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18. And be it enacted, That dividends of the profits of the com-
pany shall be made at the end of the first years and half yearly
thereafter; and at the end of every three years a dividend shall
be made of surplus profits, which dividend shall be payable to the
stockholders at the bank.
19. And be it enacted, That the books, papers, correspondence,
funds, and every transaction of the company, shall at all times be
freely open to the inspection of the directors, a majority of whom,
or any number of stockholders not less than thirty, and holding
not less than three hundred shares, may at any time call a general
meeting of the stockholders for objects relative to the interest of
the company, and giving not less than two months notice thereof
in the newspaper in the county, and in some public print in the
town of Winchester, Virginia.
20. And be it enacted, That before the president and directors
shall act as such, they shall take an oath, or affirmation, that they
will faithfully, diligently and honestly, perform the duties of their
stations; and the cashier, book keeper and clerks, shall also take a
similar oath, or affirmation, and shall besides give bonds to the
said corporation, with security to the satisfaction of the board of
directors, for the faithful discharge of their duties in their several
stations.
21. And be it enacted, That all notes offered for discount by any
person or persons, shall on the face thereof, be made negotiable at
the North and South Branch Bank of Potomac, at Old Town, Al-
legany county; and when the drawer shall not reside in the town of
Old Town, such note shall be made payable at the house of some
person in the town aforesaid, and notice given by 'he proper ser-
vant of the bank at said house, that such note hath become due,
shall be to all intents and purposes held and considered to be as
completely binding on the drawer and endorsers as if notice had
been personally served on each of them.
22. And be it enacted, That any director, officer, or other person
holding any share or capital of the said bank stock, who shall
commit any fraud or embezzlement touching the money or proper-
ty of the bank, shall be liable to be prosecuted in the name of the
state, by indictment for the same, in any court of law in this state;
and upon conviction thereof, shall besides the remedy that may be
had by action in the name of the president and directors of the
North and South Branch Bank of Potomac, at Old Town, Allega-
ny county, for the fraud aforesaid, forfeit all his share or stock in
the said bank to the company.
23. And be it enacted, That all persons who shall become sub-
scribers to the said bank, their successors and assigns, shall be and
they are hereby n:ade a corporation and body politic, by the name
and style of The President and Directors of the North and South
Branch Bank of Potomac, at Old Town. Allegany county, and by
that name, shall be, and are hereby made able and capable in law,
to sue and be sued, plead and be impleaded, answer and be answer-
ed, 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
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CHAP. 186.
Dividends.
Books, papers,
&c. to be open to
inspection of di-
rectors, a majori-
ty of whom may
call a general
meeting of stock-
holders.
President, cashier
&c. to take an
oath, &c.
Notes offered for
discount to be
made negotiable
at bank—when
drawer does not
reside in town at
the house of some
person therein.
Persons holding
any share who
shall commit any
fraud or embez-
zlement, to be
prosecuted.
Subscribers incor-
porated.
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