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Dec Ses. 1817
Votes.
Subscriptions
to be paid over.
No person ad-
mitted to a seat
as director,
unless he is a
stockholder.
Payments.
Certificates
for shares.
Forfeitures.
Capital stock
only answera-
ble for losses
&c.
President, &c.
to conduct
concerns of
Bank.
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annually, and two more be chosen to supply their places; provided
always, that the director who may be chosen president shall be re-
eligible.
6. And be it enacted, That in choosing the president and direct-
ors of the said bank, the stockholders shall be entitled to vote, ei-
ther in person or. by proxy; each stockholder entitled to one vote
for every share he may hold; stockholders actually resident in the
United States, and none other, may vote at elections by proxy.
7. And be it enacted, That immediately after the election of the
president and directors, the said commissioners shall pay over to
them all the monies received for subscriptions, for which payment
the receipt of the president, and two or more directors, shall be a,
sufficient warrant for the said commissioners.
8. And be it enacted, That no person can be admitted to a teat
as director, unless he shall at the time be a stockholder, and ceas-
ing to be a stockholder he shall ipso facto cease to be a director.
9. And be it enacted, That every subscriber shall within sixty days
after the payment of the first instalment, pay to the president and
directors of the said bank the further sum of five dollars on each
share; and the remaining fifteen dollars on each share shall be paid
by such instalments as the president and directors may appoint,
after novice as aforesaid.
5 10. And be it enacted, That receipts shall be given by two or
more of the commissioners, or the president, as the case may be,
for the several payments herein provided; but after a subscriber
shall have paid his or her shares up to ten dollars each, he or she
may receive a certificate or certificates for the number of shares by
him or her held, subscribed by the president, under the seal of the
bank.
11. And be it enacted, That if any stockholder shall fail to pay
his or her instalment to the amount of ten dollars on each share, at
the times and in the manner before specified, such stockholder shall
forfeit, for the use of the bank, all antecedent payments; but no
forfeiture shall take place after ten dollars shall have been paid; but
as it is requisite means shall he taken to secure the regular pay-
ment of the subsequent instalments, if any stockholder shall fail to
make regular payment of any instalment after ten dollars shall have
been paid on each share, such stockholder's money in bank shall
remain free from interest, and not entitled to dividend, until such
instalment shall have been made good, and the dividend thereafter
to be made to such stockholder, as well upon the monies regularly
paid, as upon those paid after default, shall be computed only from
the time that such instalment was made good.
12. And be it enacted, That no member of the said company shall
be answerable in his person or individual property for any contract
or engagement of the said bank, or for any losses, deficiencies, or
failures of the capital stock thereof, except as herein excepted,
but all the capital stock, together with all property, rights and
credits, of the said institution, shall at all times be answerable for
demands against the said bank.
13. And be it enacted, That the president and directors shall de-
termine the manner of conducting the concerns of the said bank,
and the rules and forms to be pursued therein; they shall appoint,
and pay all subordinate agents by them deemed, necessary, and dis-
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