day succeeding their election, and shall immediately proceed to choose a president; and the president and directors for the time being shall continue in office until others shall be duly elected in their places, and be organized by the assembling of a quorum, and the Regulations. choice of a president. At all elections the persons having the greatest number of votes shall be deemed to be chosen. All elections shall be held under the superintendence of the president of the bank for the time being and four stockholders, not being at the time directors, appointed by the board of directors, any three of whom shall be judges thereof. They shall immediately thereafter notify the persons elected to meet the ensuing day at the bank, and shall make a return of the persons elected at their first meeting. Should two or more persons have an equal number of votes, the other individuals elected directors shall determine by ballot from among said persons, who shall be the director or directors. All elections shall be opened at ten o'clock in the forenoon, and closed at three o'clock in the afternoon.

Powers

the

of

tors &c. &c.

Sec. 6. And be it further enacted, That Direc- the president and directors shall have full power to make, revise, alter and annul all such rules, orders, bye laws and regulations, for the government of the said corporation, and that of its officers, servants and affairs, as they shall, from time to time, think expedient; and to use, employ and dispose of the capital stock, funds and property of the said bank, for the interest and benefit of the stockholders, subject only to the restrictions herein contained; but the said bank shall not take, for discounting any bill or note, more

than at the rate of six per cent. per annum, upon the amount due by such bill or note.

notes &c.

Sec. 7. And be it further enacted, That all Promissory promissory notes, bills of exchange, drafts, &c. signed checks and receipts, for the payment of by the President obligamoney, made on behalf of the said bank, tory upon signed by the president, and countersigned stockholor attested by the cashier, shall be obligatory ders &c. &c. upon the said body corporate, and shall possess the like qualities as to negotiablity, and the holders thereof shall have the like actions thereupon, as if such promissory notes, bills of exchange, drafts, checks or receipts, had been made by or on behalf of a natural person.

to inspection

be made to

Sec. 8. And be it further enacted, That Books &c. the books, papers, correspondence and funds &c. subject of the bank, shall at all times be subject to of Directors. the inspection of the directors. And the said Reports to president and directors shall once in every the Secreta year cause to be laid before the Secretary of ry of the the Treasury of the United States an account truly stating the situation of the bank and its funds.

Treasury.

and Direc

ficers &c.

&c.

Sec. 9. And be it further enacted, That the President said president and directors shall have power tors to apto appoint a cashier, and all other officers and point the of servants, for executing the business of the said bank, and to establish the compensation to be made to the president and all other officers and servants of the said bank respectively. But no compensation shall be given to a director for his services, except by a vote of the stockholders in general meeting.

the stock

Sec. 10. And be it further enacted, That General the president and directors shall have power meetings of to call a general meeting of the stockholders, holders. for purposes concerning the interests of

Shares how

. &c. &c.

the bank, giving at least six weeks notice in one or more of the newspapers of the city of Washington, specifying in such notice the object or objects of such meeting.

Sec. 11. And be it further enacted, That transferable the shares of capital stock, at any time owned by any individual stockholder, shall be transferable only on the books of the bank, according to such rules as may, conformably to law, be established in that behalf by the president and directors; but all debts actually due and payable to the bank (days of grace for payment being past) by a stockholder, requesting a transfer, must be satisfied before such transfer shall be made, unless the president and directors shall direct to the contrary.

Dividends

Sec. 12. And be it further enacted, That &c. &c. the dividends of the profits of the company, declared &c. or so much of said profits as shall be deemed

when to be

و نام ها

Limitation of Discounts

expedient and proper, shall be declared half yearly, in the first week in May and November, in each year; the amount of said dividend shall, from time to time, be determined by the president and directors, and shall in no case exceed the amount of the net profits actually acquired by the company, so that the capital stock of the said company shall never be impaired by dividends.

Sec. 13. And be it further enacted, That the said bank shall not at any time discount or loan a greater sum than double the amount of the capital stock thereof, which shall be actually paid in.

Sec. 14. And be it further enacted, That if the said directors shall at any time wilfully and knowingly make or declare any dividend, which shall impair the said capital stock, all the directors present at the making

or declaring of said dividend, and consenting thereto, shall be liable in their individual capacities to the company for the amount or proportion of said capital stock so divided by the said directors; and each director, who shall be present at the making or declaring such dividend, shall be deemed to have consented thereto, unless he shall immediately enter, in writing, his dissent on the minutes of the proceedings of the board, and give notice thereof to the Secretary of the Treasury of the United States.

or be con

Sec. 15. And be it further enacted, That Bank not to the bank shall in no case be owners of any own vessels ships or vessels, or directly or indirectly be cerned in concerned in trade, or the importation or ex- trade. portation, purchase or sale, of any goods, wares or merchandize whatever, except bills of exchange, bullion, stock of the United States, or of incorporated institutions, and such ships, vessels, goods, wares or merchandize, as shall be truly pledged to them by way of security for debts due, owing or growing due to the said bank, or purchased by it to secure such debts.

Sec. 16. And be it further enacted, That Bank not to hold real prothe bank shall not purchase or hold any perty but in lands, tenements or other real estates, other certain cases. than what may be necessary for the convenient transaction of its business, unless such lands, tenements and real estates shall have been bona fide mortgaged to the bank by way of security, or conveyed to it in satisfaction of debts previously contracted in the course of dealings, or purchased to secure debts contracted with or due to the bank; and in every instance in which the bank may become the owners or claimants of lands, tene

Pp

Vacancies

ments or real estates, the president and directors are empowered to sell or dispose of the same, in such manner as they may deem beneficial for the said bank.

Sec. 17. And be it further enacted, That if any vacancy shall at any time happen ahow to be mong the directors by death, resignation or otherwise, the rest of the directors, for the time being, shall elect a director to fill the vacancy.

filled.

Stockhol

ders.

Sec. 18. And be it further enacted, That Meetings of any number of stockholders, who shall be proprietors of not less than two thousand shares, may, for any purpose relative to the institution, at any time apply to the president and directors to call a general meeting of the stockholders, and if by them refused, the said number of stockholders, proprietors of not less than the number of shares aforesaid, shall have power to call a general meeting of the stockholders, giving at least sixty days notice in one or more of the public newspapers of the city of Washington, specifying in such notice the object or objects of such call.

Bank restrict

debts.

Sec. 19. And be it further enacted, That the ed as to its total amount of the debts, which the said corporation shall at any time owe, whether by bond, bill, note or other contract, shall not exceed twice the amount of their capital stock actually paid over and above the monies then actually deposited in the bank for safe keeping. In case of excess, the directors, under whose administration it shall happen, shall be liable 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, their or any of their heirs, executors, or administrators in any court proper

3