| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
10. AND BE IT ENACTED, That ordinary discounts
may be
made by the president and three directors at the rate of six per cent
per annum, but the president and five directors shall be necessary
for the purpose of transacting the general business of the company. |
1815.
CHAP. 75.
Discounts. |
11. AND BE IT ENACTED, That the stock of the
Bank of Westminster
may be transferred by the holder in person, or by power
of attorney. |
Transfers. |
12. AND BE IT ENACTED, That dividends of the
profits of the
company shall be made at the end of one year after the bank is
in operation, and half yearly thereafter, of which due notice shall
be given in the papers aforesaid. |
Dividends. |
13. AND BE IT ENACTED, That before the president
and directors
shall act as such they shall take an oath, or affirmation, that
they will faithfully, diligently and honestly, perform the duties of
their station, and the other officers of the bank shall take a similar
oath, or affirmation, and shall give bond, with security to the satisfaction
of the board of directors, for the faithful discharge of
their duties in their several stations. |
President, &c. to
take an oath. |
14. AND BE IT ENACTED, That all notes offered
for discount in
said bank by any person or persons, shall on the face thereof be
made negotiable at the Bank of Westminster, and when the drawer
shall not reside in Westminster, such note shall be made payable
at the house of some person in Westminster, and notice given
by the proper servant of the bank at such house that such note
hath become due, shall be to all intents and purposes held and considered
to be as completely binding on the drawer and endorsers as
if notice had been personally served on each of them. |
Negotiable notes. |
15. AND BE IT ENACTED, That no subscriber
or stockholders,
or member of the said company, shall be answerable in his person
or individual property for any contract or engagement of said
company, or for any losses, deficiencies or failures, of the capital
stock of said company, but the whole of the said capital stock, together
with all property, rights and credits, belonging to the said
institution, and nothing more, shall at all times be answerable for
demands against the said company. |
No subscriber to
be answerable in
his individual property
for losses,
&c. |
16. AND BE IT ENACTED, That all persons who
shall become
subscribers to the said bank, their successors and assigns, shall be
and they are hereby made a corporation and body politic, by the
name and style of The Bank of Westminster, and by that name
shall be and are hereby made able and capable in law to sue and
be sued, plead and be impleaded, answer and be answered, defend
and be defended, in any court of record, or any other place whatsoever,
and also to make, have and use, a common seal, and the
same to break, alter and renew, at pleasure, and to make, issue,
and negotiate notes, and generally to do and execute all such acts,
matters and things, as to them shall appertain under the clauses of
this act. |
Subscribers incorporated. |
17. AND BE IT ENACTED, That the total amount
of the debts
which the said corporation shall at any time owe, whether by bond,
bill, note or other contract, shall not exceed double the amount of
the capital actually paid into the said bank; provided that the money
deposited in the said bank for safe keeping, shall not be considered
as the debts of the bank within the provisions of this |
Debts not to exceed
double the
amount of capital
paid in. |
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