BY-LAWS

FOR THE

REGULATION AND GOVERNMENT

OF THE

Bank of the State of North-Carolina.

THE PRESIDENT.

1. It shall be the duty of the President of the Bank to attend at the Bank every day it may be opened for the transaction of business, as long as may be necessary, unless absent on business, or prevented by sickness or other reasonable excuse and to keep one of the Keys of the Vault of the Bank, in which money or other valuable effects may be deposited.

2. The President shall have the general superintendence and control of the other Officers of the Bank, and shall prescribe their duties, unless otherwise provided for by the ByLaws or the Resolutions of the Board of Directors. He shall carefully examine into the performance of the duties prescribed, and from time to time, report to the Directors, all and every matter touching the interests of the Bank which shall come to his knowledge, or be communicated to him.

3. The President shall have power to convene the, Directors whenever he may deem it necessary. He shall keep the Seal of the Corporation, and with the consent of a majority of the Directors, shall affix the same to all conveyances and other instruments to which the attestation of the Seal may be necessary, and sign the same in behalf of the Corporation.

THE CASHIER.

1. It shall be the duty of the Cashier to act as Secretary of the Board of Directors, and make a fair and full Journal of

the meetings and proceedings of the same. To take charge and keep safely all the money and other valuable effects of the Bank, to receive blank Bank Notes with the signature of the President, and cause them to be filled up before countersigning them, and to keep a Register of all the Bank Notes issued by the Bank or its Branches.

2. The Cashier shall take charge of all Notes, Bills or Acceptances discounted or deposited for collection, and on failure of payment of any such Note, Bill or Acceptance, (within Bank hours,) on the last day of grace, to cause the same to be protested according to law. He shall keep the account of Notes, Bills and Acceptances discounted, separate and distinct from the account of Notes, Bills and Acceptances deposited for collection.

3. The Cashier shall make a daily statement of the cash received, and on hand; and where there is a Teller, his transactions shall be daily settled with the Cashier: And in case of any disagreement between the Cash account and the money actually on hand, he shall report the same to the President.

4. The Cashier shall countersign all Bills or Bank Notes which have been previously signed by the President by order of the Directors.

5. The Cashier of the Bank shall, on the first Thursday of June and December, in each and every year, make up and transmit to the Presidents of the respective Branches, an Account Current of all the dealings between the Bank and said Branch for six months immediately preceding. He shall, in like manner, transmit such an Account to the Cashier of every other Bank with which he has any dealings or account.

6. The Cashier shall cause the Books of the Bank to be balanced on the third Monday in June and December, in each and every year, and the balances to be carried to new

account.

CASHIERS OF BRANCH BANKS AND AGENTS.

1. Every Cashier of a Branch Bank or Agent, shall make out and transmit to the Directors of the Bank as often, and

in such form, as may be required and prescribed by them, a full and perfect account of the state and condition of said Branch Bank or Agency, the amount of Notes issued and in circulation, the amount of Cash on hand, how much thereof is in specie, and how much in other funds, respectively.

2. The Cashiers of the Branch Banks, and Agents, shall, on the first Monday in June and December, in each and every year, make up a statement of the business of such Branch Banks or Agencies for the half year preceding, which statement shall be immediately transmitted by them respectively to the President of the Bank. They shall balance all the Accounts on the Books of such Branch Bank or Agency, on the days before mentioned, and carry the balances to new Account.

3. No Cashier, Agent or Clerk shall have any Note or Bill discounted either at the Bank or any Branch Bank or Agency. Neither shall any Cashier, Agent or Clerk. be received or taken as security or endorser, to or on any Note or Bill negotiable at the Bank, or any Branch or Agency thereof.

4. The Cashiers of the Bank and its Branches, and Agents, shall at the time of making each half yearly Statement of the condition of the same, make out and forward a list of the debts due by individulas, as principal or security.

