THOMAS KING, CARROLL,
ESQ. GOVERNOR.
1829.
Sec. 8. And be it enacted,
That the Board of Directors
shall have power to appoint a President, and other officers and
servants for conducting the business of the company, and to
fix the compensation to be allowed them, which expenses
shall be defrayed out of the funds of the company; the board
of Directors shall also have power to purchase, lease, rent or
erect, a proper building in Salisbury, for the Bank, at the expense
of the company; they shall likewise have power to
make, revise, alter or annul rules, orders, bye-laws and regulations
for the government of the company, and that of their
officers, servants and affairs, as a majority of them shall deem
expedient, Provided, they are not contrary to law, the constitution,
or provisions of this act.
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CHAP. 84.
Power of directors.
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Sec. 9. And be it enacted,
That before the President and
Directors shall act as such, they shall take an oath that they
will faithfully, diligently and honestly perform the duties of
their station, and the cashier and other officers shall also take
a similar oath, and shall besides give bond with security to the
satisfaction of the board of Directors for the faithful discharge
of their duties in their several stations.
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Oath and bond required.
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Sec. 10. And be it enacted,
That a board of Directors with
its President elected and qualified as aforesaid, shall serve until
others shall in like manner be elected and qualified, and that
the same President and Directors may be elected from year to
year without limitation.
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Officers continued.
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Sec. 11. And be it enacted,
That the company shall in no
case be concerned in any article but notes, bills of exchange,
mortgages, stock of the United States and bullion, except in
case of debts due to the Bank, when the said company or bank
shall be fully justifiable in taking any kind of security which
they can obtain.
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Restricting in dealing.
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Sec. 12. And be it enacted,
That ordinary discounts may be
made by the President and four Directors, but the President
and six Directors shall be necessary for the purpose of transacting
the general business of the company.
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Quorum for business.
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Sec. 13. And be it enacted,
That all notes offered for discount
by any person shall, on the face thereof, be made negotiable
at the Bank of Salisbury, and when the drawer shall not
reside in the town of Salisbury, such note shall be made payable
at the house of some person in the town aforesaid, and notice
given by the proper servant of the Bank at the said house
that such note hath become due, shall be to all intents and purposes
held and considered to be as completely binding on the
drawer and endorser, as if the notice had been personally
served on each of them.
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Notes negotiable—
service of notices.
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Sec. 14. And be it enacted,
That all persons who shall become
subscribers to the said Bank, their successors or assigns,
shall be and are hereby made a corporation and body politic,
by the name and style of the President and Directors of the
Bank of Salisbury, and by that name shall be and are hereby
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Corporate powers
granted.
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