bed, fixed and determined by the by-laws, rules, regulations and ordinances of the same.

to be man

X. Be it further enacted, That the branch Banks Branches shall be managed by five directors, being stock- and agen. holders, appointed annually by the directors of the Cies, how principal Bank, and governed by general rules that aged. may be prescribed by the said directors of the principal Bank; and the agency shall be managed by an agent, under the exclusive control and direction of the directors of the principal Bank.

XI. Be it further enacted, That the Bank may when the go into operation whenever seven hundred and fifty bank may thousand dollars shall have been paid in ; and that go into no dividend on the profits of the Bank shall be de- operation. clared by the president and directors until the whole amount of the capital stock subscribed shall be realised to the Bank, in gold or silver, or its equivalent.

XII. Be it further enacted. That dividends of Semi-anthe profits of the Bank shall be made semi-annu- nual divially.

dends.

to public

lature.

XIII. Be it further enacted, That it shall be Annual the duty of the president of the principal Bank, statements in the first week in December of each and every to be made year, to transmit to the Public Treasurer a full and treasurer, correct statement of the condition of the Bank, to be com showing the amount of capital; notes in circulation, municated and from what places issued; debts due to other to the legis Banks, and what Banks; and also all other particulars necessary to show the true condition of the debit side of the account; also specie en hand; debts due from other Banks, and what Banks; amount of notes or bonds discounted, and of bills of exchange, showing in one item the amount due from directors, and in another the amount due from stockholders, but in no case using names of persons; real estate; and all other particulars necessary to show the true condition of the credit side of the said account; which statements the Public Treasurer shall lay before the General Assembly in his offi

Tax on stock.

Penalty for making false returns.

Commit.

tee may inspect books, &c.

Proviso.

Stockhold

ers may

10

cial reports, and the dividends which shall accrue from time to time upon the stock of the Bank; and each share owned by individuals, shall be subject to an annual tax of twenty-five cents, and no more, which tax shall be reserved out of the profits as they accrue, by the cashier of the principal Bank, and placed to the credit of the State, on or before the first day of October in every year.

XIV. Be it further enacted, That if any president, clerk or other officer of the Bank, or any of its branches or agencies, shall knowingly and willingly make, cause to be made, or connive at making any false return, statement or exhibit of the condition of the Bank, its branches or agencies, either to the Public Treasurer, to the General Assembly, to the board of directors to the principal Bank, or any of its branches or agencies, or to the stockholders, or to any person or persons authorised by the Legislature, or by the stockholders, to receive the same, such person or persons so offending, their aiders and abettors in such false return or deception, shall be deemed guilty of a misdemeanor, and on conviction in any of the Superior Courts of Law in this State, shall be punished by a fine at the discretion of the court, and by imprisonment not longer than one year.

XV. Be it further enacted, That it shall be at all times lawful for any committee appointed by the Legislature for that purpose, to inspect the books, and examine into the proceedings of the said corporation, and make report thereon: Provided, that said committee shall not be authorised to examine into the private accounts of individuals, except of the directors of the principal Bank and its branches.

XVI. Be it further enacted, That all stockholdvote at all ers, being citizens of the United States, shall be entitled to vote, either in person or by proxy, at general meetings. all general meetings of the stockholders.

vote.

XVII. Be tt further enacted, That the vote to Stockhold which each stockholder shall be entitled, except ers, how to the State, shall be according to the number of shares he may hold, in the proportions following, that is to say for one share, and not more than two, one vote; for every two shares above two, and not exceeding ten, one vote; for every four shares above ten, and not exceeding fifty, one vote; for every six shares over thirty, and not exceeding sixty, one vote; for every eight shares over sixty, and not exceeding one hundred, one vote; for every ten shares over one hundred, and not exceeding two hundred, one vote; and for every twenty shares over two hundred, one vote. The Treasurer, or whoever the Governor of the State may appoint to represent the State at the general meetings of the stockholders, shall have the same number of votes to which the greatest number of stockholders holding an equal number of shares with those owned by the State would be entitled ; and after the first election, no share or shares shall confer a right of suffrage which shall not have been holden three calendar months previous to the day of election.

