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Fundamental
articles.
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State; in case of excess, the directors under whose
administration it shall happen, shall be liable fur the
same in their natural and private capacities, and an
action of debt may, in such case, be brought against
them, or any of them, their heirs, executors, or ad-
ministrators, in any court of record of this State, by
any creditor or creditors of the said corporation, and
may he prosecuted to judgment and execution, any
condition, covenant, or agreement to the contrary not-
withstanding; but nothing herein contained shall be
construed to exempt the corporation, or the lands,
tenements, goods and chattels of the same from being
also liable for, and chargeable with, the said excess,
and such of the said directors who may have been
absent when the said excess was created, or may have
dissented from the resolution or act whereby the same
was created, may respectively exonerate themselves
from being so liable, by forthwith giving notice of the
fact, and of their absence or dissent, to the Governor
of the State, and to the stockholders at a general
meeting, which they shall have power to call for that
purpose; the president and directors may discount
notes or bills at any length of time not exceeding six
months, but may renew the same from time to time
at pleasure, and shall not receive, on loans or dis-
counts, more than at the rate of six per centum per
annum; all bills and notes which may be issued by
order of the said corporation, signed by the president,
and countersigned by the cashier thereof, promising
the payment of money to any person or persons, his,
her or their order, or to bearer, though not under the
seal of the said corporation, shall be binding and obli-
gatory upon the same in the like manner, and with,
the like force and effect, as upon any private person
or persons, if issued by him or them, in his or their
private or natural capacity, and shall be assignable
and negotiable in like manner, as if they were so is-
sued by such private person or persons; that is to say,
those which shall he payable to any person or persons,
his, her or their order, shall be assignable by endorse-
ment, in like manner and with like effect as foreign
bills of exchange now are, and those which are pay-
able to bearer, shall be negotiable or assignable by
delivery only; that as soon as fifty thousand dollars
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