THOMAS W. VEAZEY, ESQUIRE, GOVERNOR,

1835.

faithfully, impartially, diligently and honestly execute

CHAP. 314.

the duties of president or cashier, as the case may be,

agreeably to the provisions of law and the trust repos-

ed in me, to the best of my skill and judgment.

ART. 7. The total amount of the debts which the

Debts

said corporation shall at any time owe, exclusive of

its issues or notes commonly denominated bank notes,

whether by bond, bill, note or contract, shall not ex-

ceed the amount of its capital stock actually paid into

the said bank; Provided, the money deposited in the

said bank for safe keeping shall, not be considered as

the debts of the bank within the provisions of this

clause, unless the contracting a greater debt shall

have been previously authorised by a law of this State,

and in case of exceess the directors under whose ad-

Liability of Direc-

ministration it shall happen, shall be liable for the

tors

same in their natural and private capacities, and an

action may in such case be brought against them, or

any of them, or their heirs, executors or adminis-

trators in any court of record in this State, by any

creditor or creditors of said corporation, and may be

prosecuted to judgment and execution, any condi-

tion, covenant or agreement to the contrary notwith-

standing, but nothing herein contained shall he con-

strued to exempt the said corporation, or the lands,

tenements, goods and chatties, of the same from being

also liable for, and chargeable with the said excess,

and such of the directors who may have been ab-

sent when the said excess was created, or who may

have dissented from the resolution or act whereby the

same was created, may respectively exonerate them-

selves from being so liable, by forthwith giving notice

of the fact, and of their absence or dissent to the Gov-

ernor of the State, and to the stockholders at a gener-

al meeting, which they shall have power to call for

that purpose.

ART. 8. The president and eight directors shall con-

Pres. and Directors

stitute a board for the transaction of business, but or-

constitute a board

dinary discounts may be done by the president anc

five directors, and in case of sickness or necessary ab-

sence of the president, his place may be supplied by a