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CHAP. 186.
No person to be
a director unless
he is a stockhold-
er.
President and
directors first cho-
sen to hold their
seats for twelve
months.
President pro tem.
Directors to ap-
point a cashier and
other officers—no
director entitled to
any emolument.
Compensation to
president.
To purchase,rent
or lease, proper
buildings for the
bank.
To make, alter
or annul rules, by-
laws, &c.
Provisos.
Company not to
be concerned in
any articles but
notes, bills of ex-
change, &c.
Ordinary dis-
count, may be
made by president
and six directors.
Stock may be
transferred in per-
son or by power of
attorney.
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9. And be it enacted, That no person can be admitted to take his
seat as director, unless he shall be at the time a stockholder,
holding at least ten shares, and if he shall at any time cease to be
a stockholder as aforesaid, he shall cease to be a director.
10. And be it enacted, That the president and directors first
chosen, shall hold their seats for twelve months, and the president
and eleven directors may be re-elected at the regular annual elec-
tions; if the president shall be chosen out of the number of direc-
tors, his place shall be supplied by the directors, from among the
stockholders; and if a vacancy shall at any time happen among
the directors, by death, resignation, or otherwise, the directors
shall elect a director to fill the vacancy for the residue of the year,
from among the stockholders,
11. And be it enacted, That in case of sickness or necessary ab-
sence of the president, he shall, in writing, signify the same to the
directors, who shall appoint one of the board of directors to act as
president pro tempore.
12. And be it enacted, That the board of directors for the bank
shall have power to appoint a cashier, and other officers and ser-
vants, for executing the business of the company, and to allow
such compensation for their services as shall be reasonable; no
director shall be entitled to any emolument, unless the same shall
have been allowed by the stockholders at a general meeting; (he
directors shall make such compensation to the president for his ex-
traordinary attendance at the bank, as shall appear to them rea-
sonable.
13. And be it enacted, That the board of directors shall have
power to purchase, rent or lease, proper buildings for the bank,
and to have such houses fitted up and secured with vaults, at the
expense of the company.
14. And be it enacted, That the board of directors and president,
shall have power to make, revise, alter or annul, rules, orders, by-
laws and regulations, for the government of the company, and that
of their officers, servants and affairs, as a majority of them shall
deem expedient, provided they are not contrary to law or the con-
stitution: Provided always, that no rule or regulation shall entitle
the president, or any director, to obtain discount on terms different
from those prescribed for other persons; And provided also, that
neither of them shall be indulged with discounts, or accommodation
paper, beyond one thousand dollars per week, and not to exceed
in the whole, at any time, more than three thousand dollars.
15. And be it enacted, That the company shall in no case be con-
cerned in any articles but notes, bills of exchange, mortgages,
stock of the United States, specie or bullion, except in the case of
debts due to the bank, then they shall be fully justified in taking
any kind of security which they ran obtain.
16. And be it enacted, That ordinary discounts may be made by
the president and six directors, but the president and eight direc-
tors shall be necessary for the purpose of transacting any other
business of the company.
17. And be it enacted, That the stork in the North and South
Branch Bank, at Old Town, may be transferred by the holder in
person, or by power of attorney, at said bank; but all debts actu-
ally due to the company, by a stockholder offering to transfer,
must be discharged before such transfer shall be made.
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