= 8 ok Bank Bill. Published weekly by ALEX a RE ypE— ba ‘Vor. 11. ® 3 ? AN ACT . To incorporate the subscribers to the Bank of the United States. Sec. 8. And be it further enacted. That for the management of the affuirs of the said corporation, there shall be twenty five directors, five of whom, being stockhold- ers, shall be annually appointed by the pres. idont of the United States, by and with the er Bellefonte, Pennsylvania. = oh AS RR and the persons who shall be elected'and appointed as aforesaid, shall be the first di- rectors of the said bank, aud shall procee | to elect one of the directors to be president of the said bank; and the directors and president of the said bank so appointed and elected as aforesaid, shall be capable of serving in their respective offices, by virtue thereof, until the end and expiration of the first Monday of the month of Janui- ry nex. ensuing, the said appointnrents and advice and consent of the senate, not more 'electiens ; and they shall then and thence: than three of whom shall be residents of forth commence, and continue the operati- any one state, and twenty of whom shalljons of the said bank at the city of Philadel be annualiy elected at the banki g-house in the city of Philadelphia, on the first Mon» day of Juauary, in each year, by the qualt fied stockholders of the capital of the said bank, other than the United States, and by a plurality of votes then and there actually given, according to the scale of voting hereinafter prescribed : Provided always, tha. no person, being a director in the tank of the United States, or an of its brauches, shall be a director of any other bank : and should any such director actas phia. Sec. 10. And be it further enacted, Tha the directors tor the time seing shall bave power to appoint such officers, clerks and servants under them as shall be necessary for executing the business of the said cor- poration, and to allow them such compen- sation for their scryices respectively; as shall be reasonable, and shall be capable of exercising such other powers and author- ities, for the well governing and ordering of the officers of the said corborations as a director in any other bank, it shail forth. shall be prescribed, fixed and determined with vacate his appointment in the direction’ of the bauk of the United States. And the directors, so duly appointed and elects} ed, shall be capable of serving, by virtue! of such appointment and choice, from the first Monday in the month of Januury of. cach year, until the end and expiration of said corporation, to wit: the first Monday in the month ol January | by the laws, regulations and ordinances of the same. : . Sec. 11. And be it further enacted, That the following rules, restrictions, limitations ‘and provisions shall form and be funda mental articles of the coustitution of the 1 The number of votes to which the of the year next ensuing the time of each stockholders shall be entitled. in voting for annual election to be held by the stockhol- directors, shall be according to the number ders as aforesaid. And the board of direc. of shares he, she, or they respective ly shall tors, annually, at the first meeting after hold, in $he proportions following, that 1s to their election in each and every year, shall say ¢ for one share and not more than two proceed to elect one of the directors to be shares, one vole; for every two shares a- president of the corporation, who shall hold bove two, and not exceeding ten; one vote ; the said office during the same which the directors are appointed and e- exceeding thirty, lected as aforesaid: Provided also, that ghares above thirty, and pot exceeding six+|8 period for fer every four shares above ten, and not one vote; for every six the first appointment and election of the di- ‘ty, one vote; lor every eight shares above rectors and president of the said bank shall sixty, and not exceeding one hundred, one be at the time and for the period hereinal-, vote ; but no person, co-partnership or body ser-deciaved 3 And provided also, that in’ politic, shall be entitled to a greater pume ‘casc it should at any time happen that an ber than thirty votes; and after the first appointment or election of directors, or an election, no share or shares shall confer 2 election ot the president of the said bank, right of should not be so made as to take effect on holden three calendar months previous to the day of election. And stockholders ac- they ought totake effec, the said corpora-.tually resident within the United States, tion shall not, for that cause be deemed to and none other, may vote in clections by ‘any day when, in pursuance of this act, be dissdlved ; but it shall be lawful at any other time to make such appointments, and to hold such elections, (as the case may %be,) and the manner of holding the elections shall be. regulated by the bylaws and ordi- pances of the said corporation : and until such