=
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<tabHSAZ
the property thercof in each and every
¢d ; and not more tian three fourths of
assignee or assignees successively, and
the said managers or difectors, in office
toenable such asignée or asignecs, and at the time of an anual appointment, shall
his, her, or their executors or administra- be re-appointed for the next succee ED
tors, te maintain an action thereupon in year ; and no director shall hold his othco
his, her or their own nome or 1ames : Pro- mo; ¢ than three years out of tour, In suce
vided, that said corporation shall not make cession ; but the President may be always
any bill obligatory, or of credit, or other re-appointed. ony :
obligation under its seal for the payment] 15. The officer at the head of the Treas-
than sity, who, together, shall be propri-
etors of one thousand shares or upwards,
shall have power at any time to call a gen-
eral meeting of the stockholders, for pur-
poses relative to the institution, giving at
least ten weeks notice in two public news-
papers of the place where the bank is seat~
ed, and specifying in such notice the object
or objects of such meeting.
6. Each cashier or treasurer, before be
enters upon the duties of his office, shall
be required to give bond, with two or mor:
sureties, to the satisfaction of the directors
in a sum not less than fifiy thousand dol-
lars, with a condition for his good behavi
our, and the faithful performance of his du-
ties to the corporation.
7. The lands, tenements, and heredita-
stockholders, any thing in the provisions
of this act to the ceutrary notwithstanding;
ments, which it'Shall be lawiul forthe said
of a sum less tha. five thousand doliais-lury department of the United States shall
And the bill or notes which may be is-lbe furmshed from timeto time, as often
ssued by order of the said corporatidn.jas be may require, Do. excecding once
signed by the president, and countersignedia week with statements of the amount
by “the principal cashier or treasureh of the capital stock of the said corpora-
thereof, promising the payment of money tion and of the debts due to tlie same;
to any person or persons, his, her, or|and of monies deposited therein j of the
their orrcr, or to bearer, although not un-jnotes in circulation and of the specie in
der the seal of the said corporation, shalllhand ; and shall have a right to inspect
be bindifis and obligatory upon the same,fiuch gereral accounts in the books of the.
in like manner, and with like force andibank as shall relate to the said statement »
effect, as upon any private person OF Provided, thet this shall not be contruded
persons, if issued by him, her or them, inf w imply a right of inspecting the account
Lis, her or their private or natural capa-fof any private individual or individuals
city or capacities, and shall be asignable} with “he bank.
n the like manner as if they were so : :
: 16 No stockholder, unless he be a cit«
ce : ‘ reson ,
ssued by such private person or persons igen of the United States, shall vote in
hat is jo say,those which shall be paya- :
ble to any person OF Poisons, ‘hiss her geoithe choice of directors.