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ROBERT BOWIE, ESQUIRE, GOVERNOR.
any creditor or creditors of the said corporation, and may be prosecuted
to judgment and execution, any condition, covenant or
agreement, to the contrary notwithstanding; but nothing herein
contained shall be construed to exempt the said corporation, or the
lands, tenements, goods and chattels, of the same, from being also
liable for, and chargeable with the said excess; and such of the
said directors who may have been absent when the said excess was
created, or may have dissented from the resolution or act whereby
the same was created, may respectively exonerate themselves from
being so liable, by forthwith giving notice of the fact, and of their
absence or dissent, to the governor of the state, and to the stockholder
at a general meeting, which they shall have power to call
for that purpose. |
1811.
CHAP. 207. |
4th. The president and directors may discount
notes or bills
at any length of time not exceeding sixty days, but may renew the
same from time to time at pleasure, and shall not receive on loans
or discounts more than at the rate of six per centum per annum. |
Notes may be discounted
for sixty
days. |
5th. All bills and notes which may be issued
by order of
the said corporation, signed by the president, and countersigned
by the cashier thereof, promising the payment of money to any person
or persons, his, her or their order, or to bearer, though not
under the seal of the said corporation, shall be binding and obligatory
upon the same in the like manner, and with the like force and
effect, as upon any private person or persons, if issued by him or
them, in his, her or their private or natural capacity or capacities,
and shall be assignable and negotiable in like manner as if they
were so issued by such private person or persons; that is to say,
those which shall be payable to any person or persons, his, her or
their order, shall be assignable by endorsement in like manner, and
with the like effect, as foreign bills of exchange now are, and those
which are payable to bearer, shall be negotiable or assignable by
delivery only. |
Notes and bills issued
by corporation
to be binding
upon them. |
6th. The notes or bills obligatory, which
it shall be lawful
for the said corporation to issue, shall not be for a less sum than
five dollars. |
No notes to be issued
for less than
five dollars. |
27. AND BE IT ENACTED, That an election for
directors shall
take place on the first Monday in May next, and shall be so made
on the first Monday in May in each and every year thereafter, by
the stockholders, by ballot, and by plurality of votes, in such place
as the president and directors shall appoint; and those who shall
be chosen at any election shall be capable of serving as directors by
virtue of such choice, until the end or expiration of the first Monday
in May next ensuing the time of such election, and no longer,
except in case of failure of election on the day appointed, and in
that case until such election takes place; and the said directors, at
the first meeting after each election, shall choose a president; and
in case it should happen that an election of directors should not be
made upon the day, when pursuant to this act it ought to have
been made, the said corporation shall not for that cause be deemed
to be dissolved, but it shall be lawful on any other day, within ten
days thereafter, to hold and make an election, in such manner as
shall have been regulated by the laws and ordinances of the said
corporation; and in case of the death, resignation, disqualification,
or removal out of the state, of a director, or his being appointed |
Election of directors,
when to take
place. |
VOL. II.
72
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