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president and directors.
cause be dissolved, but it shall be legal and right to proceed to the said election at any subsequent time to be appointed by the preceding
board of commissioners or directors, whose functions shall continue · until such election shall take place and the new board be installed.
Sec. 11. That all the powers, rights and authorities granted by this act shall be and the same are hereby rested in the president Powers vested in and directors who are hereby authorized to make such ordinances, rules and regulations and by-laws as they may judge necessary for the proper administration of the affairs of said corporation, repeal, alter and amend them at their will, appoint committees from among themselves to superintend each branch of their administration, and grant to them such powers as they may think proper; the same to change, alter and revoke at their pleasure. They may appoint and employ all such officers and servants as may be necessary in all and every branch of their business, and pay such salaries and wages as they may think proper, exact of each or any of them, such bonds and sureties for the faithful discharge of the duties assigned them, and make such conditions and rules in relation thoreto as they may deem wise ; the directors elected by private stockholders, may fill up all vacancies that may occur in their body by resignation, death or removal from the Territory, or by any other legal cause; Provided that the said rules, regulations, .by-laws and ordinances which the Board of Directors may adopt, be not repugnant to the provisions of this act, the Constitution of the United States and its laws and the laws of the Territory. That the six directors on the part of the Territory shall be chosen by joint ballot of the Council and House of six directors on Representatives, and if any vacancy by death, resignation or Terre otherwise, shall occur in the board of directors on the part of the elected. Territory or future State, the vacancy shall be supplied by a joint vote of the Legislative Assembly; but if it occur when the Legislative Assembly is not in session, the vacancy shall be supplied by the Governor.
Sec. 12. That no stockholder shall be entitled to vote who holds a share for the benefit of any other person, and may at any election when not allowed. be required to take an oath that he is owner of the lands mortgaged to v or money paid into the Treasury, or of the money subscribed for the stock, and that it is alone on his own account and not for the benefit of any other. :'. Sec. 13. That on the last Monday in July of each year, and
Examination of during the ensuing week, every stockholder in said corporation Corporation shall have the right to examine into its condition ; and for this purpose it shall be the duty of the directors to furnish to any
the part of the
when to be made
applica for that purpose all the information necessary to obtain a knowleure of its affairs and condition, and it shall further be the duty of the president of said corporation on a demand in writing of any twenty or more stockholders, being owners of one-tenth of the stock of said corporation, to convoke a general meeting of the stockholders to take into consideration and deliberate upon the
matters to be submitted to them. Small bills pro
Sec. 14. That the said corporation shall never issue any bill or note of less amount than five dollars; and no loan or discount shall be made nor shall any bill or.note be issued by said bank or
by any person on its account in any other place than at its banking Issues, where
house or the banking houses of its branches severally; that all bills or notes payable to bearer shall pass by delivery, and all that shall be made payable to order shall pass by endorsement of payee; and that said corporation shall never suspend the payment of its notes, bills or obligations in gold or silver currency
of the United States, and that if at any time they should so refuse, Damages on sus the holder or person entitled to demand the same shall and may pension of spe. cie payments.
recover from said corporation, debts and costs with damages to the amount of twenty per centum.
Sec. 15. That it shall be the duty of the directors of said corporation to keep one or more books in which shall be registered all the deliberations, ordinances and regulations, and all the bylaws they may make; that the Legislature of the Territory or of
the State, should it be established, shall at all times have access Legislature may
to said corporation and may examine into the affairs of the fairs of the bank bank and all the officers connected with said bank, touching its
affairs, to ascertain the true state and condition thereof, as well as inspect the books, money, &c. which may be done either by a committee of either branch of the Legislature or otherwise ; and Provided further, that the cashier shall in every year make a return of the true state of the bank as it existed at two o'clock in the afternoon of the last Saturday in November in each year, and he shall transmit the same as soon as may be not exceeding thirty days thereafter to the Secretary of the Territory or future State, which return shall specify the amount due from bank and also the resources of the bank, designating in distinct columns, the several particulars included therein, and the said return shall be in substance as follows to wit:
Annual state. ment to be made.
Bills in circulation, ..
Cash deposited bearing interest,..
