LEVIN WINDER, ESQ. GOVERNOR.

25

merset, may be concerned in bullion, gold and silver
coin of the United States, mortgages, bills of exchange,
and notes, or any collateral securities, that may appear
expedient to the President and Directors.

DEC. SESS.
1813.

18. AND BE IT ENACTED, That ordinary dis-
counts may be done by the President and three Di-
rectors; but the President and five Directors, shall be a
board necessary tor transacting the general business of

the Bank.

Quorum of di-
rectors.

19. AND BE IT ENACTED, That the stock of the
Bank of Somerset, may he transferred by the holder, in

person or by power of attorney; but all debts actually
due to the said Bank, by a stock holder offering to trans-

fer, must be first discharged.

Stock trans-

ferable.

20. AND BE IT ENACTED, That the President
and directors, and subordinate agents of the said Bank,

shall severally swear on the Holy Evangelly of Almighty
God, that they will faithfully and diligently perform the
duties of their respective stations; and the said subordi-
nate agents, shall moreover give satisfactory security to
the President of the said Bank, before they shall be per-
mitted to act as such.

Oaths of di-
rectors, &c.
Security.

21. AND BE IT ENACTED, That all notes offered
for discount, shall be made negotiable at the Bank of

Somerset ;" and in case the drawer doth not reside in the
town of Princess Anne, such note shall be made payable
at some house in the said town, and notice given by the
proper agent of the said Bank, at such house, that such
note hath become due, shall be deemed and held to all
intents and purposes, as completely binding on the draw-
er and endorser thereof, as if personally served on each

of them.

Negotiable

notes.

Notice.

22. AND BE IT ENACTED, That any director, offi-
cer, or other person, having any share or capital of the
said Bank, who shall commit any fraud or embezzlement
touching the money or property of the Bunk, shall be lia-
ble to be prosecuted in the name of the state, by indict-
ment for the same, in any court of law in this state; and
upon conviction thereof, shall, besides the remedy that
may be had by action in the name of the President and
Directors of the Bank of Somerset, for the fraud afore-
said, forfeit all his share or stock in the said Bank to the

company.

Case of fraud.

23. AND BE IT ENACTED, That all persons who
become stock-holders to the said Bank, are hereby made
a corporation and body politic, under the name and style
of The Bank of Somerset, and by that name shall be, and
are hereby made capable in law to sue and be sued, plead
and be impleaded, answer and be answered, defend and
be defended, in any court of record, or any other place
whatever; and also to make, have and use, a common
seal, and the same to break, alter and renew at pleasure ;
and to make, issue and negotiate promissory notes, and

Incorporation.