GEORGE HOWARD, ESQ. GOVERNOR.

1831.

mud by a plurality of rotes at such place, and in such man-
ner, as the president and directors, For the time being, shall

CHAP. 307.

appoint, and those who shall be chosen at any election,

shall be capable of serving as directors, by virtue of such

Term of office

choice, until the end or expiration of the first Monday in

May, 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 presi-

President.

dent; and in case it should happen that an election of direc-

Case neglect offi-

tors should not be made upon the day when, pursuant to this

cers.

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 within twenty days thereafter, to hold

and make an election in such manner as shall have been re-

gulated by the laws and ordinances of the said corporation;

and in case of the death, resignation, disqualification, or re-

Vacancies

moval out of the county, of a director, or his being appoint-

ed president of the bank, his place may be filled up by the

directors, for the remainder of the year.

Sec. 8. And be it enacted, That the president of the bank

Eligibility.

may be elected from year to year, without limitation, but

one director at least shall go out annually.

Sec. 9 And, be it enacted, That the directors, for the time

President,Cashier.

being, shall have power to appoint a president and cashier;

&c

and such other officers and servants as may be necessary for

conducting the business of the corporation, and to allow to

them such compensation for their services as shall by the

directors be deemed reasonable.

Sec. 10. And, be it enacted, That all notes offered for dis-

Notes offered for

count in the said bank, shall, on the face thereof, be made

discount.

negotiable at the commercial bank of Millington; and when

How drawn.

the drawer shall not reside in the Town of Millington, such

note shall be made payable at the house of some person in

Millington, and notice, given by the proper officer of the

bank, at such house, that such note hath become due, shall

be to all intents and purposes, held and considered to be

completely binding on the drawer and endorsers, as if notice

Legal notice for
payment,

had been personally served on each of them.

Sec 11. And be it enacted, That the president and direc-

Powers of direc-

tors, for the time being, shall make all rules, orders, by-

tors.

laws, and regulations, for the government of the said cor-

poration, its officers and servants, as they, or a majority of

them, from time to time, shall think fit, not inconsistent with

law, or the provisions of this act; and the same at pleasure