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AMERICAN ADVOCATE. m xiii 3 PUBLISHED WEEKLY, OX THURS DAY MORNING, BY*©£DRiiE VV. WtiEELKft # J AMES CLARKE, AT THEIR PRIM i IN© OFFICE, NEXT BOOR TO DR. J. M. S I’ERITT—AT THREE DOLLARS PER ANNUM ONE IN ADVANCE— Where Print- IKG OF ALL KINDS MAT BE EXECUTED •WITH NEATNESS, ACCURACY Sf DISPATCH. “BANK LAW. O AX ACT to incorporate the subscribers to the Bauk of the United States. ] Seo. 11. Aim be it further enacted. That the following rules, restrictions, limitatioas, and provisions shall form and be the fun damental urlieles of the eonsti.s.ion of the •aid corporation, to wit: 1. The uooiber of votes to which the Btoekhoiders shall be entitled, in voting for directors, shall be according to (lie number of shares he, she, or they respectively sbali !<e!d, in the (proportions following ; that is (o say ; for one share und not more than two shares, one vote—for every two shares above two, and not exceeding ten, one vote —for every four shares above ten, and not exceeding thirty, one vote—for every six •hares above thirty,and not exceeding sixty, one vote—for every eight shares above sixty, and not exceeding one hundred, one vote—and for every ten shares above oru hundred, one vo f e; but no person, co-part* Itership or body politic, shall be entitled tc a greater number thau thirty votes ; and after the first election, no share or shares •hail confer a right of voting, which shall Sot have been hidden three calendar months previous to the day of election. And stock holders actually resi leut within the United States, and none other, may vote iu election* by proxy. 2. Not more than three-fourths of the directors elected by the stockholders, and Bot more than fonr-fifihs of the directors ap pointed by the President of the U. Stales, who shall be tu office at the time of an an nual election, shall be elected or appointed for the next succeeding ypar ; and no direct or shall bold his office more than three ye rs out of four in succession J but the director who shall be the president at the time of an election may always be re-appointed, or re elected, I'stbeCiiS may be. 3. No?,e but a stockholder, being a resi dent citizen of the United States, shall be a director; nor shall a director he entitled to any emolument; but the directors nny make such compensation to the president for his extraordinary attendance at the bank, as oha.ll appear to them reasonable. 4. ‘Not less than eeven director 3 shall constitute a board for the transaction of bu siness, of whom the president shall always he one, except iu ecse- of sickness or neces sary absence : in which case his piuce may he supplied by any other director whom he, by writing;, uuder his hand, shall depute for that purpose. And the director go deputed Elay do end transact all the necessary bu siness belonging to the office of the presi dent of the said corporation, during the continuance of the sickness or necessary absence of the president. 5. A number of stockholders, cot loss than sixty, who, together, shall be proprie tors of one thousand shares or upwards, £ihall have power at any time to call a gen eral meeting of the stockholders, for pur poses relative to the institution, giving at least ten weeks notice in two public news papers of the place where the bunk is seat and, and specifying in su*h notice the object or objects of such meeting. 6. Each cashier or treasurer, before he enters upon the duties of his office, shall be required to give bond, with two or more sureties, to the satisfaction of the directors, in a sum not less than fifty thousand dollars, with a condition for his good behaviour, and the faithful performance of his duties to the corporation. 7. The lands, tenements, and heredita ments, which it shall be lawful for the said corporation to hold, shall be only such as •hail be requisite for its immediate accom modation in relation to the convenient trans acting of its business, and such as shall have been bona fide mortgaged to it by wav pf security, or couveyed to it ia satisfaction es debts previously contracted in the course of.its dealings, or purchased at sales, upon judgments which shall have been obtained for such debts. 8. The total amount of debts which the •aid corporation shall at any time owe. whether by bond, bill, note, or other con tract, over and above the debtor debts due for money deposited in the bank, shall not exceed the sum of thirty-five millions of dol lars/ unless the contracting of any greater LOUISVILLE, THURSDAY, M A Y 9, 1816. debt shall have beei previously authorised by a l*w of the Unlt,:s Stales, in e,se of excoas, the directors under whose adminis tration it shall happen, shall be liable for the same in their natural ,n<i private capa cities; and an action of debt may in such easehabrought against them, their, or any oi their heirs, executors, or administrators, in any court of record of the United States, or enher c, them, by any creditor or credit ors of the said corporation, and may be prosecuted to judgment and execution, ny condition, covenant, or agreement to the coo trary notwithstanding. But this provision shall not be construed to exempt the said corporation or the land*, (enemer?