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ROBERT WRIGHT, ESQUIRE, GOVERNOR.
7th. 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 provision of this clause, (unless the contracting
of any greater debt shall have been previously authorised by a
law of the state;) in case of excess, the directors, under whose
administration it shall happen, shall be liable for the same in their
natural and private capacities, and an action of debt may in such
case be brought against them, or any of them, or their heirs, executors
or administrators, in any court of record of this state, by
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 who 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 stockholders at a general meeting, which they shall have
power to call for that purpose. |
1806.
CHAP. 19.
Amount of debts
not to exceed double
the amount of
capital paid in.
Proviso—Excess. |
8th. The notes or bills obligatory which shall
be lawful for the
said corporation to issue shall not be for a less sum than five dollars. |
No note to be issued
for less than
five dollars. |
9th. The corporation shall in no case deal,
trade or be concerned
in, any thing but notes, bills of exchange, mortgages, stock of
the United States or bullion, except in the case of debts due to
them, then they shall be fully empowered to take any kind of security
which they can obtain; nor shall the corporation in any case
be owners of any ships or vessels, or directly or indirectly be concerned
in trade, or the importation or exportation, purchase or
sale, of any goods, wares and merchandise, lands and tenements
whatsoever, except such ships, vessels, goods, wares, merchandise,
lands or tenements, as shall be pledged to them by way of security,
or for debts due, owing or growing due, to the said corporation, or
purchased by them to secure such debts due to the said corporation,
neither shall the said corporation take more than at the rate
of six per centum per annum for or upon their loans or discounts. |
Articles in which
corporation may
deal. |
10th. The president and directors may discount
notes or bills at
any length of time, not exceeding one hundred and twenty days,
and may loan money on property security to practical mechanics
or manufacturers only, but not exceeding one eighth part of the
stock actually paid into the bank at the time of making such loan
or loans.
See 1817, ch. 39. |
Notes may be discounted
at any
length of time not
exceeding 120
days. |
11th. Neither the president nor any director
shall be entitled to
receive, on accommodation paper, discounts or loans exceeding in
the whole, at any time, the sum of nine thousand dollars, renewable
however from time to time at the discretion of the president
and directors; nor shall any person or firm receive on property security |
President, &c. not
entitled to an accommodation
at
any one time for
more than $ 9000. |
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