THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

dred thousand dollars is actually received by the com-

CHAP. 314

missioners or their agents, on account of the capital

stock, the said bank shall be incorporated as he.reinbe-

fore provided for, and the thirteen commissioners who

First Directors

may be then in office and acting under the provisions

of this act, shall be and become the first directors of

the said bank, and shall elect one of their number as

P resident

president; and the said directors and president shall

continue in office for the space of twelve months from

the election of the president, and until successors shall

be chosen; and on the Monday next proceeding the ex-

piration of twelve calender months from the election of

the first president, and on the corresponding Monday

in every year thereafter during the continuance of this

act, twelve directors shall be annually elected, and at

12 Directors

their first meeting shall proceed to appoint a president,

President

and the president and directors shall continue in their

respective offices for one year from the day of election,

and until successors shall be chosen; and in case it

Day not material

should at any time happen that an appointment of pre-

sident, or election of directors of said bank should not

be made so as to take effect on any day, when in pursu-

ance of this act the same should take effect, the corpo-

ration shall not for that cause be deemed to be dissolved,

but it shall be lawful at any time within thirty days

notice thereafter, to make such election and appoint-

ment in such manner as shall be directed and appoint-

ed by the ordinances of the corporation; and in case

Vacancy

of the death, resignation, removal out of the State, or

other disqualification of the president or any director

of the said corporation, the vacancy thereby occasioned

shall be filled by the directors for the time being,

electing a president or director, as the case may be.

SEC. 5. And be it enacted, That no person shall be

Duration of service

capable of being elected, or serving as a director of the

said bank for more than three years successively, and

that every person who shall have served as a director

for three successive years, shall retire from the board

and not be again eligible as a director for the space of

an entire year; and that there shall always be four of

Qualification of Di-

the directors of the said bank, practical mechanics or

rectors

those engaged in manufacturing business, or working