E. LOUIS LOWE, ESQUIRE, GOVERNOR.
233
SEC. 4. And be it enacted,
That the said corporation
shall be capable of receiving, from any free white person
or persons, or bodies corporate or politic, any deposite
or deposites of money, and that all monies so
received shall be invested in public stocks or other securities,
at the discretion of the directors, in the manner
deemed most safe and beneficial; Provided always,
that nothing herein contained shall be construed to authorise
this corporation to issue any bill, note or other
device in the nature of a bank note.
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Deposites.
Proviso.
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SEC. 5. And be it enacted,
That it shall be the duty of
the president and directors to make a report, in the
month of January of each year, setting forth and giving a
full statement of all the real and personal property owned
or held by said institution, the amount of deposites and
all other securities held by such institution, and of all
its indebtedness, and cause the same to be published in
some newspaper in Washington county, for two successive
weeks, and any failure to so report and publish,
shall subject each of said officers to be individually
liable for the obligations against said institution, at that
time existing, and all that shall be entered into by such
officers until such report shall be made and published;
and it shall be the duty of the directors, at least once
in every six months in each and every year, to make
and declare such dividend of the interest and profits of
said institution as will not impair the deposites thereof,
or otherwise injuriously effect the interest of said Institution,
and the same to pay over unto the stockholders
or their legal representatives within ten days thereafter,
if called upon.
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Duty to make
report annually.
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SEC. 6. And be it enacted,
That no stockholder or
depositor, who is debtor to this Institution, shall transfer
his stock or deposites until such debt be paid, or
otherwise secured, to the satisfaction of the directors.
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Transfers.
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SEC. 7. And be it enacted,
That in all discounts
or loans to be made by said corporation, it shall be
governed in its calculations of interest by Rowlett's
tables.
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Discounts.
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SEC. 8. And be it enacted,
That the concerns of the
Institution hereby intended to be incorporated, shall,
at all times be subject to the inspection of the treasurer
of this State, or such other officer or agent of the State
as may be selected for that purpose by either branch of
the Legislature.
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Concerns subject
to inspection
of Treasurer.
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SEC. 9. And be it enacted,
That the capital stock
of the said corporation shall not exceed one hundred
thousand dollars, until an additional capital is authorised
by the General Assembly.
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Capital stock.
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