the president of the bank for the time being and four stockholders, not being at the time directors, appointed by the board of directors, any three of whom shall be judges thereof. They shall immediately thereafter notify the persons elected to meet the ensuing day at the bank, and shall make a return of the persons elected at their first meeting. Should two or more persons have an equal number of votes, the other individuals elected directors shall determine by ballot from among said persons, who shall be the director or directors. All elections shall be opened at ten o’clock in the forenoon, and closed at three o’clock in the afternoon.
Powers of the president and directors to make by-laws.Sec. 6. And be it further enacted, That the president and directors shall have full power to make, revise, alter and annul all such rules, orders, by-laws and regulations, for the government of the said corporation, and that of its officers, servants and affairs, as they shall, from time to time, think expedient; and to use, employ and dispose of the capital stock, funds and property of the said bank, for the interest and benefit of the stockholders, subject only to the restrictions herein contained; but the said bank shall not take, for discounting any bill or note, more than at the rate of six per cent. per annum, upon the amount due by such bill or note.
Promissory notes, &c. &c. signed by the president obligatory upon stockholders, &c. &c.Sec. 7. And be it further enacted, That all promissory notes, bills of exchange, drafts, checks and receipts, for the payment of money, made on behalf of the said bank, signed by the president, and countersigned or attested by the cashier, shall be obligatory upon the said body corporate, and shall possess the like qualities as to negotiability, and the holders thereof shall have the like actions thereupon, as if such promissory notes, bills of exchange, drafts, checks or receipts, had been made by or on behalf of a natural person.
Books, &c. &c. subject to inspection of directors.
Reports to be made to the Secretary of the Treasury.Sec. 8. And be it further enacted, That the books, papers, correspondence and funds of the bank, shall at all times be subject to the inspection of the directors. And the said president and directors shall once in every year cause to be laid before the Secretary of the Treasury of the United States an account truly stating the situation of the bank and its funds.
President and directors to appoint the officers, &c. &c.Sec. 9. And be it further enacted, That the said president and directors shall have power to appoint a cashier, and all other officers and servants, for executing the business of the said bank, and to establish the compensation to be made to the president and all other officers and servants of the said bank respectively. But no compensation shall be given to a director for his services, except by a vote of the stockholders in general meeting.
General meetings of the stockholders.Sec. 10. And be it further enacted, That the president and directors shall have power to call a general meeting of the stockholders, for purposes concerning the interests of the bank, giving at least six weeks’ notice in one or more of the newspapers of the city of Washington, specifying in such notice the object or objects of such meeting.
Shares how transferable, &c. &c.Sec. 11. And be it further enacted, That the shares of capital stock, at any time owned by any 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 past) by a stockholder requesting a transfer, must be satisfied before such transfer shall be made, unless the president and directors shall direct to the contrary.
Dividends, &c. &c. when to be declared, &c.Sec. 12. And be it further enacted, That the dividends of the profits of the company, or so much of said profits as shall be deemed expedient and proper, shall be declared half-yearly, in the first week in May and November, in each year; the amount of said dividend shall, from time to time, be determined by the president and directors, and shall in no case exceed the amount of the net profits actually acquired by the com-
