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Dec. Ses. 1824
General
meeting.
Case of con-
senting to
close.
Stockholders
indebted may
give stock at
par for dis-
charge.
Other secu-
rity for far-
ther amounts.
Debtors
of less than
amount of
their stock.
Transfer as-
signments in
settlement.
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3. And he it enacted, That it shall he the duty of the said pre-
sident and directors as soon as convenient after the passage of this
act to call a general meeting of the stockholders in said bank to
be held in Denton on a day to be named by them, and to cause at
least thirty days notice of said meeting to be given in the two
newspapers printed at Easton, and in such other manner as they
may deem proper. And the said president and directors shall
cause to be prepared and laid before the said general meeting, a
statement shewing the true state and condition of said bank, and
shall then and there take the sense of such said stockholders as
shall attend the said general meeting, upon the question whether
they will advise and consent that the said president and directors
proceed to make a settlement and final close of the concerns of
said bank in the manner provided for by this act.
4. And be it enacted, That if the said stockholders shall, agree-
ably to the mode of voting prescribed in the charter of said bank,
determine in favour of giving their advice and consent as aforesaid,
then the said president and directors shall be authorised and requi-
red to proceed to make a final settlement and close of the concerns
of said bank in manner following viz.
5. And be it enacted, That each and every stockholder who may
be' in any manner indebted to the said bank, shall have the privi-
lege of receiving a discharge of such debt at the par value thereof
in payment of the principal amount that may belong to any such
stockholder at the time of receiving such discharge on account of
the capital stock of said batik.
6. And be it enacted, That in case any stockholder shall be in-
debted to the said bank in a greater sum than such stockholder
may be entitled to receive on account of the said capital stock,
then the said president and directors shall be authorised and direc-
ted to receive such new obligation or security as they may deem
proper, for the excess of any such stockholders debt beyond the
amount he or she (as the case may be,) may be entitled to receive of
account of the capital stock as aforesaid, and thereupon to give
such stockholder and debtor a discharge of all previous debts and
obligations.
7. And be it enacted, That incase any such stockholder shall be
a debtor to said bank in a less sum than he or she (as the case may
be,) may be entitled to receive on account of capital stock as afore-
said, then such stockholder shall receive a discharge of his or her
debt in payment us aforesaid at the par value thereof, and for the
balance that may still then remain due, such stockholder on ac-
count of stock be entitled to all the lights and privileges of every
other stockholder.
8. And be it enacted, That immediately after having adjusted and
settled in manner aforesaid the accounts of all the stockholders
who are also debtors to the said bank, it shall be the duty of the said
president and directors to make transfers and assignments of such
of the debts then remaining due the said bank, as the stockholders
respectively may be willing to receive at the par value there of to
the amount of the principal sum which may then belong to the said
stockholders respectively, as part of the capital stock of said bank.
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