|
LEVIN WINDER, ESQUIRE, GOVERNOR.
11. AND BE IT ENACTED, That if any stockholder
shall fail to
pay his or her instalment, to the amount of ten dollars on each share,
at the times and in the manner before specified, such stockholder
shall forfeit for the use of the bank all antecedent payments, but no
forfeiture shall take place after ten dollars on each share shall have
been paid; but as it is requisite that means shall be taken to secure
the regular payments of the subsequent instalments, if any stockholder
shall fail to make regular payment of any instalment, after
ten dollars shall have been paid on each share, such stockholder's
money in bank shall remain free from interest, and not entitled to
dividend, until such instalment shall have been made good; and the
dividend thereafter to be made to such stockholder, as well upon
the monies regularly paid, as upon those paid after default, shall be
computed only from the time that such instalment was made good. |
DEC. 1813.
CHAP. 32.
On failure to pay
instalment, former
payments to be
forfeited. |
12. AND BE IT ENACTED, That no member of the
said company,
shall be answerable in his person or individual property, for any
contract or engagement of the said bank, or for any losses, deficiencies
or failures of the capital stock thereof, but all the said capital
stock, together with all property, rights and credits, of the said
institution, shall at all times be answerable for demands against the
said bank. |
No member to be
answerable in person
or individual
property for losses. |
13. AND BE IT ENACTED, That the president
and directors shall
determine the manner of conducting the concerns of the said bank,
and the rules and forms to be pursued therein; they shall appoint
and pay the various subordinate agents by them deemed necessary,
and dispose of the funds and credits of the said bank, in the common
course of banking, for the use and benefit of the said stockholders,
and make a dividend of profits, after the end of the first year,
and semi-annually thereafter. |
President and directors
to determine
manner of
conducting concerns
of bank. |
14. AND BE IT ENACTED, That the president
and directors of the
said bank may hold an annual election at the banking house, after
notice as aforesaid, and in the mean-time should a vacancy happen,
the president and directors may supply the same from among the
stockholders. |
Elections to be annual. |
15. AND BE IT ENACTED, That in case of sickness
or absence of
the president, he shall designate, in writing, a discreet person to
act as president pro tem. |
President pro tempore. |
16. AND BE IT ENACTED, That the president
and directors may
purchase or lease real property, and cause to be erected all necessary
buildings, conveniencies and securities for the said bank. |
May purchase or
lease property &c. |
17. AND BE IT ENACTED, That the Bank of Somerset
may be
concerned in bullion, gold and silver coin of the United States,
mortgages, bills of exchange, and notes, or any collateral securities
that may appear expedient to the president and directors. |
Articles in which
bank may be concerned. |
18. AND BE IT ENACTED, That ordinary discounts
may be done
by the president and three directors, but the president and five directors,
shall be a board necessary for transacting the general business
of the bank. |
Quorum. |
19. AND BE IT ENACTED, That the stock of the
Bank of Somerset
may be transferred by the holder, in person or by power of
attorney, but all debts actually due to the said bank, by a stockholder
offering to transfer, must be first discharged. |
Stock transferrable. |
20. AND BE IT ENACTED, That the president
and directors, and
subordinate agents of the said bank, shall severally swear on the |
President, directors,
&c. to take
an oath. |
|
 |
