GEORGE HOWARD, ESQ. GOVERNOR:

1831

stock, all the directors present al the making, or declaring

CHAP. 307.

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 such dividend, shall be deemed to have

consented thereto, unless he shall enter his dissent in writ-

ing on the minutes of the proceedings of the board.

17th. The shares of stock shall be transferable on the

Transfers

books of the bank only, in person, or by power of attorney,

but all debts actually due, and payable to the said bank by

a stockholder requiring a transfer, must be satisfied before

such transfer shall be made, unless the president and direc-

tors shall direct otherwise.

18th. The lands, tenements and hereditaments, which it

Real estate limited

shall be lawful for the corporation to hold, shall be only

such as shall be requisite for the immediate accommodation

in relation to the convenient transaction of their business,

and such as shall have been bona fide, mortgaged or con-

veyed to them by way of security, or in satisfaction of

debts contracted in the course of their dealings, or pur-

chased at sales upon judgments, which shall have been ob-

tained for such debts, and the total amount of debts which

the said corporation shall at any time owe, whether by

bond, bill, note or contract, shall not exceed double the

Debts limited,

amount of the capital stock actually paid into the bank;

Provided, That the money deposited in the bank for safe

Proviso.

keeping, shall not be considered as the debts of the bank

within the provisions of this clause, unless the contracting

of any greater debt shall have been previously authorised

by a law of this state.

19th. All bills and notes which may be issued by order of

Notes made oblig-

the said corporation, signed by the president, and counter-

atory.

signed by the cashier thereof, promising the payment of

money to any person or persons, his, her or theii order, or

to bearer, though not under seal of the said corporation,

shall be binding and obligatory upon the same in like man-

ner, and with like force and effect, as upon any private per-

son or persons, if issued by him or them, in his or their

private capacity or capacities, and shall be assignable and

negotiable in like manner as it they were issued by such

private person or persons; that is to say, those which shall

How.

be payable to any person or persons, his, her or their or-

der, shall be assignable by an endorsement in like manner,

and with like effect, as foreign bills of exchange now are,

and those which are payable to bearer, shall be negotiable,

or assignable, by delivery only; Provided, That it shall not

Shall not issue un-
der five dollars.