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ROBERT WRIGHT, ESQUIRE, GOVERNOR.
19th. If the directors shall at any time wilfully
and knowingly
make or declare any dividend which shall impair the capital stock,
all the directors present at the making or declaring such dividend,
and consenting thereto, shall be liable in their individual capacities
to the corporation for the amount or proportion of the said capital
stock so divided by the directors, and each director who shall be
present at the making or declaring of such dividend, shall be
deemed to have consented thereto, unless he shall immediately enter
his dissent, in writing, on the minutes of the proceedings of
the board, or give public notice to the stockholders that such dividend
has been declared. |
1806.
CHAP. 19.
Directors wilfully
declaring dividend
which shall
impair capital
stock, to be liable
in their individual
capacities, &c. |
20th. The shares of stock shall be transferrable
on the books of
the bank only, according to such rules as shall be established by
the president and directors, but all debts, actually due and payable
to the bank by a stockholder requiring a transfer, must be satisfied
before such a transfer shall be made, unless the president and directors
shall direct otherwise. |
Transfers, how to
be made. |
21st. The lands, tenements and hereditaments,
which it shall be
lawful for the corporation to hold, shall be only such as shall be
requisite for their immediate accommodation in relation to the convenient
transaction of their business, and such as shall have ben
bona fide mortgaged or conveyed to them by way of security, or
in satisfaction of debts contracted in the course of their dealings,
or purchased at sales upon judgments which shall have been obtained
for such debts. |
Corporation to
hold only such
lands, &c. as shall
be requisite for its
immediate accommodation. |
22d. All bills and notes which may be issued
by order of the said
corporation, signed by the president, and countersigned by the
cashier thereof, promising the payment of money to any person or
persons, his, her or their order, or to bearer, though not under
the seal of the said corporation, shall be binding and obligatory
upon the same, in the like manner, and with the like force and effect,
as upon any private person or persons, if issued by him or them in
his, her or their private or natural capacity or capacities, and shall
be assignable by endorsement, in like manner, and with the
like effect, as foreign bills of exchange now are, and those which
are payable to bearer, shall be negotiable or assignable by delivery
only. |
Bills, &c. issued
by order of corporation,
signed, &c.
to be binding upon
them, &c. |
23d. That the treasurer of the western shore
for the time being
shall be furnished, once every year, or oftener if required, with
statements of the amount of the capital stock of the said corporation,
and of the debts due to and from the same, of the monies deposited
therein, of the notes in circulation, of the cash in hand,
and of the profits made, and shall have a right to inspect such general
accounts in the books of the bank, as shall relate to the said
statements, but nothing herein contained shall be construed to imply
a right of inspecting the account of any private individual or
individuals with the bank, nor shall such general statement and
power of inspection be used for any other purpose than to enable
him to form a just opinion of the state of the institution relative to
the public safety, and of the profits thereof, over which he is hereby
appointed guardian, as far as the same relates to the state. |
Treasurer of W.
S. to be furnished
annually with
statements of the
amount of capital
stock, &c. |
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