ed upon the

President

Sec. 18. And be it further enacted, That process of law, served on the President for Process servthe time being, shall be deemed sufficient service, and shall avail in like manner, as if it sufficient. had been served on all the directors, to the intent and purpose of making the said corporate company responsible.

negotiable at

Sec. 19. And be it further enacted, That Notes made whenever any note shall be given, contain- Bank to be ing express consent in writing, that it considered as may Bills of Exbe negotiable at the said bank, and the same change. shall be endorsed, if payment be refused or neglected to be made, at the time it shall have become due, the like proceedings are to be had out of court, and suit may be prosecuted against the drawer and endorser, jointly or separately, in like manner as if the same was a bill of exchange.

Sec. 20. And be it further enacted, That Bank to be the said bank shall continue to transact its continued in business of discount and deposit in the county

of Alexandria, in the district of Columbia.

J. B. VARNUM,

Speaker of the House of Representatives.

GEO. CLINTON,

Vice-President of the United States, and

President of the Senate.

February 15, 1810.

APPROVED,

JAMES MADISON.

Alexandria.

CHAPTER LXXXIII.

AN ACT to incorporate the Bank of Wash

ington.

BE it enacted by the Senate and House of Representatives of the United States of America, in Congress assembled, That from and after the fourth day of March, which will be in the year of our Lord one thousand eight hundred and eleven, all those perWashington sons, their legal representatives or assigns, incorporated. who on the first Monday of September, in

Bank of

the year of our Lord one thousand eight hundred and nine, at the city of Washington subscribed certain articles of association, and formed a company or limited partnership, under the name and style of "The President and Directors of the Bank of Washington," and who, on the said fourth day of March, in the year eighteen hundred and eleven, shall hold any share of the joint stock or funds, created in pursuance of the said articles of association, and their successors, being stockholders as aforesaid, shall be and they are hereby incorporated, and made a body corporate and politic, by the name and style of "The President and Directors of the Bank of Washington;" and by that name may sue and be sued, implead and be impleaded, answer and be answered, defend and be defended, in courts of record and any other place whatsoever; and by that name may have and hold, purchase, receive, possess, enjoy and retain lands, rents, tenements, hereditaments, goods, chattels and effects, of what nature, kind, or quality soever; and the same sell, grant, demise, alien and dispose of; and, by that name shall

have succession, during the continuance of this act, and may make, have and use a common seal, and the same may break, alter and renew at pleasure; and shall have power to ordain, establish and put in execution, such bye laws, ordinances and regulations as shall seem necessary and convenient for the government of the said corporation, not being contrary to law, nor to the constitution thereof; and generally to do and execute all acts necessary or proper for the objects of the said incorporation, subject to the rules, regulations, restrictions, limitations and provisions herein described and declared.

&c.

Sec. 2. And be it further enacted, That Capital. the capital stock of the said bank shall consist of five hundred thousand dollars, money of the United States, to be divided into shares of twenty dollars each; of which, Shares &c. ten dollars on each share will, according to the articles of association aforesaid, have been paid before the said fourth day of March, eighteen hundred and eleven; and it shall be optional with any stockholder thereafter to fill up his or her share or shares, by the payment, at any one time, of the residue of the money due thereon, who shall thereupon be entitled to receive dividends in future, in proportion to the whole amount paid upon such share or shares: Provided, That the dividend or dividends, on such sums of money so paid, shall not commence until the first day of the month next ensuing such payment.

Sec. 3. And be it further enacted, That Bank to be the said bank shall transact its business in the continued in Washington. city of Washington.

Sec. 4. And be it further enacted, That the affairs of the said bank shall be conducted

by twelve directors and a president, whose Directors &c. place, if chosen from among their number, &c to be ap- shall be supplied by that body. Six of the pointed.

Votes.

directors, with the president, shall form a
board or quorum for transacting all the busi-
ness of the company. In case of his sick-
ness or necessary absence, his place may be
supplied by any director, whom he, by writ-
ing under his hand, may nominate for that
pu pose; or, in case of his not making such
nomination, the board may appoint a presi-
dent to act during his absence.
The presi

dent and directors who may be in office, un-
der the said articles of association, on the
said fourth day of March, eighteen hundred
and eleven, shall continue in office under and
by virtue of this act of incorporation, until
others shall be duly chosen in their stead.
No person shall be a director or president
who is not a citizen of the United States and
a stockholder; and a director ceasing to be a
stockholder shall cease to be a director. And
no person, a director of another bank, shall
be a director of this bank. Every stockhol-
der, being a citizen of the United States,
shall be entitled to vote at all elections to be
holden by the stockholders, in pursuance of
this act, and shall have as many votes, in
proportion to the stock he may hold, as fol-
lows for one share and not exceeding two
shares, one vote each; for every two shares
above two, and not exceeding ten, one vote;
for every four shares above ten, and not ex-
ceeding thirty, one vote; and for every six
shares above thirty, and not exceeding sixty,
one vote; for every eight shares above sixty,
and not exceeding one hundred, one vote;
and for every ten shares above that number,
one vote. But no person or persons, bodies

corporate, or otherwise, shall be entitled to
more than fifty votes. But no stockholder
shall be permitted to vote, who has not held
his stock two calendar months prior to the
day of election. All stockholders, living in
the city of Washington, shall vote in the
choice of directors by ballot in person; but
every stockholder, living out of said city, may
vote in person or by a written ballot by him
or her subscribed with his or her name,
and duly acknowledged before a judge of a
court, a justice of the peace, or a notary
public; a certificate whereof shall be made
on said ballot by the judge, justice of the
peace, or notary public, before whom such
acknowledgement shall be made, and said
ballot shall by him be sealed up, and ad-
dressed to the cashier of the bank; and be-
ing transmitted before the time of the elec-
tion, shall be received and counted in the
election. No person who is not a citizen
of the United States shall be entitled to vote
in any election of this corporation. Pro- Proviso.
vided nevertheless, That this section may at.
any time hereafter be altered or amended by
Congress, in such manner as they may see
fit, so as to provide for an annual rotation of
the directors.

choice of

Sec. 5. And be it further enacted, That a Times of general meeting of the stockholders of the meeting, for said bank shall be holden on the first Mon- Directors day of January, in the year eighteen hun- &c. &c. dred and twelve, and on the first Monday of January in every year thereafter, at such place as the president and directors shall appoint, by giving four weeks notice in one or more of the newspapers of the city of Washington, for the purpose of electing directors for the ensuing year, who shall meet on the