Amount of all debts due, including notes, bills of exchange, and all stocks and funded debts
Total amount of the resources of the Bank,
pledged for the
Which return shall be signed by the cashier, who shall make oath before some Justice of the Peace to the truth of said report, according to his best knowledge and belief, and a majority of its directors shall certify and make cath that the books of the bank indicate the state of facts so returned by the cashier, and that they have full confidence in the truth of said return. And if the officers of said bank neglect to comply with the provisions of this section, they shall forfeit to the use of the Territory or future State, to be recovered by the Treasurer thereof, one hundred dollars for each and every day's neglect.
Sec. 16. That the mortgages granted by the stockholders in said
corporation as hereinbefore provided, to the amount of five hundred Mortgages thousand dollars, shall remaiń and be preserved as a pledge for the payment of loans final payment of the loan of five hundred thousand dollars to be
made by the said corporation as hereinbesore provided, with all the interest that may accrue thereon, until the final payment and redemption of all and every of the bonds to be issued for the same by the said corporation as hereinbefore mentioned, both capital and interest: Provided, however if any stockholder should sell, or
desire to dispose of his stock, he shall be at liberty, to transfer the Stock how trans same and be discharged from all responsibilities, Provided the
person to whom he offers the transfer of the same, shall furnish a mortgage to the satisfaction of a majority of the commissioners or directors or if any stockholder should desire to release any
particular piece or parcel of land, the same may be released by Mortgages how
furnishing a mortgage on other lands, valued as prescribed by this act and to the satisfaction of a majority of the commissioners or directors or by the payment of the amount so subscribed into the Territorial Treasury or future State Treasury, with one year's interest thereon, when the Territory or future State shall be responsible for the amount and the interest thereon, to be applied to the ultimate redemption of the loan obtained upon the bonds aforesaid ; the money so received into the Treasury shall, and may be used as the Territory or future State may deem wise, Provided it bears the same interest that is allowed on the bonds of the Bank, and at the expiration of the charter, should it not be required to meet said bonds, it is to be paid over to the stockholder or his assigns, and the proper Treasury officer shall give to the stockholder so paying his money a receipt, which when delivered
to the directors shall require them to release his mortgage. Of Record thereof
such case of transfer and discharge, a special record of the proceedings shall be kept and the name of each director present, and his vote on the question registered.
to be kopt.
8pc. 17. That there shall be a mother bank and branches not Mother bank and exceeding five, to be located at such points as the directors or a branches. majority of them will deem most to the interests of the bank and the advantage of the Territory ; and the said commissioners or directors shall bave power to appoint such officers as may be necessary to conduct the affairs of the several branches under such rules as they may deem wise. . .
Sec. 18. That the lands, tenements and hereditaments which it shall be lawful for the corporation to hold, shall be only such as may be holdea.
What property shall be required for its accommodation and for the convenient transaction of its business, or such as shall have been bona fide conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or purchased at sales upon judgments which shall have been obtained for said debts, which lands so taken or purchased for debts shall be sold by said bank so soon as said land will sell for the principal and interest of the debt or debts for which the land was so taken or purchased; and further should the said land sell for more than the debt, costs and interest, then the bank shall refund the surplus to its debtor, his heirs or assigas. The said corporation shall not directly or indirectly deal or trade in the purchase or sale of any goods, wares or merchandize, or May not engage any of the productions of the country, nor shall they be engaged manufacturer in the manufacture of any article of trade, of any kind whatsoever.
Sec. 19. That the commissioners, managers and directors, before they enter into any of the duties of their respective officers, [offices] except choosing a President, shall severally take an oath or affirmation that they will faithfully, diligently and Oath of directoru honestly perform the duties of their offices according to the best of their skill and abilities, which oath or affirmation either of the commissioners, directors or managers is hereby authorized to administer to the president or any director, commissioner or manager and to all such officers, clerks and servants 'as by the by-laws or ordinances thereof are required to take an oath or affirmation.
Sec. 20. That the directors shall make and declare semi-annual shall declaro dividends of the entire nett profits of the Bank; and so much as dimido may accrue to the Territory or State, shall be subject to the order of the proper Territorial or State officer. And in declaring these dividends, reference shall be had to the stock subscribed by individual stockholders in specie, so that such stock shall not be taxed for the payment of the interest to the bond holders.
Sec. 21. That for the purpose of ascertaining the value of any