Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-03-09

the better governing the aHarS OF the CoTpoidsoii
the same being consistent with the bylaws, rules
and regulations established by the stockholders and
the law of the land and they shall continue In Of
flee until their successors are elected.
Sec 10. BE 1t further enacted, That the dlvl-
dends of the profits of the bank shall be made semi
annually.
Sec. 20. Be it further enacted That it shall be
the duty of the president of the bank on the fit-
tcenth day of August, one thousand eight hundred
and fifty nine, andst the expiration Of every three
months thereafter, during its corporate existence
to transmit to the pubiic treasurer, and have pub
lished in two papers having the largest circulation
at the seat of government full and correct state
ment of the condition of the bank, showing the
amount of capital, notes in circulation and from
what places issued, debts due to other banks and
what banks and all other particulars necessary to
show the debit side of the account also the amount
of specie on hand debts due from other banks and
what banks, real estate, the amount OF notes or
bonds discounted and of bills of exchange, showing
in one item the amount due from directors, and in
another the amount due from stockholders and d.
rectors, but in no case designating the name oil the
debtors and all other particulars necessary to show
the true condition of the credit side of the account;
which statement, together with statement of the
dividends which shall accrue from time to time upon
the stock of the bank the public treasurer shall lay
before the general assembly.
SEC. 81. Be 1T further enacted, That there shall
be an annual meeting of the stockholders at such
time and place as they shall appoint.
The president and directors of the bank shall
also have power to call meeting of the stockholders
at any time they may think proper, and any num-
Der of stockholders holding together one tenth of
the stock, may call special meeting on giving at
least sixty days notice, signed by each of them or
by some one by them duly authorized in two or
more gazettes published in the city of Raleigh, In
which notice shall be specified the several purposes
and objects of the proposed meeting
Sec o. Be it further enacted, That in all meet
ngs of the stockholders, the stock of the State
shall be represented by the treasurer or by such
other person as the governor may appoint
Sec 23 Be it further enacted, That all stock
holders being citizens of the United States, may
vote either in person or by proxy, at the meeting of
the stockholders and none but stOt khOder shall
be proxy.
Sec. "a Be 1T further enacted, That the vote to
which each stockholders shall be entitled except the
State shall be according to the number Of shares he
may hold in the following proportions, that is to say,
for one share and not more than two one vote, for
every two shares above two and not exceeding ten,
one vot Cor every four shares above ten and not ex
ceedins 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 and not exceeding two hu ldred vote for
every twenty shares over two hundred vote, and
the vote ofthc State shall ratio compared
with the whole number of individual shares repre-
scented as is the stock of the State, compared with
the stock held by other stockholders.
Sec %. BE 1t FURTHER enacted, That majority
of the directors of the bank or any three of the
directors at the branches shall constitute board for
the transaction of business, of whom their respec-
tive presidents shall be one except in of sick
ness or necessary absence, when his place may be
supplied by any other director whom he by writing
may nominate and ifno such nomination be made
the board present may select president for the time
Sec 26. BE it further enacted, That the lands,
tenements and Entertainments which the corporation
may acquire, shall be only such as shall be requisite
for the convenient transaction of its business and
for the accommodation of its officers, agents, or
servants, and such may have been bona tide mort
gagged to it by way of securing, or conveyed to it
in satisfaction of debts previously contracted in the
ordinary of business, or purchased at sale p
on judgments DEGREES renderedn favor of the bank
SEC. 81. BE it further enacted That the corpo-
ration shall not deal except in gold silver coin or
bullion, bills Of exchange, mint certificates, bonds
or promisory notes, expressing on the face of them
to be negotiable and payable at the bank of
its branches or agencies, and in the public debt of
the United States or of this State Prorided, That
shall not exceed at any one time, one half of the
capital stock of the bank
Sec. %. Be at further enacted That the bills or
notes which may be issued by order of the corpo-
ration, signed by the president, and countersigned
by the cashier of the bank, promising the payment
of money to any person or his order, or to the
bearer shall be binding and obligatory on the same,
in like and with the like force and effect as
upon any private person issued by him in his pri-
waite or natural capacity and shall be assignabe by
endorsement; and those which are payable to bearer,
shall be negotiable and payable by delivery only
Sec. 90. BE it further enacted That no note,
check, ORDER draft, or promise to pay money, shall
be made, drawn, or issued by the bank for a less
sum than five dollars and every note, BILL or other
species Of paper intended for circulation of greater
denomination than five dollars, shall be multiple
Of five and certificate of deposite, or other ac-
knowedment Of Indebtedness, shall be made, drawn,
or issued by any CASHIER teller, or officer of the
bank, for any sum less than twenty dollars: Prori.
ded That the Legislature may at any time hereafter
restrain the bank from issuing any note of less de-
nomination than ten dollars.
Sec. 80. Be 1t further enacted, That the bank
shall at no time have in circulation more than twice
the amount of its capital actually paid in nor more
than three times the amount of its specie on hand
Sec 81. Be 1t further enacted, That the bank
shall not take than at the rate of one half Of
one per centum for every thirty days, for on &C
count of its loans or discounts which may be re-
ceived in advance at the time of discount
Sec 80. Be 1t further enacted, That if the holder
Of any note issued by the bank, shall demand pay
ment thereof at the place where such note payable
and the same shall not be promptly paid, such note
shall draw interest at the rate of twelve per centun
per annum, from the time of demand until it shall
have beer paid and in of suspension of specie
payment by the bank, unless upon the advice Of thu
governor and council, given in writing, the banl
shall pay into the public treasury and tits only There
by]made the duty Of public treasurer to coectta
the rate of per cent per annum on the amount o
its circulation at the date of its last published state
ment for the time it shall remain suspended and
any note shall be payable at branch or agency
which, before the same is presented for payment
shall have been discontinued the said note shall b.
deemed to be due and payable at the principal bank
Sec. 80. BE 1t further enacted, That no directo
or other officer clerk of the said bank shall, d
rectly or indirectly, receive any compensation 70
any agency, for negotiating any business with tn