PHILIP P. THOMAS, ESQUIRE, GOVERNOR

1849.

SEC. 8. And be it enacted, That the board shall, at
every quarterly meeting, choose three directors to in-
spect the business of the Exchange and Banking
House for the ensuing three months, and the inspec-
tors so chosen shall, on the evening of every Satur-
day, examine into the state of the cash accounts and
books, and see that those accounts are regularly ba-
lanced and transferred.

CHAP 370.

Committee of
inspection.

SEC. 9. And be it enacted, That any director, officer,
or other person holding any share or capital of the
said Exchange and Banking House stock, who shall
commit any fraud or embezzlement, touching the mo-
ney or property of the Exchange and Banking House,
shall be liable to be prosecuted in the name of the
State, by indictment for the same in any court of law
of this State, and upon conviction thereof shall, be
sides the remedy that may be had by action in the name
of the president and directors of the Merchants Mutual
Exchange and Banking House, for the fraud aforesaid
forfeit all his share or stock in the said Exchange and
Banking House to the company.

Fraud, etc. —
how punished.

SEC. 10. And be it enacted, That no stockholder,
subscriber or member of the said corporation shall be
answerable for any losses, deficiencies or failure of
the capital stock of the said corporation, for any more
or larger sum or sums of money whatsoever, but to
the amount of the stock, stocks or shares which shall
appear, by the books of the said company, to belong to
him at the time or times when such loss or losses shall
be sustained.

Responsibility
of members.

SEC. 11. And be it enacted, That nothing in this
act contained shall be so construed as to authorise the
said corporation to issue any note, token, device or
other evidence of debt, to be issued as a currency.

Banking forbid.

SEC. 14. And be it enacted, That this act may be
altered, amended or repealed at the pleasure of the
Legislature.

Reservation.

SEC. 13. And be it enacted, That this act shall
commence and be in force from the time of the passage
thereof.

In force.