said corporation, not being contrary to the laws of this State or of the United States; and for the making whereof, general meetings of the stockholders may be called by the directors in the manner hereinafter specified; and generally to do and execute all acts, matters and things which a body politic or corporation in law may or can lawfully do or execute, subject to the rules, regulations, restrictions and provisions hereafter prescribed and declared.

Amount of III. Be it further enacted, That the State shall individual be entitled to subscribe for two-fifths of the capiand State tal, say six hundred thousand dollars, and indivisubscrip- duals and corporations to the other three-fifths, Books to say nine hundred thousand dollars; and books for be opened receiving subscriptions in said Bank shall be openby commis- ed in Raleigh on the first day of February, one

tions.

sioners.

thousand eight hundred and thirty-four, by the Governor, the Treasurer, Gavin Hogg, William Boylan, Duncan Cameron, Charles L. Hinton and Alfred Jones; at Fayetteville, on the same day, by Edward L. Winslow, Duncan M'Rae and Joseph Baker; at Wilmington, on the same day, by Edward B. Dudley, P. R. Dickerson and R. H. Cowan; at Newbern, on the same day, by Asa Jones, John R. Donnell, John Washington, Robert Primrose and Amos Wade; at Washington, on the same day, by James Ellison, Eli Hoyt and Nathaniel J. Oliver; at Edenton, on the same day, by Josiah Collins, senior, R. H. Booth, M. Haughton and John Popelston; at Hertford, on the same day, by Henry Skinner, John Wood and Miles Elliott; at Elizabeth City, on the saine day, by Miles White, Hezekiah Lockwood, Isaiah Fearing, John M’Morine and Horatio N. Williams; at Halifax, on the same day, by Andrew Joiner, Mark H. Pettaway and Thomas Burgess; at Tarborough, on the same day, by Spencer D. Cotten, Eli Porter and Theophilus Parker; at Warrenton, on the same day, by Peter R. Davis, Thomas White and Zachariah

Herndon ; at Louisburg, on the same day, by Wil. liam Perry, W. P. Williams and H. J. G. Ruffin; at Oxford, under the superintendence of Rhodes N. Herndon, Thomas J. Hicks and James Cooper; at Hillsborough, on the same day, by James Webb, John U. Kirkland and James Philips; at Milton, on the same day, by Samuel Watkins, John Wilson and John T. Garland; at Salisbury, on the same day, by Thomas L. Cowan, William H. Horah and Samuel Reeves; at Salem, on the same day, by Charles F. Bagge, F. H. Shuman and E. Shober; at Charlotte, on the same day, by John Erwin, Joshua D. Boyd and Joseph M'Connaughey; at Ashville, on the same day, by Samuel Chunn, James M. Smith and Samuel W. Davidson; at Lincolnton, on the same day, by Vardry M'Bee, Johu Hoke and Andrew Hoyl; at Windsor, on the same day, by Joseph B. Roulhac, Lorenzo S. Webb and James L. Bryan; at Beaufort, on the same day, by Benjamin Le Craft, Joseph F. Jones and Nathan Fuller; at Morganton, on the same day, by Thomas Walton, Robert C. Pearson and Adolphus L. Erwin; at Greensborough, on the same day, by Robert Modderwell, Jesse H. Lindsay and James T. Moorehead; at Leaksville, on the same day, by William Barnett, William A. Carringan and John Lawson; at Jefferson, on the same day, by George Bower, junior, Richard Gentry and Alexander B. M'Millan; and at the same time, at such other places, under the superintendence of such commissioners as may be designated by the commissioners appointed to receive subscriptions at Raleigh. A majority of said commissioners, at such of the above named places, shall be competent to perforin the duties of their appointment; and if the whole number of shares, other than those reserved for the State, shall not be subscribed within the term of sixty days, they may keep the books open for ten months, for the purpose of receiving subscriptions, and no longer.

Subscriptions to be reduced,

in case of

excess.

Proviso.

How State subscription to be paid.

Proviso.

IV. And be it further enacted. That if it shall happen, when the books shall be opened as aforesaid, that a greater sum than nine hundred thousand dollars shall be subscribed by individuals or bodies corporate, it shall be lawful for the commissioners at Raleigh to reduce such subscriptions, according to a scale by them to be established for that purpose, to the aforesaid sum of nine hundred thousand dollars: Provided, that no subscriptions of two shares, or under, shall be scaled, until all larger subscriptions shall first be reduced to an equality with them.

