The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-15

Ill such appointments or elections Be made the direc
tors and president Of the said bank for the time being
shall continue in office; Aad propided, atso. That i
case OF the deah resignation or removal of the presi
dent OF the said corporation the directors shall
10 elect another president from the directors as afore
sand and in OF the death resignation or absenc
from the United States, removal OF director from
office, the vacancy shall be supplied by the presen
of The United States or by the Stockholders ~ m,
case may be but the President Of the Un,t,d States
alone shall have power 10 either OF the drec
tors appointed by him as aforesaid
Dec. " and DC q further enacted, That as soon a,
the sum OF four millions of dollars, in gold and slve
coin, and in Treasury notes shall have been actual,
received on account of the subscriptions to the capital
OF the said bank Exclusively OF the' subscription
Aforesaid, on the part Of the United Staes) notice
thereof shall be given, by the persons under whose
superntendence the subscriptions shall have beer
made to the city Of Washington, in at least two
papers printed IN each of The places Of so many be
printed IN such places, respectively where subscrp
tons shall have been made and the said persons shall
al the same time, and IN like manner notify time and
place, within the said city of Washington at the dis
lance OF ut least thirty days from the time of such
tifcation for proceeding TO the election of five drec
tors as aforesaid and II shall be lawful for such cleo
ton To be then and there made. And the President
of the United States is hereby authorized, during
the next session of Congress hereafter to nominate,
and, by and with the advice and consent Of the Sc
nate, to appoint two directors Of the said bank, whe-
Their they be stockholders not thing the pro-
visions Of this act the contrary notwithstanding
and the persons who shall be elected and appointed
as aforesaid shall be the first directors of the said
bank and shall proceed to elect OF the directors
be president of the said bank and the directors and
president of the said bank appointed and elected
aforesaid shall be capable of serving in their rcspec-
tive offices, by virtue thereof until the end and xpira-
on of the first Monday of the month of January next
ensuing the said appointments and elections and they
shall then and thenceforth commence and continue
the operations of the said bank at the city OF Wash
nglon.
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 for executing the business OF the
said corporation, and to allow them such compensa-
ton for their services respectively as shall be reason
able; and shall be capable OF exercising such other
powers and authorities for the well governing and
ordering of the officers of the said corporation shall
be prescribed fixed and determined by the bylaws,
regulations, and ordinances OF the same.
Sec. H. And be IL further enacted, That the fol-
lowing rules restrictions, limitations and provisions,
shall form and be fundamental articles Of the Consii
tuition of said corporation, to wit:
lst The number of votes to which the stockholders
shall be entitled in voting for directors, shall be ac-
cordng to the number of shares he She or they re-
specvely shall hold in the proportions following that
is say for share and moe than two shares,
vote for every two shares above two, and not
ceeding ten, vote for every four shares above ten
and not exceeding thirty, one vote; for every six
shares above thirty, and exceeding sixty one vote
for every eight shares above sixty and not exceeding
one hundred, one vote; for every ten shares above
hundred, one vote but no person, copartnership,
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
have been holden three calendar months previous
to the day of election proxy to any officer of the
band of more than ninety days standing, shall be
valid and stockholders actually resident within the
nited States and others, may vote in elections
by proxy, or Otherwise; and any person holding a
proxy may be required, by any stakeholder, at the
time of voting, to make oath that he believes his prn-
cipal, in whose behalf he votes, to be the bona fde
holder of the share shares, and that no sales or
transfer has been made, for the purpose of evading
the scale of voting established by this act.
ID. Not than four-ffths of the directors elect
ed by the stockholders who shall be in office at the
time of an annual election shall be elected for the
succeeding year and director shall hold his ofiae
for than four years out of five, in succession
but the director who shall he president at the time of
an election, may always be re-appolnted, or selected,
as the case may be.
Sd. None but stakeholder, resident citizen, shall
I've director. Not more than two directors shall be
elected, and not more than appointed, out OF any
one State; and they shall be paid by said banks such
reasonable compensation for their services the stock
holders, at their annual meeting, shall direct but the
salary of the president shall be fixed by the directors
4h Not less than three directors shall constitute
board for the transaction of business of whom the
president shall always be one, except in case Of sick
necessary absence, in which case his place
writing under his hand, shall depute for that purpose;
and the director so depued may do and transact all
the necessary business belonging to the office of the
president of the said corporation during the continu-
of the sickness necessary absence of the pre-
sident.
9Th A number Of stockholders, not less than sixty,
who, together shall be propuetors Of one thousand
shares or upwards, shall have power at any time TO
call general meeting of the stockholders, for pur-
poses 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 no
tice the object or objects of such meeting
9th Each cashier or treasurer before he enters upon
the duties of his Office shall be required 10 give bond,
with two or more surees the satisfaction OF the di
rectors IN a less than fifty thousand dollars,
with condition for his good behaviour, and the faith
ful performance of his duties to the corporation
7th. The lands, tenements, and Entertainments,
which il shall be lawful for the said corporation to
hold, shall be only such shall be requisite for its
immediate accommodation, in relation To the conve-
nien transaction Of its business, and such shall
have been purchased at sales upon Judgments shall
have been assigned set of to SAID bank in sasfac.
ton OF said judgments which shall have been obtained
for debts due shall the said corporation hold any
parcel of such lands enemens not necessary for
the convenient transaction of its business Tor lon
ger period than five years.
sth The total amount Of debts which the said cor
poration shall at any time owe, whether by bond, bill,
note other contract, over and above the debt or
debts due Tor 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 In of excess, the
directors under whose administration it shall happen
shall be liable for the in the natural and private
capacities; and action of debt may in such case
be brought against them, or any OF them their or any
of their heirs executors, administrators, in any
court of record of the United States by any creditor
or creditors of the said corpoi alton, and may he pro-
secuted judgment and execution, any condition, CO.
venant agreement to the contrary Notwithstanding
this shall be exempt the
said corporation or the lands, tcnements, goods, or
chatels Of the same being also liable for and charge
able with the said excess.
Such Of the said directors as may have been absent