LEVIN WINDER, ESQ. GOVERNOR.

77

23. AND BE IT ENACTED, That all persons who
shall become subscribers to the said bank, their succes-
sors and assigns, shall be, and are hereby made a corpo-
ration and body politic, by the name and style of the

President and Directors of the Bank of Caroline, and

by that name shall be and are hereby made able and ca-
pable 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 whatsoever, 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 notes, and generally to do and execute
all such acts, ma tiers and things, as to them shall apper-

Dec. Sess.

1813.

Stockhold-
ers incorporat-
ed. Powers
and privileges.

tain under the clauses of this act, Provided, that it shall
not be lawful for caul bank to issue notes of a less de-
nomination than five dollars.

Proviso.

24. AND BE IT ENACTED, That the following

rules and provisions shall form and be fundamental ar-
ticles of the institution of the said corporation :
ART. 1. That the capital stock of the Bank of Caroline
shall be managed by the directors for the benefit of the
stock-holders.
2. No director of any other bank shall be a director
in this bank, nor shall any two persons, co-partners
in any kind of business, be directors in this institution
at the same time; two at least of the directors elected by
the stockholders shall go out annually.
3. The president and directors for the time, being shall
give, one mouths notice in the most public places in the
county, and in one or more of the public prints in the
town of Easton, of the time and place of holding the
election of directors annually.

Fundamental
articles.

4. The total amount of the debts which the said corpo-
ration shall at any time owe, whether by bond, bid, note or
other contract, shall not exceed double the amount of the
capital actually paid into the said bank, Provided, that
the money deposited in the said bank for sale keeping,
shall not be considered as the debts of the bank within
the provision of this clause, unless the contracting of
any greater debts shall have been previously authorised
by a law of the state; in case of excess, the directors
under whose administration it shall happen, shall be lia-
ble for the same in their natural and private capacities,
and an action of debt may in such case be brought
against them or any of them, or their heirs, executors or
administrators, in any court of record in this state, by
any creditor or creditors of the said corporation, and
may be prosecuted to judgment and execution, any con-
dition, covenant or agreement, to the contrary notwith-
standing; but nothing herein contained shall be construed
to exempt the said corporation, or the lands, tenements,
goods and chatties of the same from being also liable for,
and chargeable with the said excess: and such of the
said directors who may have been absent when the said

Proviso.