THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

ART. 20. The shares of stock shall ho transferable

CHAP. 318.

on the books of the bank only in person or by power

Ttsndfers

of attorney, but all debts actually due and payable to

the said bank by a stockholder requiring a transfer

must bo satisfied before such transfer shall be made

unless the president and directors shall direct other-

wise.qqq

AsT. 21. The lands, tenements, and hereditaments,

Land:, &c whioch

which it shall be lawful for the corporation to hold,

may be held

shall be only such as shall be requisiter ite for its immedi-

ate accommodation in relation to the convenient tran-

saction of its business, and such as shall have been

bona Ode, mortgaged or conveyed to it by way of se-

curity, or in satisfaction of debts contracted in the

course of their dealings or purchased at sales upon

judgment or decrees, which shall have been obtained

for such debts, and if the total amount of debt; which.

the said corporation shall at any time owe, exclusive

of its issues or notes usually denominated bank notes,

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

ceed double the amount of the capital stock actually

paid into the bank; .Provided, that the money deposited

Prpoviso

in the said bank for safe keeping, shall not be consul-

ered 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 law of the

State; and in case of excess the directors under whose

Personal liability

administration It shall happen, shall be liable for the

of directors

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, executory or administrators,

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

or creditors of the said corporation, and may be pro-

secuted to judgment and execution, any condition,

covenant or agreement, to the contrary notwithstand-

ing; but nothing herein contained, shall be construed

Corporation not

to exempt the said corporation, or the lands, tenements,

exempt

goods and chatties, of the same from being also liable

for, and chargeable with the said excess; and such of

Mode of exoenra-

the said directors, who may have been absent when

tion

the said excess was created, or who may have dissen-

ted from the resolution or act, whereby the same was