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Dec. Ses. 1817
Election of
directors.
Concerns of
bank—how to
be conducted.
Votes.
Stockholders
not entitled to
vote unless
call for pay-
ment is com-
plied with.
May pay on
shares agreea-
bly to call.
Subscriptions
to be paid over.
No person ad-
mitted to a seat
as director,
unless he is a
stockholder.
Payments.
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reduced to the proper limit; but if the said subscriptions shall not
be filled on the first day, the commissioners aforesaid may adjourn
from day to day, during five days, exclusive of the first; and at any
time after the first day, if the subscription shall be completed, the
commissioners shall close the book, and those who have previously
subscribed shall be entitled to stock in the said bank, from each of
whom the said commissioners, at the time of subscribing, shall ex-
act the first instalment of two dollars in specie on each share.
4. And be it enacted, That so soon as twenty-four thousand dol-
lars shall be actually paid to the commissioners aforesaid, and at
least four thousand shares being subscribed for, it shall be the duty
of the said commissioners, or any two or more of them, to appoint
a day and place at Leonard town, for the election of nine direc-
tors, which day shall be thirty days thereafter, and public notice
shall be given at least ten days before such election.
5. And be it enacted, That the concerns of said bank shall he
managed by eight directors and a president, the directors to be
chosen annually by the stockholders, and the president chosen by
the directors, at their first meeting after their annual election,
two of which said directors shall go out annually, and two more be
chosen to supply their places.
6. And be it enacted, That in choosing the directors of the said
bank, the stockholders shall be entitled to vote as follows:
for one share and not more than two shares, one vote each;
far every two shares above two and not exceeding ten, one vote;
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; and for every ten shares above that number, one vote;
but no person or persons or body politic shall be entitled to a great-
er number than thirty votes; and all votes at elections shall be
by ballot delivered in person or by proxy; stockholders actually
resident in the United States, and none others, may vote at elec-
tions by proxy.
7. And be it enacted, That no stockholder shall be entitled to
vote on his stock for president and directors, unless he shall have
complied with the calls of payment made by the president and di-
rectors.
8. And be it enacted, That each and every stockholder may pay
on as many shares as he pleases agreeably to the calls made by the
president and directors, and shall be entitled to vote on such shares
so paid according to the scale aforesaid.
9. And be it enacted, That immediately after the election of the
president and directors, the said commissioners shall pay over to
them all the monies received for subscriptions, for which payment
the receipt of the president, and two or more directors, shall be suf-
ficient warrant for the said commissioners.
10. And be it enacted, That no person can be admitted to a seat
as director unless he shall at the time be a stockholder, and ceasing
to be a stockholder, he shall ipso facto cease to be a director.
11. And be it enacted, That every subscriber shall within thirty
days after the payment of the first instalment, pay to the directors
of the said bank the further sum of two dollars on each share; and
at the expiration of one month thereafter the further sum of two
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