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9. And be it enacted, That in case more than one stockholder
shall offer in writing to take any one debt due the said bank at the
par value thereof in payment of stock as aforesaid, then such
debt shall be offered to the highest bidder, and be transferred by the
said president and directors to such stockholder as may bid the
highest premium upon said, debt.
10. And be it enacted, That incase there should not be a suf-
ficient amount of the debts due the said bank which the stockhol-
ders may be willing to receive at par, to pay each and every stock-
holder the amount of the principal sum which may then be due on
account of stock, then each of said debts which no stockholder
shall have offered to receive at par as aforesaid, shall be offered se-
perately to the highest bidder, and be transferred by the said pre-
sident and directors to such stockholder as may bid the largest
sum for any debt thus offered, until each and every stockholder shall
have received debts to the amount of the principal sum due them
respectively on account of stock as aforesaid.
11. And be it enacted, That if any debts shall still remain due
the said bank, after paying the respective stockholders the amount
of the principal sums then due on account of stock as aforesaid,
then the said president and directors shall proceed to offer all such
remaining debts separately, one debt at a time, at public sale to the
highest bidder, and shall thereupon sell and transfer suck debts to
the person or persons, stockholders or others, who shall bid the lar-
gest sum or sums, and immediately pay the amount thereof to the
said president and directors; Provided, that any stockholder shall
have the privilege of buying any such debt or debts to the amount
that may be due such stockholder on account of a final dividend
upon stock, without any payment until such dividend may be ascer-
tained, or of buying such debts, to any amount by paying the ba-
lance over and above what may be coming to such, stockholder on
account of final dividend as aforesaid.
12. And be it enacted, That if any stockholder shall bid, off
debts to a greater amount than may be found to be his portion of
final dividend as aforesaid, and shall not immediately after the as-
certainment of said final dividend, pay the said president and direc-
tors the amount of such debt or debts as may be bid off as afore-
said, after deducating such stockholders portion of final dividend
as aforesaid, every such stockholder so acting shall forfeit to the
use of the other stockholders, all right to his or her portion of
said final dividend, and all right to have a transfer of said debts.
13. And be it enacted, That the said president and directors
shall at the time of selling the said last mentioned debts, or as
much sooner as they may deem proper, also sell and dispose of all
the other effects or property, real or personal belonging to the said
bank, to the highest bidder, and shall transfer in such manner as
may he requisite to convey all the right of said bank or company,
to every article, effect and property of said bank, upon the payment
of the purchase money which may be bid as aforesaid.
14. And be it enacted, That it shall be the duty of the said pre-
sident and directors within thirty days after making sale and re-
ceiving payment for all the remaining debts, effects and property
of said bank as aforesaid, to declare a final dividend amongst the
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Dec. Ses. 1824
Highest bid-
der for debts.
Debts to the
highest bid-
der.
Further sale
of debts—and
disposition of
proceeds.
Forfeit for
non-payment
&c.
Sale of all
effects of the
bank.
Final div-
dend.
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