon pledge Of its stock
nor shall bank discount notes. bills Of exchange, drafts
other security for the payment of money! without least
responsible names principal urees endorsers thereon
(and for this purpose any firm composed Of per-
sons are to be considered erson) adequate
al pledges collateral security and loan shall be made
to any stockhoder until the full of his shares shall
have been paid into the bank The aggregate of all the debts
due from Ae Directors principals shall
at no time exceed third part of the Of the CAPT
ata oil such bank shall the debts due from Director
cs principal endorser, surety exceed eight per of the
apital stock.
Sect 20. No bank shall vest use or improve any of its
monies, goods, chaels effects in trade commerce; but
any bank may sell all kinds of personal pledges lodged with
by way of security, to sufficient reimburse tho
sum loaned, with interest and expenses.
Sect FL The Directors shall make half yearly dividends
of the profits of the bank
Sect. % The Directors shall appoint cashier, and may
appoint clerks and other officers for conducting the business of
the bank with such salaries them may which
cashier clerks and other officers shall be removable the
pleasure of the Directors.
Sect. 20 The cashier of any bank shall the
time be Director therein.
Sect. a. The cashier and clerks before they upon
the duties of their respective Offices shall be and shall
also bonds with surees the satisfaction Of
the Directors, conditioned for the faithful performance of the
duties of their respective Offices The bond Of the cashier
shall be renewed every year, the month of October and
shall the bond given by the cashier be signed by any
Director of the bank for which he appointed, be given
for less penal than twenty thousand dollars gearer
than fifty thousand dollars; and said cashier clerks shall
have voice in the choice of Directors of said bank and
shall represent for themselves by proxy any shares
said bank.
Sect 25 The cashier Of every bank SHALL the appca-
on in writing of the propretos of fifth part the caps
a stock thereof call special meetings of the stockholders by
giving notice of such meetings in the provided for
yng the annual meeting; and of refusal by such
cashier justice Of the peace the County where tho bank
is established such application call such meetings CIV
ing the like notice.
Sect. 26. The total debts which any bank shall
1t any time shall exceed twice cap
el stock, actually paid n exclusive of due
OF deposits, not bearing INTEREST," shall there be due
such bank at any lime, than double the of its
capital stock, actually paid in.
Sect. II. Debts due any bank from any other bank
payable demand, including bills of the bank, indebted,
shall not be deemed debts due bank within the intent and
meaning of the preceding section
Sect %. If any bank shall become indebted beyond the
amount allowed by the preceding sections the Directors
under whose administration shall happen, shall be liable for
the in their private capacities; any condition, release
or agreement TO the contrary notwithstanding; and action
of debt such be brought against them any
them the heirs administrators them,
any OF hem any creditor of such corporao and be
prosecuted to final judgment and execution such creditor