ROBERT BOWIE, ESQ. GOVERNOR.

217

Hate in writing, a discreet person to act as president
pro tem.

1812.

11. AND BE IT ENACTED, That the board of
directors shall have power to appoint a cashier and
other officers and servants for executing the business
of the company, and to allow such compensation for
their services as shall be reasonable. The stock-hold-
ers shall make such compensation to the president for
his attendance at the bank, as shall appear to them

reasonable.

Directors may
appoint a cash-
ier, &c. —
Their compen-
sations.

12. AND BE IT ENACTED, That the board of
directors shall have power to purchase, grant or lease
proper buildings for the bank, and to have such houses
ited up and secured with vaults, &c. at the expense
of the co t n pany.

Buildings fog
the bank.

13. AND BE IT ENACTED, That the board
of directors and president shall have power to make,
revise, alter or annul rules, orders, by-laws and regu-
lations for the government of the company and their
officers, servants and affairs, as a majority of them:
shall deem expedient.

Directors may
make and alter
rules, &c.

14. AND BE IT ENACTED, That the compa-ny
shall in no case be concerned in any article but
notes, bills of exchange, mortgages, stock of the
United States, bullion, except in the case of debts due
to the bank; then they shall be fully justifiable in tak-
ing any kind of security which they can obtain.

In what articles
the company
may be con-
cerned.

15. AND BE IT ENACTED, That ordinary dis-
counts may be made by the president and four direc-
tors; but the president and five directors shall be neces-
sary for the purpose of transacting the general busi-
ness of the company.

Ordinary dis-
counts and ge-
neral business.

16. AND BE IT ENACTED, That the stock in
the "Farmers' Bank of Somerset and Worcester, "
may be transferred by the holder in person, or by
power of attorney at said bank; but all debts actually
due to the company by a stock-holder offering to trans-
fer, must be discharged before such transfer shall be
made.

Stock may be
transferred.

17. AND BE IT EN ACTED, That dividends of
the profits of the company shall be made at the end of
the first year, and half yearly thereafter; and at the
end of every three years, a dividend shall be made of
surplus profits; which dividend shall be payable to the
stock-holders at the bank.

Dividends-
when to be
made.

18. AND BE IT ENACTED, That the books,
papers, correspondence, funds and every transaction
of the company, shall at all times be freely open to
the inspection of the directors; a majority of whom, or

Books, &c. shall
be open to the
inspection of
the directors.
Meetings, &c.