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CHAP.
LXVI.
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plurality of votes, at such place, and in fetich manner, as the president and directors for the time
-being shall appoint, and those who shall be chosen at any election shall be capable of serving as di-
rectors, by virtue of such choice, until the end or expiration of the said second Monday of April next
ensuing the time of such election, and no longer, except in case of failure of election on the day
. appointed, and in that case until such election takes place; and the said directors, at the first meet-
ing after each election, shall choose a president; and in case it should happen that an election of
directors should not be made upon the day, when pursuant to this act it ought to have been made,
the said corporation shall not for that cause be deemed to be dissolved, but it shall be lawful on any
other day, within ten days thereafter, to hold and make an ele6lion, in such manner as shall have
been regulated by the laws and ordinances of said corporation; and in case of the death, resig-
nation, disqualification, or removal out of the state, of a director, or his being appointed president
of the bank, his place may be filled by the other directors for the remainder of the year.
IV. AND BE IT ENACTED, That the directors for the time being shall have power to appoint a
cashier, and such other officers and servants under them as may be necessary for executing the bu-
siness of the said corporation, and to allow the president and them such compensation for their ser-
vices respectively as shall be reasonable; all which, together with ail other necessary expenses,
shall be defrayed out of the funds of the company.
V. AND BE IT ENACTED, That the president and directors for the time being may make all such
rules, orders, by-laws and regulations, for the government of the said corporation, its officers and
servants, as they, or a majority of them, from time to time shall think fit, not inconsistent with law,
or the provisions of this act, and the same at pleasure to revise, alter and annul, and may use, em.
ploy and dispose of, the funds, money and credit of the said bank, as they, or a majority of them,
may deem expedient, subject, however, to the restrictions and limitations herein after mentioned.
VI. AND BE IT ENACTED, That the following rules, restrictions, limitations and provisions,
shall form and be fundamental articles of the constitution of the said corporation, to wit:
1. The number of votes to which each stockholder shall be entitled shall be according to the
number of chares he shall hold, in the proportions following; that is to say, for one share and not
exceeding two shares, one vote each; for every two shares above two and not exceeding ten shares,
one vote; for every four shares above ten and not exceeding thirty shares, one vote; for every six
shares above thirty and not exceeding sixty shares, one vote; for every eight shares above sixty
and not exceeding one hundred shares, one vate; and for every ten shares above that number, one
vote; but no person or body politic shall be entitled to a greater number than sixty votes, and no
share or shares shall confer a right of suffrage which shall not have been holden four calendar months
previous to the day of election; stockholders, actually resident within the United States, and none
other, may vote at elections by proxy.
2. None but a stockholder, except in cases of directors chosen by the state, being a citizen of the
United States, shall be eligible as a director or president, and every president or director, as the
case may be, shall cease to be a director or president upon his ceasing to be a stockholder; and not
more than ten directors, chosen by the stockholders, shall be eligible for the next succeeding year.
3. No director of any other bank shall be at the same time a director of this bank, and once in
each year the directors shall lay before the stockholders, at a general meeting, for their informa-
tion, an exact and particular statement of the debts which shall have remained unpaid after the ex-
piration of the original credit, and the surplus profit, if any, after deducting losses and dividends.
4. That the treasurer of the western shore for the time being shall be furnished, once in every
year, or oftener if required, with statements of the amount of the capital stock of the said corpora-
tion, and of the debts due to and from the same, of the monies deposited therein, of the notes in
circulation, of the cash "in hand, and of the profits made, and shall have a right to inspect such ge-
neral accounts in the books of the bank as shall relate to the said statements, but nothing herein
contained shall be construed to imply a right of inspecting the account of any private individual or
individuals with the bank, nor shall such general statement and power of inspection be used for any
other purpose than to enable him to form a just opinion of the state of the institution, relative to
the public safety, and of the profits thereof, over which he is hereby appointed guardian, as far as
the same relates to the state.
5. The notes or bills obligatory, which it shall be lawful for the said corporation to issue, shall
not be for a less sum than five dollars.
6. And whenever the state shall become a stockholder to the whole amount of the shares reserved
as above mentioned, or any part of them, then and in such case they shall be at liberty to elect one
additional director for every five hundred shares of said stock, and the election of said director!
shall be annually made by joint ballot of both houses, either during the session of the general as-
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