*. g lo ds, *>r chatties of tiip same from being jJsd liable ior, and (hargcable with, the said excess.- of the said directors, who may hove fiecn absent when the said excess was con traeted or created, or who m iy have digseu re<l from the resolution or act whereby the ssme wes so contracted or created, nny re spectively exonerate themselves fom beine so liable, by forthwith giving notice of the tact, and c their s*'.ha*k or \li6eeut, to the President of the United States, and to the stockholder's, at a general meeting, which they shall have the power tu call for ti a* purpose. 9. The said corpofatioß shall not, di rectly or indirectly, deal of trade in any tiiug except bills ot exchange, gold or sil ver million, or iu the sale nf goods reallv and truly pidged for money lent and ro*< redeemed in due time, or goods which shall be the proceeds of its lands. It shall not be ut liberty to pur hase any public debt whatsoever ; nOr shall it take more than *t. the rate of six per centum per annum tor or upon its loros or dis o ints. 10. No loro shall be m ade by the said corporation, for the use or on account cf the government of the U. States, to an a mount exceeding five hundred thousand dol lars, or of any particular state to an amount not exceeding fifty thousand dollars, or b! any foreign prince or state, unless previ ously autborised by a lav/ of the United States. the stock of the sshl corporation s li be assignable and trausfVn bte a* cord ing to such ruh as shul! be instituted in tb,t behalf, by the Lws and ordinances of the siime. 12. The hills obligatory End of credit, under the seal of the said corporation, whi’ b ahull be mf* to any person or per sons, shill be assign ble by endorsement ■ there-npon, under the h ud or hands of such ! person or persons, and Ms, her or .heir ex ! ccuUirs or autninistraturs, and of bis or their assignee or assignees, and so as absolutely i to transfer and vest the property thereof in ! ouch and every assignee or assignees, suc cessively, ami to enable suefc assignees, and bis, her or tiieii* executors or administrators, to maintain an action thereupon in Ms, her or their own name or names. Provided , that said corporation shall not make any bill obligatory, or of credit, nr other obli gation under its seal for payment of a sum less than fire thousand dollars. And the bill or notes which may be issued by order cl the said coiporation, signed by the pre sident, and countersigned by the prine p 1 cashier or trcumrir thereof, promising ti e payment of money to any person or persons, Lis, her or their order, or to bearer, although not under the seal efthessid corporation, shell bn binding and obligatory upon the same, in (ike n,i nuer, rd with like for e and effect, cs upou ny private person or persons, if issued by him, her or them, in his, her or their private or natural capacity or capacities, > ud shell be .* ssigm ble or ne gothble in the like manner as if they were so issued by such private person or persons; thut is to say, tlose which shall bepayt b'e to any persou fir persons, his, ter or their order,shall be assignable by endorsement* in like manner, and with the like effect as loreign bills of exchange nodi are; and those which are payable bearer shall be assignable and negoti bit; by delivery only. Provided , 1 hat all bills or notes so to be is sued iJr s/id corporation shall be made pay able on demand, other than bills or notes for the payment of a sum not les than one hundred dollars each, and pay. ble to the order of some person or persons, which bills or notes it shall be lawful for said corpora-, tion to make payable at any time not exceed- j ing sixty days from the date thereof. 