THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

and the said commissioners, or any number of them

CHAP. 317

wot less than three, shall be judges of said election.

SEC. 6. And be it enacted. That the said commis-

Commissioners to

sioners shall deposite the money, schedule and plats

deliver over the money, &c. to

received from the subscribers to the capital stock of

directors

said bank in some place of safe keeping, and deliver

the same to the president and directors of the said bank

or to their order, as soon as shall be required after the

organization of the bank; and the said commissioners

Allowance to com-

shall be allowed all reasonable charges and expenses

missioners

incurred in the execution of their trust, to be paid by

the president and directors of said hank out of the

funds thereof.

SEC. 7. And be it enacted, That in order to continue

Election of Presi-

the said corporation, the persons who shall be elected

dent

directors, or a majority of them, shall choose a Presi-

dent from amongst the stockholders, to serve for one

year from the time of the election of the directors, and

12 directors.

twelve directors shall be elected on the same day an-

nually thereafter, and at their first meeting after their

election in each year, the directors shall proceed to

appoint a president from their own number; and the

Duration of service

directors and president so elected and appointed, shall

continue in their respective offices for one year, and

until successors shall be chosen; and in case it should

Case of failing to elect

at any time happen that an appointment of a president,

or an election of the said bank, should not be made so

as to take effect at any period, or on any day, when,

in pursuance of this act, the same should take effect,

the corporation shall not for that cause be deemed to

he dissolved, but it shall be lawful at any other time

within thirty days thereafter, to make such an election

or appointment, in such manner as is provided by this

act, or as shall be directed and provided by the ordi-

nances of the corporation; and in case of the death, re-

Vacancy

signation, removal out of the State, or other disquali-

fication of the president, or of any director of the said

corporation, the vacancy thereby occasioned, shall be

filled by the directors for the time being, appointing a

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

SEC. 8. And be it enacted, That the president and

Cashiers or trea-

directors for the time being, shall have power to ap-

surers