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state; in case of excess, the directors under whose
administration it shall happen, shall be liable for 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, or 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 be 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 said corporation, or the lands,
tenements, goods and chattels of the same, from be-
ing also liable for, and chargable with the said excess;
and such of the said directors who may have been ab-
sent when the said excess was created, or may have
dissented from the resolution or act whereby the
same was created, may respectively exonerate them-
selves from being so liable, by forthwith giving notice
of the fact, and of their absence or dissent, to the go-
vernor of the state, and to the stock-holders at a gene-
ral meeting, which they shall have power to call for
that purpose.
ART. 4th. The president and directors may dis-
count notes or bills at any length of time not exceed-
ing sixty days, 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.
ART. 5th. All bills and notes which may be issued
by order of the said corporation, signed by the presi-
dent, and counter-signed by the cashier thereof,
promising the payment of money to any person or per-
sons, his, her or their order, or to bearer, though not
under the seal of the said corporation, shall be bind-
ing and obligatory 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,
her or their private or natural capacity or capacities;
and shall be assignable and negotiable in like manner
as if they were so issued by such private person or
persons, that is to say: those which shall be payable to
any person or persons, his, her or their order, shall be
assignable by endorsement in like manner, and with
the like effect as foreign bills of exchange now are;
and those which are payable to bearer, snail be nego-
tiable or assignable by delivery only.
ART. 6th. 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.
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1812.
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