Western Sun, Volume 8, Number 29, Vincennes, Knox County, 21 June 1817 — Page 5

THE WESTERN SUN, EXTRA VINCENNES, SATURDAY MORNING, JUNE 21, 1817.

Vol. 8. No. 29.

PRINTED AND PUBLISHED By BLIHU STOUT, Printer of the Law of the U. State) Every Saturday Morning,

BY AUTHORITY. Laws of the Unions Mh Congress tin I SessioA. AN 1' To incorporate tin subscribers to certain Bankf in the District pi Columbia. 5c to prevent the circulation of the notes of Unincorporated association within the said 0 is i t. 'i i BE7 cnu f Refkfeten a tf America in C from and after ti those persons w ngre$ Un. i isage of this act, all shall hold any share of the joint stock or funds, created in pursuance of certai i a .i U of association. made and entered into on the first Monday in February, in the year 1814, between sundry persons forming a company of limit nt under the name and sty!" ol the President and Directors of the Farmer' and Mechanics' Bank of Georgetown, and their successors, oemg stocknoiaers as atorcsaiu, shall be, and they are hereby incorporated and matte i jy corporate and poiiin , by the name . I 4 It ot the u Farmers' and Mechanics' Bank of Osorgett and as such shall continue until the h"st day of January, 1823 and b thai name may sue an! be Hied, Implead and be Impleaded, answci I be answered, defen I and defended, in courti cf record, and any other p! ice what sot ver ; arid by that name mav have and hold purchase receive, possess, enjoy and retain, iamts, reo:s, tenements, hereditamenta, goods, Chattels and effects) of What naiure, kind or quality soever ; and the same may sell, demise, alien, and dispose of, and by that name sn. it have, during th i 4ri ti nuance of this a.., se C4 ssi m. and in is; Baaka have, and use i commtfn std, and the same ma) br :ak, altv-r, and renew at pleasure ; snd shall have power to ordain, Establish, and put in eKccutionj such by-laws, ordinances, reguiationsj as shall seem necessa v tnd convenient for the government of said corporation, tot being; contrarj to law. nor the constitutiou theieto ; and generally to do k execute ail at- n cessarj or pr for the objects of said incorporation : subject to the rules, regulations restrictions an provisions 1 n Jc- rib i b declared Sec. 2. And be it further enacted That the capital stock of the said bank shall consist of 500,000 d dlai s, tiioi ey of the U. States to be divided into shares of doli irs c iC h. Sec 3. .-. il ur her n ic ed That the said baik sha I transact i- business in Georgetown, Sec. 4. And be tiuri her enacted, That the affairs of the said bank shall be con ducted by 12 Oil 's and i iiose pia. if chosen from a number, shall be supplied bj Six of the directors, with th shall form a hoard vf quorum President ; their body pn siuent. for transacting all th h , . the c tpany ; but the ordinary dis :ounts mav In' d ne by the president and 3 directors. In case of his sickness, or nc essary ab.se u e, ..is place miy be supp i tl by am director vrhom he by wriung under his hand may nominate for that purpose ; or, in case of his not making such nomination, the board mav appomt a president, to act during hs absence. 1 he president and oWtors who mayhem office under the wid articles of association, at the time of the passage ot this act, shall continue In Office under, and by m tue ot t a tji incorporation, until Others shall leuV be a director or presuient wno is not a

citiaen of the I . States and a stockholder ; and a director, ceasing to be a sto; kholder, shall cease to be a director ; and no person) a director of another bank, shall be a director of this bank. F.very stockholder being a citizen of the United States, shall be entitled to vote, by him eif, his agent, or proxy, appointed under his hand and seal, at all elections in virtue of this act : and shall have as manv otes as he shall have shares, as far as 3 shares ; and from 3 1 to 60 one . vole forever) two sham i I id ol a aU

for every 5 shares thereafter, No person w ho is not a citizen of the U. States, shall be entitled to vote in any election of this corporation; Provided nevertheless. That this section may, at any time hereafter, be altered or amended by Congress, in such manner as they may see fit, so as to provide for an annual rotation of directors. Sec 5. And be it further ev acted That a genera) meeting of stockholders of the Said bank shall Le holden on the first Monday of .le'v, in the year eighteen hundred and seventeen, and on the first

Monday of July in every year thereafter, at Such places as the president and directors shall appoint, by giving four weeks notice in two or mure ofthenewspapers of the district; for the purpose

