THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

the directors for the time being, appointing a president

CHAP. 341.

or Fleeting a director, as the case may be.

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

Appoint Cashier or

directors for the time being shall have power to ap-

Treasurer

pointcashiers, or treasurers, and such other officers and

servants under them, as may be necessary for execut-

ing the business of the said corporation and to allow

Compensation

them such compensation for their services respectively

as shall he reasonable.

SEC. 9. And be it enacted, That as soon as practi-

To call in instal-ments

cable after the said bank shall he organized, and shall

have received from the commissioners the money and

papers in relation to the real estate part of the sub-

scription, they shall proceed to call in three instal-

ments of two dollars and fifty cents each, payable at

intervals of two, four and six months, or at .shorter

intervals if the president and directors shall deem it

advisable, and they shall also proceed to examine the

plats and description of property offered by subscrib-

ers, and to cause the title thereof to be examined; and

Persons to value Real Estate

they shall appoint three persons of experience and

knowledge of the value of the real estate and having

no interest in said bank, who shall inspect the proper-

ty subscribed to the bank, and make a report upon

oath of the value of the said property, and the said

president and directors may receive the same accord-

ing to the estimate of its value after considering the

said report and all other circumstances relating there-

of and they may reject entirely or ratably reduce the

May reduce sub-

subscription of each individual, as to the said president

scriptions

and directors or a majority of them shall seem just

and equitable, and if upon the performance of this

duty, they shall finally ascertain that more stock has

been subscribed, then is required to constitute the

capital of the bank, they may again reduce the same

And again reduce

ratably, according to the whole of such subscriptions,

until the same is reduced to the amount prescribed, and

Expense to be paid

all expenses a tending the examination of the said pro-

by Proprietor

perty shall be paid by the proprietor.

SEC. 10. And be it enacted. That the words real es-

Definition of Real

tate used in this act, shall be held to apply to cases

Estate

where the subscriber has the entire fee simple interest