LEVIN WINDER, ESQ. GOVERNOR.

the time of such dividends being declared, and each annual
election.
16. If the directors shall, wilfully and knowingly, make
or declare any dividend which shall impair the capital
stock, all the directors present at the making or declaring
such dividend, and consenting thereto, shall be liable, in
their individual capacities, to the corporation, for the
amount or proportion of the said capital stock so dividend
by the directors; and each director who shall be present
at the making or declaring such dividend, shall be deem-
ed to have consented thereto, unless he shall immediately
enter his dissent, in writing, on the minutes of the pro-
ceedings of the board.

DEC. SESS.

1813.

Directors re-
sponsible for
dividends, if
they impair the
capital.

17. The shares of stock shall be transferable on the
books of the Bank, only in person, or by power of attor-
ney; but all debts actually due, and payable to the said
Bank, by a stock holder requiring a transfer, must be
satisfied before such transfer shall be made, unless the
President and Directors shall direct otherwise.

Transfer of

stock.

18. The lands, tenements and hereditaments, which it
shall be lawful for the corporation to hold, shall be only
such as shall be requisite for the immediate accommoda-
tion, in relation to the convenient transaction of their bu-
siness, and such us shall have been bona fide mortgaged
or conveyed to them, by way of security, or in satisfac-
tion of debts contracted in the course of their dealings, or
purchased at sales, upon judgments which shall have
been obtained for such debts; and the total amount of
the debts which the said corporation shall at any time
owe, whether by bond, bill, note or contract, shall not
exceed double the amount of the capital stock actually
paid into the Bank; Provided, that the money deposited
in the said Bank, for safe keeping, shall not be consi-
dered as the debts of the Bank, within the provision of
this clause, unless the contracting of any greater debt,
shall have been previously authorized by a law of this
state.

Limit of real
property. Of
debts.

19. All bills and notes which may be issued by order
of the said corporation, signed by the President, and
countersigned by the Cashier thereof, promising the pay-
ment of money to any person or persons, his her or their
order, or to bearer, though not under seal of the said cor-
poration, shall be binding and obligatory upon the same,
in like manner, and with the like force and effect, as upon
any private person or persons, if issued by him or them,
in his or their private 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 he payable to any person or per-
sons, his, her, or their order, shall be assignable by en-
dorsement, in like manner, and with like effect, as fo-
reign bills of exchange now are; and those which are pay-
able to bearer, shall be negotiable or assignable by deli-

Bills & notes
No note less
than 5 dollars.