' of electing directors for the ensuing nited Sta ' year who Shall meet bn the day sucmbledt Taat seeding their election, and shall imme-

diately proceed to choose a president ; and the president and directors, for the time being, shall continue in otVice unti ' others shall be duly cected in their places, and be organized, by the asscmbUn of a quorum, and the choice of a president At all elections, the persons bavins' the erreatest number of votes shall be deemed to be chosen, All elections shall be held under the supermtenaance ot cue president oi bank lor the t' holders, not i being, and four stock ; at the tunc directors, ard ot directors, any appol led by the three of whom shall be the judges thereof. They shall immediate If thereafter notify the persons elected, to meet the ensuing day at the bank Slid ' I mak a return of persons elected, at th Lr first meeting. Should two br more persons have the Same number of votes, the other individuals, elected direc s, shall determine by persons whe ballot from among ill i irectors. All elections shall he opened at ten o'clock in the forenoon, and close at three in the diernoon. See 6. And be itjutthi r enacted That t!.e president and directors shall have hiii power to make, revisej alters and annul, all such rule's Orders. bv-Iaws and regulation for the government off said corporation, and that oi its officers, servants, and affairs) asthev shall from time use, stoc for t employ) and disp'o: luntls, and proper interest and bene! holders, subject only to herein contained ; but the ;stri i s not take for discounting, mme than at the ra per annum, upoi A. onch bill or note, Sec r. And be it further ei all promissory notes, bills i drafts, checks and -ei i i)ts ! merit cf mom made on e c-(h That exchange, r the payalt ot sain bank, signed by the president, and countersigned and etteated by the easl -ier. shall be obliiraiorv on the said body corporate and shall possess the like qualities as to negotiability, and the holders thereof snail have the like action there upon, as if such promissory notes bills of exchange, drafts, cheeks, or receipts, had been made by , or on behalf of a natural person Sec And be it Jhrthet enacted Xhat the books, papers correspondence, and funds of the bank shall t ail times ho subject to the inspection of the directors, Sec. 9 And ht it further enact ed That t,c president and directors shall have p,nvcr to appoir,t a cashier, and all oUm r officers an I servants, for executing the business of said bank, and to establish tj,0 compensation to be made to the president and all other officers or servants of the said bank, respectively, I tit no compensation be given to a director - rices, except b) a l e of thf stockhoWers in a genera! meeting. ec. 10. And be it further enact ed Thai the president and directors sha'l hwe power to call a general meeting of the stockholders, for the purpose concerning the interest of the bank, giving at least six weeks notice in one or mo e of the newspapers of the District, specifying in such notice the object or objects of such meeting. Sec. It. And Le p further nac!eJ, That the shares of the capital stock a: any time owned by an individual stockholder, shall be transferable only on the books of the bank, according to such

rules as may, conformably to law, be established in that behalf by the president and directors, but all debts actually due and payable to the bank (days of grace for payment being passed) by a stockholder requesting a transfer, must be satisfied before such transfer shall be made, until the president and directors shall direct contrary. Sec. 12. And be it further enacted That the dividends of the profits of the company, or so much of the profits as shall be deemed expedient and proper, shall be declared half yearly in the first week in Ju'y and January, in each year; tiie amount of said dividend shail, from time to time, be determined by the president and directors, and shall in no case exceed the amount of the net profit actually acquired by the company, so that the capltol stock of said company, shall never be impared by dividends. Sec. IS, And be it further enacted, That if the said directors shall at anytime, wilfully and knowingly make or declare any dividend which shall impair the said capitol stock, all the directors present at the making and declareing of said dividend, and consenting thereto, snail be liable in their individual capacities, to the company for the amount or proportion of said capital stock so divided by the said directors and each director who shall be present at the making or declaring of such dividend, shall bi deemed to have consented thereto, unless he shall immediately enter, in writing, his dissent on the minutes of the proceedings of the board and gUo notice thereof to the secretary of the trca ury of the U. States. Se. 14. And be it further evae'ed, That the bank shall in no case, buy and seii the funded debt cf the United States, or ot any state, or be owner of any slnps or vessels or directly or indirectly be concerned in trade, or the importation, or exportation purchase, or sale of any gtiodst wares or merchandize whatever except bids of exchange, or bullion and iuch ships, vessels, goods, wares, or merchandise, as shall be truly pledged to them by way of security, for debts due, owing or growing due to the said bank, ci purchased by it to secure such debts 1 Provided, neifertheies That the said, bank may sell and dispose of either the whole; or any part of the fun

