The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-06-19

Il u
office, the vacancy shall be supplied BY the President
fthe United States, or by the stockholders as the
may bel but the President of the Un,t.d States
alone shall have power to remove either ofthe direc
tors appointed by him as aforesaid
| Sec. g. And be IL further enacted, That soon as
the sum of four millions of dollars in gold and silver
coin and in Treasury notes shalr have been actually
received on of the subscriptions to the capital
of the said bank, Exclusively of the subscription
aforesaid, the part OF the United States,) notice
thereof shall be given by the persons under whose
superintendence the subscriptions shall have been
made to the city of w ashngton in at least news
papers printed IN each of the places (f SO many be
printed in such places, respectively where subscnp
lions shall have been made; and the said persons shall
at the tme and in like manner, notify time and
place within the said city of Washington at the dis
lance of at least thirty days from the time Of such
tfcaton, for proceeding TO the election of five direc
tors aforesaid, and il 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 appoint two directors OF the said bank, whe-
Their they be stockholders not thing In the pro-
visions 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 to
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 respec
tive Offices by virtue thereof until the end and expa
ton 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
inglon.
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 shall be reason
able; and shall be capable Of exercising such other
| powers and authorities for the wellgoverning and
ordering Of the officers of the said corporation shall
be prescribed fixed and determined by the bylaws,
regulations, and ordinances OF the same. .5E
Sec. IL. And be IL further enacted, That the fol-
lowing rules restrictions, limitations, and provisions,
shall form and be fundamental articles OF the Constr
| tuition of said corporation, 10 wit: .".
lst The number of votes TO which the stockholders
shall be entitled in voting for directors, shall be ac-
cording the number of shares he she or they re-
speclively shall hold in the proportions following that
is say for share and not than two shares
vote for every two shares above two and not ex-
ceeding ten voe for every four shares above ten
| and not exceeding thirty one vote; for every SIX
shares above thirty and not exceeding sixty one Vote
for every eight shares above sixty and not exceeding
one hundred one vote; for every ten shares above
one hundred vote but no person, copartnershp,
or body polite shall be entitled to greater number
than sixty votes and after the first eecuon no share
shares shall confer right OF voting, which shall
not have been holden three calendar months previous
to the day of election no proxy to any officer of the
band, or of more than ninety days standing shall be
valid and stockholders actually resident within the
United States and none Others may vote in elections
by proxy, or otherwise; and any person holding
proxy may be required, by any stakeholder, at the
time of voting make oath that he believes his prin-
cpaI in whose behalf he votes, to be the bona tide
holder of the share or shares and that sales or
transfer has been made, for the purpose OF evading
! the scale of voting established by this act ~
| 3D. Not more than four-fflhs of the directors elect
ed by the stockholders who shall be in Office at the
time of annual election, shall be elected for the
succeeding year. and director shall hold his office
for more than four years out of five, in succession
but the director who shall be president at the time OF
an election may always be re-apponted or selected,
as the case may be.
3d. None but stakeholder, resident citizen, shall
be director. Not more than two directors shall be
elected, and not than appointed, out OF any
one State; and they shall be paidb said banks such
reasonable compensation for their services the stock
holders their annual meeting, shall directs but the
salary of the president shall be fixed by the directors
4th 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
or necessary absence, in which case his place
shall be supplied by any other director whom he, by
writing under his hand, shall depute for that purposes
and the director deputed may do and transact all
the necessary business belonging the Office of the
president of the said corporation, during the continu
of the sickness or necessary absence OF the pre-
| silent. ".,s.E t'".N |s"" ..E...E re H..
9th. A number of stockholders, not less than sixty,
who, together, shall be proprieors of one thousand
shares, 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 objects Of such meeting.
9th. Each cashier treasurer, before he enters upon
the duties of his office, shall be required TO give bond
with surees to the satisfaction OF the d.
rectors, in sum less than fifty thousand dollars,
with condition for his good behaviour and the faith
full performance of his duties to the corporation.
nh The lands tenements, and Entertainments,
which it shall be lawful for the said corporation to
/ hold shall be only such shall be requisite for its
4 immediate accommodation, in relation to the conve-
nent transaction Of its business and such as shall
have been purchased at sales upon judgments, or shall
have been assigned set off to said bank In satsfac.
ton of said judgments which shall have been obtained
for debts due nor shall the said corporation hold any
one parcel of such lands enemens not necessary for
the convenient transaction of its business, for lon
| ger period than five years. ..
9Th The total amount Of debts which the said cor
poraon shall at any time owe whether by bond, bill,
| note or other contract and above the debt or
debts due Tor money deposited in the bank shall not
exceed the of twenty five millions of dollars, I'M
less the contracting of greater debt shall have been
previously authorized by law. In case 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 any Of them, their, or any
OF their nelrs, executors, OF ADMINISTRATORS, III any
court of record of the United Sates by any creditor
or creditors of the said corporation and may be pro-
secuted judgment and execution any condition, CO.
venanr agreement to the contrary notwithstanding;
but this provision shall not be construed exemptthe
said corporation, or the lands, tenements, goods,
chaels Of the same, being also liable for and charge
1 able with, the said excess .-'
Such OF the said directors as may have been absent
when the said excess contracted created, or
| who may have dssened from the resolution OF act
| whereby the same so contracted or created may
respectively exoneate themselves from being liable,
by forthwith giving notice of the fact and OF their
absence or dissent to the President of the United
States and to the stockholders, at general meeting,
which they shall have power to call for that purpose
9th The said corporation shall not directly or in
directly deal or trade in any thing except promissory
notes inland bills Of exchange gold or silver CON- or
bullion or goods, or lands purchased execution
taken ma dc in the payment ofdebts or goods which