GEORGE HOWARD, ESQ. GOVERNOR.

1831

swear (or affirm,) that I will impartially, faithfully, dili-

CHAP. 307.

gently and honestly, execute the duties of the commercial

bank of Millington, conformably to the constitution of the

same, and the trusts reposed in me, to the best of my skill

and judgment," and the other officers and servants of this

bank, shall also take a similar oath or affirmation, and shall,

besides, give bonds, with security, to the satisfaction of the

president and directors for the faithful discharge of their

duties.

6th. If the president, or any director, the cashier or any

Officers, &c. de-
tected in purchas-

other officer, of the said bank, shall be concerned directly,

ing notes, &c. at

or indirectly, in purchasing any note or notes, bill or bills,

more than lawful
discount.

for more than lawful discount or interest, and information

thereof being given, and supported to the satisfaction of a

majority of the board, or quorum of directors, his or their

Seat vacated.

seat or seats of office shall be vacated, and the directors

Vacancy filled.

shall fill up such vacancy or vacancies.

7th. The corporation shall in no case deal, trade or be

Trading restricted

concerned in any thing but notes, bills of exchange, mort-

gages, stock of the United States, or of this state, or of

companies incorporated by the United States or this state,

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 indi-

rectly, be concerned in trade, or the importation or expor-

tation, pui chase or sale of any goods, wares, or merchan-

dise, lands and tenements whatsoever, except such ships

vessels, goods, wares and 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 to the said corpo-

ration; neither shall the said company take more than at

the rate of six per centum, for or upon their loans, or dis-

counts.

8th. The president and directors may discount notes or

Time of discounts.

bills at any length oi time, not exceeding six months.

9th. No loan shall be made by the said corporation, for

Loans restricted.

the use or on account of this state or the United States, or any

particular state, to an amount exceeding the amount of ter

thousand dollars, or to any foreign prince, or state what-

ever, without the previous consent of the Legislature of

this state.

10th. The president and five directors shall constitute a

Quorum.

board for the transaction of business; but ordinary dis-

counts may be done by the president and three directors.

11th. In case of sickness or necessary absence of the

President pro

president, his place may be supplied by a director, to be

tem.