appointments or elections be made, the directors and president of the said bank, for the time being, shall continue in office ; And provided alse, that in case of the death resignation or removal of the president of the said corporation, the directors shall roceed to elect anoher president from the directors as aforesaid : and in case of the death, resignation, or absence from the United States, or removal of a director from’ the United States, or removal of a director $rom office, the vacancy shall be supplied, by the president of the U States, or by the! stockholders, ag the case may be. But the, president of the United States alone shall| Pr power to remove any of the directors appointed by him as aforesaid. Sec. 9. And be it further enacted, That gs soon as the sum of eight millions, four hundred thousand doljars in gold and silver’ coin, and in the public debt shall have been actually received on account of the sub- scription to the capital of the said bank | exclusively of the subscription aforesaid, on the part of the United States) notice thereof shall be given by the persons une der whose superintendance the subscript ons shall have been made at the city of Phil- adclphia, in at least two news-papers print- ed in each of the places (if so many be printed in such places respectively) where subscriptions shall bave beea made, and the said persons shall at the same time and in like manner, notify a time and place within the said city of Philadelphia at the distance of at least thirty days irom’ the time, of such notification, for proceeding to the election of twenty directors as afore- said, and it shall be lawful for such election to be then and there made And the pres- ident of the United States is hereby author- jsed during the present session of congress, to nominate, and by and with the advice and consent of the senate, to appoint five divactors of the said bank, though not directors elected by the siockholders, and not more than four-fifths of the directors, voting, which shail not have Leen proxy. A 2. Not more than three-frurths of the appointed by the P esident of the United States, who shall be in office at the time of an annual eléction; shall be elected or ap- pointed for the next succeeding year ; and no director shall hold his office for more than three years out of four in suc-ession ; but the director who shall be the president at the time of 4a election may always be re-appointed, as the case may be. 3. None but a stockholder; being a rest: dent citizen of the United States, shall be a director ; nor shall a director be entitled td any emolument ; but the directors may make such compensation to tlie president for his extraordinary atteridance at the bank, as shall appear to them reasonable. 4. Not less than seven directors shall constitute a board for the transaction of bu siness, of whom the president sha.l always be one, except in case of sickness or neces: sary absence ; in which case his place may be supplied by any other idirector whom he, by writing, uader his hand, shall de-] pute for that purpose. And the dipector so deputed, may do and transact all the ne- cessary business belonging to the ofice of the president of the said corporatiol cu- ring the continuance of the sickness gr ne- cessary absence of the the president. 5. A pumber of stockholders, not) less SATURDAY EVENING, May 11, 1816. {which "NO. 48. corporation to hold, shall be only such as} heir order, shall be as assignabic by 10. shall be requisite for its immediate accom. fdorsement, in like manner; and with the modatica ¥ elation to the convenient trans-jlike effect as foreign bills of exchange action © ite Business, and such as shalil ow are; and those which are payable have Been bong fide mortgaged to It by way | o bewrer shall be assignable. and neyo of sectrity, or conveyed to it in satisfaction} able by delivery only ¢ Provided, that of debts prev.ously contracted” to it in thelall bills or notes so to be issucd by said o course of its dealings, or purchased at corporation, ‘shal be made payable on de- sales, upon judgements which shall have} nand, other than bilis or notes for the" been obtained for such debts. sayment of a sum not less than one tun- 8. The total amount of debts which the}dred dollars each and payabié to the ors said corporation shall at any time owe} er of some person or persons, which whether by bond, bill, rote or other con-{bills or notes it shall be lawl for said cor tract, over and above the debt or debts duc poration to make payable at any time not tor money deposited in the bank, shall not} :xceeding six days liom the date thereof. exceed the sum of thirty-five millions off 3. Half yearly dividends shall be made dollars, unless the contracting of any great-}ot so much of thie profits of the bank, as er debt shall have been previously authori} shall appear to the direc'ors advisable; sed by a law of the United States, In