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7. AND BE IT ENACTED, That the affairs of
the corporation, shall be conducted by a President and
eight Directors, all whom shall be residents of Washing-
ton county; and there shall be an election of eight direct-
ors by ballot, on the first Monday of April, in the year
one thousand eight-hundred and fifteen, and on the first
Monday in April, in each and every year thereafter, by
the stock-holders, or proprietors of the capital stock of
the said corporation, and by a plurality of votes, at such
place, and in such manner, as the President and Direct-
ors, for the time being, shall appoint; and those who
shall be chosen at any election, snail be capable of serv-
ing us Directors, by virtue of such choice, until the end
or expiration of the first Monday in April next ensuing
the time of such election; or in case of failure of an
election on the day appointed, in that case, until such
election takes place, and until a number of such new di-
rectors, competent to form a board, shall have qualified
agreeably to the provisions of this act; and the said Di-
rectors, at the first meeting after each election, shall
choose a President; and in ease it should happen, that
an election of directors should not be made upon the day
when, pursuant to this act, it ought to be made, the said
company shall not, for that cause, be deemed to be dis-
solved; but it shall and may be lawful on any other day,
within twenty days thereafter, to hold and make an elec-
tion, in such manner as shall have been regulated by the
laws and ordinances of the said corporation; and in case
of the death, resignation, disqualification, or removal out
of the county, of a Director, or his being appointed
President of the Bank, his place may be filled up by the
Directors, for the remainder of the year.
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DEC. SESS.
1813.
President and
directors. Re-
sidence. Elec-
tion. Failure
of election, or
to qualify.
Choice of Pre-
sident. Failure
of election.
Death, resig-
nation, &c.
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8. AND BE IT ENACTED, That the President of
the Bank may be elected from year to year, without li-
mitation; but one director shall go out annually.
9. AND BE IT ENACTED, That when this state
shall become a stock-holder, to the amount of twenty
thousand dollars, it shall be entitled to appoint two Di-
rectors, one to be chosen by the Senate, and the other by
the House of Delegates: which state directors, shall only
be entitled to hold their seats for one year alter their ap-
pointment, unless re-elected.
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Eligibility.
State direct-
ors.
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10. AND BE IT ENACTED, That the directory for
the time being, shall have power to appoint a President
and Cashier, and such other officers and servants, as may
be necessary for conducting the business of the corpora-
tion, and to allow to them such compensation for their
services, as shall by the said Directors be deemed rea-
sonable.
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Directors ap-
point their offi-
cers. Their
compensation.
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11. AND BE IT ENACTED, That all notes offered
for discount in the said Bank, shall, on the face thereof,
be made negotiable at the Conococheague Bank; and
when the drawer shall not reside in Williamsport, such
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Negotiable
notes. Notice.
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