5. The Cashier of each Branch Bank shall act as Secretary to the Board of Directors thereof, and shall keep a regular Journal of the meetings and proceedings of the same, a copy of which shall be transmitted half yearly to the Directors of the Bank.

THE DIRECTORS OF THE BANK AND OF THE BRANCH BANKS.

1. The Directors of the Bank shall have power to establish a Common Sea!, with suitable devices, to ascertain and define the duties of the Officers, Clerks and servants of the Bank, its Branches and Agencies, and direct them in the performance thereof-to determine the amount of the securities they shall respectively give; to take bonds in such sums

and with such security as they may deem proper; to require all or any of the Cashiers, Agents or Clerks, to renew their Bonds with additional securities, whenever they may deem it proper; and to dismiss from the service of the Bank any Cashier, Agent, Clerk or Servant appointed by them, at pleasure.

2. The said Directors shall have power to build, purchase, lease or ren, at their discretion, such suitable buildings as the convenient administration of the business of the Bank, its Branches and Agencies may require.

3. The said Directors shall, annually, within ten days after their election, elect the President and Directors of the Branch Banks, who shall serve for one year, unless sooner removed by the Directors of the Bank; and in case of the death, resignation or removal of any Director of the Back, or Branch Bank, the vacancy so occasioned shall be filed by the Directors of the Bank.

4. Al future elections of Directors of the Bank shall be held on the first Monday in January, in each and every year, at the Banking House of said Bank, in the City of Raleigh, of which notice shall be given for thirty days. The Chairman of the General Meeting of the Stockholders shall appoint two stockholders (not being Directors of the Bank) to receive the vores of the stockers and declare the result; and the persons (being stockholders) of the number which individual stockholders are or may be entitled to elect, having the highest number of votes given at such election, shall be Directors of the Bank for one year thereafter.

5. In case any election of Directors of the Bank shall not be commenced, or being commenced, shall not be completed on the said first Monday in January, in any year, the Stockholders appointed to superintend and hold such election, shall, and may adjours the same from day to day, until the said election shall be made. The Directors in office, on the first Monday in January in any year, shall continue until a new election of Directors shall be made, as herein provided

for.

6. The stockholders appointed to hold the annual election of Directors of the Bank, shall, immediately after such

election shall be completed, transmit to the Cashier an authenticated Certificate of the persons elected. The Cashier shall, on receiving such certificate, immediately notify the persons so elected Directors to meet at the Bank for the purpose of choosing a President.

7. The Directors of the Branch Bank shall continue in office until new appointments shall be made by the Directors of the Bank, and such appointments be certified by the Cashier thereof to the Cashiers of the Branch Banks.

8. I shall be the duty of the Cashiers of the several Branch Banks to report to the President of the Bank the name of any Director whose note shall lie over for thirty days. If any Cashier refuse or neglect so to report, he shall f be dismissed from office. And if any Director shall permit his note to lie over for ninety days, he shall be dismissed from the Directory to which he belongs, by the Directors of the Bank.

9. It shall be the duty of the President of the Bank, at every annual meeting of the stockholders, to report the name of any Director of the Bank who shall permit his note to lie over for thirty days within the preceding year.

10. A committee of Directors of the Bank, and each of the Branches severally, consisting of three, shall be appointed monthly. They shall visit the Vaults in which the cash and other valnable effects of the Bank are kept, examine and make an inventory of the same, compare it with the Books of the Bank or Branch Banks, and ascertain whether they agree. The said committee shall examine the Books of the Bank or Branch Banks to ascertain whether they are fairly and regularly kept, and that no person be allowed to overdraw his account. And they shall report, in writing, the result of their examination to the Board, by which they are severally appointed, at least once in each and every month,

11. It shall be the duty of the said committees, appointed monthly, to examine and settle all accounts and charges against the Bank and Branch Banks, other than those for the salaries of the Officers of the same.

12. The Directors of the Bank shall have power to ordain and establish all rules and regulations necessary for the