13. Half yearly dividends shall be made of so much of the profits of the bank, *s shall appear to the directors advisable; and once in every three years the directors shall lay before the stockholders, at a general meeting, for their information, an exact and particular abatement of the debts which shall have remained unpaid, otter the expiration of the original credit, for a period of treble the term es that credit, and f the surplus, of the profits, if any, sfter deducting losses : and dividends. If there shall be a faime m the payment of any part of any sum sub scribed to the capital of the said bank, by any person, co partnership, or body peliti*, the pui tj failing shall lose the benefit of any dividend which may have accrued prior to the time for making such payment, and during the del y of the same, i 14. Ihe directors of said corporation I B hti establish a competent office of discount ■ and and posit-in the District of Columbia,: w henever env law of the TJ. States shall re- ’ quire such on establishment: also our su* h office oi discount and deposit in miy State I which two thouguild shares ‘shall have been subscribed or my beheld, whenever, upon application ol the legislature of such State, Congress may, by law, require the seme. Provided , the directors t fores* id eMtli not be bound to establish ru?h (ffi>e; b fore the whole of the capital of the bank shall lu ve been paid up. And it shall be ! ivvful for the directors ol the s..i?l efjrpora li ‘H to estih>isb offices of discnhnt ; rd de p-osi w icrosoever they shall tbiok fit. wiLh m tue Uii*ted Stst? or tlie territori.s tliere l<>s. aiid to commit the inanageiqent of the sj'id offices, and the business thereof, opecth ♦ ly, to such persons, ami under st. h regulations as 15 ey shall deem p oper, n6t lr ing contrary to D k w or the constitution of the bank. Or, instead of establishing su. h effit-.eg, it sli; ,l be lawful for the directors 0; the paid corporation, from tini** to time to employ any other h nk or banks, to he hrst approved by the Sci rotary of the Trea sii?>, at any place or places, that they may i- m safe, aid proper to nmntigeand trtns act tue business piuposi and as aforesaid,orb thou the purposes of discount, to be m m and turns, cted by S a. h offi ces of ?Ub oi.mt tid deposit under such a giecmei .e, .ud su ject to ouch legniations they sbdH deepi just and proper. Not more than 13 nor less then 7 ineuEgars or lureelors, of every office esmbfished as a foresniih, i bail be Htinu-illy appointed by the directors -t the to serve or,e yeur flr y sh .1! ehoose a president from their own nui. bH-r : tl m 6ts-aIT be h witis-pji of tie United febit s und a resident of the Btßie, terri orv cr district, wherein such cf fice is est blishcd ; and not more than three fourths af the scid managers or directors, in ’itfii e at the time of ii aunual appointment, shall be re-app- in! ;d for the mitt succeed ing year; ami no Erector shell hold his office more then three years out of four ir, sue; ession ; but the president may be ai ry ys re-eppoin!ed. 15. Ibr offi er st heed of the tre?- *m v dep: rtrncn.t of the tlaited States sSsall he furnis’ ed from time to time, as often as he may require, not exceeding C?i ■ a week, with sfateim nig of the amount oi the ‘''cpitai sto< k of the said corporation, ami of the debts due to the same ; of the monies de posited therein ; of the notes in cir. uli.tibn. and of the specie in hand ; and shall have right to irapect Such general accounts in ! the hooks of the bar k es shall relate to the said statement : Provided, that this | shall not be construed t> imply a right of : inspecting the at count of any private indi vidual or individuals with the b>,nk. j • No stoi kholder, uufes* he be a eiti • zeu of the United St'.icg, shall vote in the choice of direct ors. 17. No no s e shell he issued of less a* mount than five doll .rs. if the said corpor ttion, or in person or per sons, for or to the use of the evnie, shall deal or tr de in buying or selling goods, wares, merchahd <•, or coum oditirg what soever. contrary to the provisions of this art, ell and*wry person and persnife by whom apy order or direction for so dealing or trading shall have bettt given ; end ail | add every person & persons vho shall hove been concerned as parties or agents therein , shall forfeit and lose treble the value of the goods, wares, merchandise and commodities in which such dealing and trade sii, U have been; one half there* fto th use of t , in former, and the other half /reof t 0 the ise of the United States, to be n covered in my action of l>w w ith costs o ‘ suit. Sfo., 13 And be it further enacted , That if the suid corporation shall advance, or lent, any sudl of money, for the use or on account of the government of the United States, to an emount exceeding five hundred thousand dollars; or to any p rti: k ular state, to an a mount exceeding fifty thousand dollars ; or of afty- foreign prince, or state, (nnlcaa pre vionsly airtbonzrd thereto by a law of the United States) >4 |l and every person and per sons, by and with whose order, agreement, consent, approbation, aud connivance, such unlawful -advance or loan shall have been made, upon conviction thereof, shall forfeit und pay for every ucth offence, treble the value or amount of the sum or sums, which have been *o unlawfully advanced or lert; one fifth thereof to the use of the informer, and the fesirlL’* thereof to the use