XVIII. None but a stockholder, being a citi- Eligibility zen of the State, shall be eligible as a director.

of direc

tors.

XIX. None shall be entitled to any emolument, Emoluunless the same shall have been allowed by the ments, stockholders at a general meeting, or by the board how allow of directors of the principa! Bank.

ed.

XX. A majority of the directors at the principal Board for Bank, or a majority of the directors at the branch- the transes, shall constitute a board for the transaction of action of business, of whom their respective presidents shall business. always be one, except in cases of sickness or necessary absence; in which case, his place may be supplied by any other director whom he, by writing under his hand, may nominate for the purpose.

XXI. A number of stockholders, not less than General fifty, who together shall be proprietors of three meeting:

Cashier or agent to

12

hundred shares or upwards, shall have power at any time to call a general meeting of the stockholders for purposes relative to the institution, giving at least eight weeks' previous notice in the public gazettes of the place where the principal Bank is kept, specifying in such notice the object or objects of such meeting.

XXII. Be it further enacted, That every cashier or agent, before he enters on the duties of his ofgive bond. fice, shall be required to give bond and security, in the sum of not less than twenty-five thousand dollars, conditioned for his good behaviour and faithful discharge of the duties of his office.

ment or

fraud.

Penalty for XXIII. Be it further enacted, That if the cashier embezzle- or any other officer, agent or servant of said corporation, shal! embezzle, and, without authority from the president and directors of said Bank, appropriate any of the funds of said corporation to his own use, with intent to cheat or defraud the president, directors and company of said Bank, or shall make false entries upon the books of said Bank, with intent to defraud said corporation or any other person whatsoever, said officer, agent or servant shall be held and deemed guilty of felony, and, upon conviction thereof, by due course of law, shall be punished by fine and imprisonment not exceeding five years, putting in the pillory, public whipping, not exceeding thirty lashes on his bare back, all or any of them, at the discretion of the

court.

Restriction XXIV. Be it further enacted, That the lands, in holding tenements and hereditaments which it may be lawproperty. ful for said corporation to acquire, shall be only

such as shall be requisite for its immediate accommodation for the transaction of its business, and such as have been bona fide mortgaged to it by way of security, or conveyed to it in satisfaction of debts previously contracted in the course of ordinary banking business, or purchased at sales upon

judgments or decrees rendered in favor of said Bank.

XXV. Be it further enacted, That the bills obli- How bills, &c. shall gatory and of credit, under the seal of said corpo. be assigna ration, which shall be made to any person or per- ble sons, shall be assignable by endorsement thereupon, under the hand or hands of such person or persons, and of his, her or their assignee or assignees, and so as absolutely to transfer and vest the property thereof in each and every assignee or assignees, to bring and maintain an action thereupon in his, her or their own name or names. And bills or notes which may be issued by order of the said corporation, signed by the president and countersigned by the cashier of the principal Bank, promising the payment of money to any person or persons, his, her or their order, or to the bearer, though not under the seal of the said corporation, shall be binding and obligatory on the same, in the like manner, and with the like force and effect as upon any private person or persons, if issued by him, her or them, in his, her or their natural or private capacity or capacities, and shall be assignable and negotiable in like manner as if they were so issued by such private person or persons, that is to say those which shall be payable to any person or persons, his, her or their order, shall be assignable by endorsement in like manner and with like effect as foreign bills of exchange now are ; and those which are payable to bearer shall be negotiable and payable by delivery only.

XXVI. Be it further enacted, That the said In what the corporation shall not deal, except in gold or silver corporation shall coin or bullion: bills of exchange; mint certifi- deal. cates; promissory notes, expressing on the face of them to be negotiable and payable at the said Bank or some of its branches; in the public debt of the United States; in stock in the present Bank of the United States, or such other Bank as may be here

B