| CHARLES GOLDSBOROUGH, ESQUIRE, GOVERNOR.
16. AND BE IT ENACTED, That ordinary discounts
may be made
by the president and six directors, but the president and eight directors
shall be necessary for the purpose of transacting any other
business of the company. |
1818.
CHAP. 186.
Ordinary discounts. |
17. AND BE IT ENACTED, That the stock in the
North and South
Branch Bank, at Old town, may be transferred by the holder in
person, or by power of attorney, at said bank; but all debts actually
due to the company, by a stockholder offering to transfer,
must be discharged before such transfer shall be made. |
Transfers, how to
be made. |
18. AND BE IT ENACTED, That dividends of the
profits of the
company shall be made at the end of the first year, and half yearly
thereafter; and at the end of every three years a dividend shall
be made of surplus profits, which dividend shall be payable to the
stockholders at the bank. |
Dividends. |
19. AND BE IT ENACTED, That the books, papers,
correspondence,
funds, and every transaction of the company, shall at all
times be freely open to the inspection of the directors, a majority of
whom, or any number of stockholders not less than thirty, and holding
not less than three hundred shares, may at any time call a general
meeting of the stockholders for objects relative to the interest
of the company, and giving not less than two months notice thereof
in the newspaper in the county, and in some public print in the
town of Winchester, Virginia. |
Books, papers, &c.
to be open to inspection
of directors. |
20. 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 stations; and the cashier, book keeper and clerks, shall also
take a similar oath, or affirmation, and shall besides give bonds to
the said corporation, with security to the satisfaction of the board
of directors, for the faithful discharge of their duties in their several
stations. |
|
21. AND BE IT ENACTED, That all notes offered
for discount by
any person or persons, shall on the face thereof, be made negotiable
at the North and South Branch Bank of Potomac, at Old
Town, Allegany county; and when the drawer shall not reside in
the town of Old-town, such note shall be made payable at the
house of some person in the town aforesaid, and notice given by
the proper servant of the bank at said 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. |
Notes offered for
discount to be
made negotiable
at bank, &c. |
22. AND BE IT ENACTED, That any director,
officer, or other
person holding any share of capital of the said bank stock, who
shall commit any fraud or embezzlement touching the money or
property of the bank, shall be liable to be prosecuted in the name
of the state, by indictment for the same, in any court of law in this
state; and upon conviction thereof, shall besides the remedy that
may be had by action in the name of the President and Directors
of the North and South Branch Bank of Potomac, at Old Town,
Allegany county, for the fraud aforesaid, forfeit all his share or
stock in the said bank to the company. |
Fraud or embezzlement. |
23. 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 |
Subscribers incorporated. |
VOL. IV.
13
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