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Dec. Sess.
1815.
Directors
must be stock-
holders.
Officers—
powers of di-
rectors.
Property.
Discounts.
Transfers.
Dividends.
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of shares held; all elections for directors shall be by ballot,
and no share shall confer a right of suffrage, after the first
election, which shall not have been holden at least three months
previous to the day of election, and unless it be holden by the
person in whose name it appears absolutely and bona fide in
his own right, or that of his wife, and for his and her sole use
and benefit, or as executor, administrator or guardian, or in
the right and use of some co partnership or body politic, of
which he or she may be a member, and not in trust for or to
the use of any other person.
7. AND BE IT ENACTED, That no person shall be ad-
mitted to take his seat as director unless he shall be at the time
a stockholder, and if he shall at any time cease to be a stock-
holder he shall cease to be a director; and if a vacancy shall at
any time happen by death, resignation, or otherwise, the direc-
tors shall elect another to fill the vacancy for the residue of the
year, from among the stockholders.
8. AND BE IT ENACTED, That the board of directors
shall have power to appoint a president, and other officers and
servants, for conducting the business of the company, and
shall fix the compensation to be allowed them, which expences
shall be defrayed out of the funds of the company; the board
of directors shall also have power to purchase, lease, rent or
erect, a proper building in Westminster for the bank, at the ex-
pence of the company; they shall likewise have power to
make, revise, alter or annul, rules, orders, by-laws and regula-
tions, for the government of the company, and that of their
officers, servants and affairs, as a majority of them .deem expe-
dient, provided they are not contrary to law, the constitution,
or provisions of this act.
9. AND BE IT ENACTED, That the lands, tenements
and hereditaments, which it shall be lawful for the said bank to
hold, shall be only such as shall be requisite for its accommoda-
tion in relation to the easy and convenient transacting of its bu-
siness, and comfort and advantage of the officers thereof, and
such as shall be mortgaged to it by way of security, or purchas-
ed at sales upon judgments, which shall have been obtained for
debt due the said bank; and the said bank shall not deal or
trade in any thing except bills of exchange, promissory notes,
United States stock, stock of the chartered banks, bullion, or
the produce of their lands, or of such goods and effects as shall
have been pledged or mortgaged to it by way of security, or
conveyed to it in satisfaction of debts contracted in the course
of its dealing, or purchased at sales upon judgments which shall
have been obtained for such debts.
10. AND BE IT ENACTED, That ordinary discounts
may be made by the president and three directors at the rate of
six per cent per annum but the president and five directors
shall be necessary for the purpose of transacting the general
business of the company.
11. AND BE IT ENACTED, That the stock of the bank
of Westminster may be transferred by the holder in person, or
by power of attorney.
12. AND BE IT ENACTED, That dividends of the pro-
fits of the company shall be made at the end of one year after
the bank, is in operation, and half yearly thereafter, of which
due notice shall be given in the papers aforesaid.
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