casejand once in every three years the direc of exeess, the directors under whose ad | iors shall lay before the stockholders, at ministration it shall happen, shall be liable} general meeting, for their information, | for the same in their natural and privatc}an exact and particular statement of the capacities ; and an action of debt may in} debts which shall have remained unpaid case be brought against them or any olf or the expiration of the original credit, them, their or any of their heirs, executors for a period of treble the term of that or administrators, in any court of record of} credit, and of the surplus of the profit, the United States, or either of them, by any|.f any, after deduciin losses and divi- creditor or creditors of the said corporat! | dends. If wheir shall be a failure in the on, and fey be prosecuted to judgement} payment of any part of any sum subscribed and exccution, any condition, covenant Of} go the capital of the said bank by any per- agreement to the contrary notwithstanding son, copa. tnership of any body politic, the But this provision shail not be construed party failing shall lose the beuctit of any to exempt the said corporation or the lands { dividend which may have accrded prier tenements, goods, or chattles of the sane o the time for making sudh payment, from beiug also liable for; and chargeablef nd during the delay of the same. with the said excess. . : : En Hitottoth Yad ayy 1% The directors of Re 300 UPRAS have been absent when the aid 2 tion shall establish a competent office of | was contracted or sreated, or who may discount deposite in the District of coiums have dissented from the resolution or act bia, whenever any law of the United whereby the same was So contracted o 5 ates shall require such an establishment: created, may respectively exonerate them- Also one such office of discount deposiie selves fom being so, liable; by forthwith]i0 any state in which two thousant si.ares giving notice of the fact aiid of their ab JShall have been subscribed or may be held, sence or dissent, to the President of the whenever # pon upplication of she fegisias United States, and to the stockholders. ture of such state oases may, By law at & general mceting, which they shall require the same : rovided, the directors nave power to call for that purpose aloresaid shall mot be bound to establish @. ¥ne said corporation Shall not di. {such office belore the whole of the capital rectly or indirectly, deal or trade in any of the bank shail have been paid up. And wingexcept bills of exchange, gold or{ shall be lawful fer the, directors of the witvie dts inn, or in the sale of goods really said corporation to establish uffices of dis- aud teuly pledged for money lent and not count and Hepasite rE the. shall redeemed dn due time of goods ‘whic think fit, within the United States orthe shall be tae proceedsof its Jands. It shal) tesitories thereof, and to commit the mans no. be at liberty to purchase any public agement of the said office s, and the buisi- debL wuateyer, nor shall it take more|"*3 thereof, respectively, 1o_ susie flarsonss than at the rate of Six persentum per and under such regulations as t shall auuin for or upon its loans or discounts. deem proper, hot being centrary to the Jaw 10 Noloan shall be made by the said|%f he constitution of the bank Or in- corporation, for the use or on account of tix stead of establishing such offices, it shall goveriraent of the United States, to an a- be lawful for the directors ol said corpo- mount exceeding five hundred thousand ration from time (Lo tine; Po employ any doliarsy or of any particular ghaite to ah a: other bank or banks, to be hrst ‘approved l Ye I by the Secretary of the Treasury, at a OHNE SHE sing ity thousand dollar place or places that they may deem £4 OE oe Why and proper to monage aud transact the nited States. Y buisinesé proposed as aforesaid, other than 1 Pr ie RL har oan UR of discount, to be manage 11. The stock of the said corporation for the purposes of discount, shall be assighiable aid a HCCOrs ed and transacted by such offices, under ding 10 such rules as shall be instituted| SUCh agrecments, and objet to Such Tes in thee bebalf, by the laws and ordinances gulations as tue shali deem just and props of the same. er. Not more than Sain ecny nor Jens than - 13. * : 4 ont dic|scven mancgers or directors, of every LS Te Hs cy rorata|oHice, ssibiishcd os sloressidy shall be sli*ll be made to any person or annually appointed by the directors of the bank, (o serve ong year ¢ they shull choose persons, shall be assignable by indorse-|" : i vs ment thereupon, under the hand or a president from their own number ; cach hands of such person or persons, and of them shall be a citizen of the United his, her, of their assignee or assignees, States anda resident of the state tertitory and so as absolutely to transfer aud vest or district wherein such office is e