V. Be it further enacted, That payment for shares subscribed for in behalf of the State, whenever the payment of such subscriptions shall be ordered by the Legislature, shall be made by the Public Treasurer, out of such funds, being in gold or silver coins of the United States, or Spanish milled dollars, or their equivalent, to the commissioners in the city of Raleigh, and on the same times as are hereinafter prescribed for payments to be made by individual or other subscribers: Provided, that if the State shall not have the means of paying the regular instalments on the whole number of six thousand shares, it shall be lawful for the Public Treasurer to subscribe and pay for such a number of shares as the funds in the Treasury will warrant, or as the Legislature may from time to time direct; and if the whole number of six thousand shares shall not have been subscribed and paid for on or before the first day of January, one thousand eight hundred and thirty-seven, the State shall no longer have the privilege of taking them; and the State shall at all times receive dividends of profits, when made by the Bank, upon such shares as she may have paid for.

How indiVI. Be it further enacted, That payment for vidual sub shares subscribed for by individuals or corporascriptions tions, shall be made in gold or silver coins of the to be paid. United States, or Spanish milled dollars, or their

equivalent, to the commissioners appointed to receive subscriptions at the city of Raleigh, to wit: twenty five dollars on each share at the time appointed for the first general meeting of the stockholders; twenty-five dollars ninety days thereafter; twenty-five dollars one hundred and twenty days after the time appointed for paying the second instalment; and the remaining twenty-five dollars one hundred and twenty days after the time for paying the third instalment: Provided, that, after Proviso. a sufficient number of shares have been subscribed and paid in for the Bank to go into operation, as hereinafter provided, the remaining payments may be made by the subscribers at such branches or agencies as may be established by the said Bank, most convenient to them, and take the receipts of the cashiers or agents of such branches or agencies, at which the payment may be made: Provi Further ded always, that it shall be lawful for any subscri proviso. ber to pay the whole of his subscription, or any greater part than is hereby required, before the time limited for the same; and each and every subscriber, so paying in advance, shall have a discount at the rate of six per cent. per annum on such advance, computing the same from the time when payment is made to the time when it is required to be made.

pal Bank, and how

VII. Be it further enacted, That the Bank to No. of dibe established in the city of Raleigh, shall be ma- rectors of naged by ten directors, of whom the State may the princiappoint four, if she take the whole amount of stock to which she is entitled to subscribe by this act, appointed. in the said Bank, all of whom, except the Public Treasurer, must be stockholders; and individual and other stockholders may elect six directors, being stockholders, provided they shall have taken the whole amount of stock which they are hereby authorised to take: Provided, that if the Bank shall go into operation with seven hundred and

fifty thousand dollars, as is hereinafter provided, or any less amount than the whole capital, then the State and individuals, and other stockholders, shall appoint the ten directors for the principal Bank, in proportion to the number of shares held by them, respectively: And provided also, that if the State and individuals, and other subscribers, shall hold the same number of shares, then each shall appoint five directors: And provided further, that the State and individuals, and other stockholders, shall have the appointment of the ten directors, apportioned among them in proportion to the amount of stock taken by each: Provided, that Treasurer the Public Treasurer shall be ex-officio a director to be a di. on the part of the State, whether he be a stockholder or not.

rector.

Election of

VIII. Be it further enacted, That the president president, of the Bank, being a director, shall be chosen by and his sa- a majority of the directors, with a salary to be lary. fixed by the stockholders in general meeting.

Branches

IX. Be it further enacted, That branches or and agen- agencies of said Bank shall be established at such cies esta- times and at such places as the stockholders in blished, and direc. general meeting may designate, with capitals, at tors to be such branches or agencies, as the directors of the appointed. principal Bank may assign, which shall be removable at their pleasure, after one year's notice of such intended removal; and that the president and directors of the principal Bank, for the time being, shall have power to appoint five directors for each branch Bank, and such officers, clerks and servants, under themselves, as well as at the several branches, as shall be necessary for executing the business of the said corporation, and to allow them such compensation for their services, respectively, as shall be reasonable; and shall be capable of exercising such other powers and authorities, for the well government and ordering the affairs of the said corporation, as shall be descri