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LEVIN WINDER, ESQUIRE, GOVERNOR.
money in bank shall remain free from interest, and not
entitled to dividend, until such instalments or call shall be made
good, and the dividend thereafter to be paid to such stockholder,
as well upon the money by him regularly paid, as upon the money
paid after default, shall be calculated only from the time when said
last instalment was made good. |
DEC. 1813.
CHAP. 33. |
6. AND BE IT ENACTED, That no subscriber or
stockholder, or
member of the said corporation, shall be answerable in his person
or individual property, for any contract or engagement of such
company, or for any losses, deficiencies or failures, of the capital
stock of the said company, but the whole of the capital stock, together
with all property, rights and credits, belonging to the said
institution, and nothing more, shall at all times be answerable for
the demands against the said company. |
No subscriber to be
answerable in his
individual property
for any losses,
&c. |
7. AND BE IT ENACTED, That the affairs of
the corporation
shall be conducted by a president and eight directors, all of whom
shall be residents of Washington county; and there shall be an
election of eight directors, by ballot, on the first Monday of April
in the year one thousand eight hundred and fifteen, and on the first
Monday in April in each and every year thereafter, by the stockholders
or proprietors of the capital stock of the said corporation,
and by a plurality of votes, at such place, and in such manner, as
the president and directors for the time being 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 April next ensuing the time of such
election, or in case of failure of an election on the day appointed,
in that case until such election takes place, and until a number of
such new directors, competent to form a board, shall have qualified
agreeably to the provisions of this act; 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 be
made, the said company shall not for that cause be deemed to be
dissolved, but it shall and may be lawful on any other day, within
twenty 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 county, of a director, or his being
appointed president of the bank, his place may be filled up by the
directors for the remainder of the year. |
Affairs of corporation
to be conducted
by a president
and eight directors
—when to be elected. |
8. AND BE IT ENACTED, That the president of
the bank may be
elected from year to year without limitation, but one director shall
go out annually. |
President may be
elected from year
to year—one director
to go out annually. |
9. AND BE IT ENACTED, That when this state
shall become a
stockholder to the amount of twenty thousand dollars, it shall be
entitled to appoint two directors, one to be chosen by the senate,
and the other by the house of delegates; which state directors shall
only be entitled to hold their seats for one year after their appointment,
unless re-elected. |
State directors,
when to be appointed. |
10. AND BE IT ENACTED, That the directors
for the time being
shall have power to appoint a president and cashier, and such other
officers and servants, as may be necessary for conducting the business
of the corporation, and to allow to them such compensation |
Directors to appoint
officers. |
VOL. III.
5
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