ded debt of the United etat which it olds. 1 5. Ai IF. i: 1 I r f'vn r i r d. dial not purchase Ota, or real esTa, be necessarv tor n san ran wh eiiicn rc .- i lands, tenements, and bona fide mortgaged the bank bv way of se curity, or conveyed to it in satisfaction ot the debts previously contracted in the course of dealings or purchased to secure debts contracted with or due to the bank : and in every instance in which the bank may become the oWners or claimants of lands, tenements, or real estates, the president and directors are empowered to sell or dispose of the same in such manner as they may deem beneficial for the said bank. Sec. 16. .": be it further enacted, That if any vacancies shall at any time, happen among the directors, by death, resignation, or otherwise, the rest of the directors, for the time being, shall elect a director to fill the vacancy. Sec. 17. A;:d be it further t?:ncfed, That any number of stockholders, not less than twenty, who shall be proprietors of not less than four thousand shares may, for any purposes relative to the institute n, at any time apply to the pr sident and directors to call a general meeting of the stockholders ; and if by them refused, the said number of sto( kholdc i s, proprietors of not less than the Dumber of shares aforesaid, shall have power to call a general meeting of the stockholders giving at least sixty days notice in two or more of the public newspapers of the district, specifying in such notice the ohjeet or objects of such call. Sec. 18. And be it further enacted, That in ease it should at any time happen mat an e!a tion of dir ctors should not be made on any day When, pursuant to this act, it ouht to have been made, the said corporation shall not for that cause be deemed to be dissolved, but il shall be lawful on any other day to

hold and make an election of directors at a meeting to be caded in such manner as shail be prescribed by the laws and ordinances of the said corporation. Sec. 19. And be it further enacted That it shall be the duty of the president and directors of the said bank to exhibit, on the first monday in . anuary in eacli year, or oftencr if required, a st: tement of the debts, credits, and funds of the bank, to the secretary of the treasury of the United States, whose duty k shall aiso be to state to ( ongress, immediately thereafter, his opinion as to the solidity of said bank, and the causes of danger, if any, arising from the improper management ti ereof. Sec 20. And be it fur tin r enacted That if the said bank shall at any time full or refuse to pay on demand, n biilj note, or obligation issued by said bank, in lawful currency of the ( niteo Si ees, if required, or shall neglect or refuse to pay on demand in like currency, if required; any monies received by said bank on deposit, to the person or persons entitled to receive the Same, then and in such ease the holder cf any such note, bill, or obligation or the person or persons to demand and receive such deposit as aforesaid, shall respectively be entitled to receive and reco c interest on the same at the rate of ten petcentum per annum, from the time of demand until the same be fully p. id and satisfied And further it sha'd be lawful tor Congress forthwith to revoke, and declare this charter null and void. See. 21. .hid be i- further enact d, 1 hat unless the president and directors, foi the time being of the said bank, on the part of the stockholders, file their declaration in writing in the otlice of the secretary cf the treasury, within thh y days from the time of passing this act, assenting to and acce pting the charter granted by this act, upon ti e terms and conditions herein expressed, t Is act shall have no luice or effect, a.al the charier hereby granted shall be void . Sec. 22. And be it fur: tar enact-d That if the whole amount of the capital aforesaid of said bank shall not have been paid in. on or before the first oy of January in the year ou thousand eight hundred and nineteen, then the

I'.'iai:- 1 s-.ock sh; which shail atth i . a iimneo to e b-'; paid ne sum in, and cneoooks oj subscription he thence f closed immediately after which h s be tJ e duty of the president and dir crs to certify to the secretary of treasury the whole amount of the e tal ol said bank so paid in. Si ( . 23 And be it further ena rth .ail ' C - j,l1 hat all tr.oe peer presentatives and heretofore subsoil association, arid foi w ho e rtain aiticies of a romnnnto ..f limited partnership, under the name and r . ... . stvle ' f t J': dent and ir toi f o! Georgetown and ti e. Lentral l Washington, and their successors si, i i oe ana are hereby incorporated with the like capital, and limitation thereof and with the like number of directors, and time and manner of electing them, and a president, as is herein before provided in relation to the 4 armers' and Mechanic s Park Of Georgetown and with only the difference herein specially proI and set forth: the said "Central Bank of Ceo: getown and Washington," and t! e president and directors t!x:eof, shall be subject to the rules iut;es re gulations, conditions, and impositions, and be vested with the like rights i ; - ileges, and immunities as a bo.:y oorpo rate, as appertain to the said aimers' and Mechanics1 Baaak of Georgetown," and as if all the genera! provisions of this ac t were herein a;ain repeated and enacted with express reference to the said Central Bank of Georgetown and Washington ' Sec 24. And be it further enactt That ail those persons, their legal reprfcsentatives and assigns, who have heretofore subscribed certain articles f association, and formed a company- or limited partneiship, under the name and style of the President and Director! of the liank of the Metropolis,'' and their successois shall be, and a:c hereby incorporated, with the like capital, and limitation thereof, with the like number of directors, and time and manner of electing them, and a president, as is herein before provided in reluin to the H i MiKcr' and Mechanic1