es the U* States. Sec. 14. And be it further enacted,, That the bibs or flutes oi the ssid rorporfftion or-* iginalfy made payable, or whteh shul! have become payable oh demand, shall he receiva ble in all piymrnts tc the United Spates* unless otherwise d(rc;*t-d by a*tof"cot;gress 0 Sec. 15 And be it further enacted, That during the continuance oft his *ct, and when ever required by }{ ]e Secretory of the Trea sury, the g<nd corporotion sh dl give the ne cessary facilities or tr nsferrlpg the put lie tULdsfrom piuce to place, within (he United States, and Mr distributing the g rr>e in pt y m nt of the pu .lie er‘d?tor, w#(} out * h> rg. ing eomnrissicrs or clMc i?t’ >.JIow nee on account of difference xf exchange, ood shell also do and perform file severe,l and respec tne duties of the commissioner*- o? loons for the seven I States, or of any one or more of th m w Jseoever requir* dby |hw. Sec iff And be it further enacted. TVefc the deposites of the idomcj of th* T T ;i e<S States, in places in which the said betk and branches thereof m*v be established. *Fc!l be m *de in said nnk or branches tleteof, unless the Secretary of the trec.sury shall at any time otherwise order and direct; iq which cose the Secretary of the Trecsury si all immediately fay b( fore Congress if s session, ard if not, immediately fif<er th eommenreoieut cf the next session, the re&* sons of sueh ordi-ror dirertioa. t ; And be it further Greeted, That the ss.icorporation shall not at oryjimci suspend or refuse payment in gold cud sil ver,ct any ,i its notes, i itls, or obiigmions ; L'orof any monies re ceived upon deposite i& sand bcuk or in any of its <B;ces of dis< cunt end deposite. And if the said corporation shah &t any time refuse or regie* t to psy on demand any b.sl, note, or obligation issi!(4 by the corporation, aeeordii g to the contract promise or urdertaking therein expressed t or shal! regbeet or refuse to pay on demand any monies revived in said bank or in ary tiff..■■ rif(fire*d, c riejinsile to the person or [-e son* rntiikd to receive Sim), thr, aid is 1 very such (ase. the hold er of any such note, bsil, or obligation, of the persou or person* entitled t<> and maud receive su< h monies as aforesaid shall spectively be entitled receive and rtcovejr intercut on the said bills, notes, obligation?, or muni >s, until the same shall bt fully r f ,and •rod sitU&t and, at the rate of twelve per eeni lum per annum from the time of *u* h de mands as aforesaid. Provided, T",tt'.oßw gres at any time hereafter enu. t enforcing and regulating the recovery cf atuoiim of the notes, bills, obligations, or other debts of Which payment shall fcay© been ts fused as aforesaid VvUh il e rafls of interest above mentioned, vesting jiirisdia tioo for tbfit puipose in any courts, either us law or equity* of the U*iu and S ates, or r seri ritori’ S thereof, Or of the several feluies, tgf liiev miy deem expedient. Seo. 18 Arid be it further enacted, That •f ary perron sbali faiseiy n ake forge, or counterfeit, or cause or prieure to be falsHjr made, forged, or eounlerft itvd, ; wilJiLgly aid or assist, in liiiseh mekii g,f,>rgi,,g t or couriierieitittg ary bill or rune in imita* tion of, or purport to be, a bill or note issu ed by order of the president, directors, ard comp oy of ihe scid b. nk, or eny order of check on ihe g*jd bank or corporation, or any cashier thereof; or shall false y alter of **suse or procure to befaUUy altered, or williDcly aid or assist in f l-ely altering any bill or note issued by crder'fcf the p;-- sidcrit, di;e tors, and ctrapat yof the id berk, or any order or cheek on the S lid birok, or . oiporation, or ary c shier there of; or shall pcs**, uner, or jub igb, or at tempt to pass, utter, or publish as true, any forged, or eounurfeited bill or noto purporting to be a bill or note issued hy or d**r of the president, directors and company ofthes id Lank; or uny false, forged, or eoHuterfeiied order or check upon the said bank or corpor lion, or any c* shier thereof# knowing the same to be falsely forged or counterfeited ; or shall pass, u.it-r, or pub 'iah, or attempt o pass, utter, or publish true any fiisely altered bill cr note issued by o der of the president, directors, and eoia pany of the said b ulk, or any falsely aiitr “d order or check on the acid back of cor poration, o t any cashier thereof, knowing the same to be iaisvly altered vvi h inn ntioa to defraud the *(.id > orpoi a< ion or i ny other body politic or person ; or siu.ll scfl, utter or deliver, or cause to be sold, uUtreri, cr delivered any forged or counicif ited note or bill in imitation, or purpoium to be tk bill or note issued by order oi the president nd directors of the said bark, knowing the tame to be f&ltejkrgcd, or ccueUxkiled^ [ViOL, I.