Newspapers / The Weekly Raleigh Register … / Jan. 21, 1805, edition 1 / Page 1
Part of The Weekly Raleigh Register (Raleigh, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
gJl REGISTER T- NerCarolina State Gazette.! OaM r plnt affair drtightfuleacc, UnwarpMfcy p?tyge, to live like brother. f : Vol. VI. Monday, January 21, 1805 No ?78. LAWS of NORTH-CAROLINA, ' Faffed at the Seffion of the General Affembly just clofed. An Act for establishing a Bank in the town of Wilmington. . WHEREAS the increare of population and commerce in the diftrictjrof Wilmington and Fayetteville, render it expedient that a Bank fhould be cila blifhed for their accommodation in the town of Wilmington : Beit enaZed by the G&eral Affernbly of the State of North-Carolina, end : ; h,U martrd hv iktiiknri nf th, fnm.f.. That a Bank mall be etta- bliQied in the town of Wilmington, the capital (lock whereof (halt not exceed j "two hundred md fifty thoufand dollars, divided into mares of one hundred dollars h . hut iniie mean time, fuhferintions towards conflicting one hundred thou- -ti. i f w . 7 - , . r U fand dollars olfaid flock fliall be opened ; that is to fay, ft Wilmington on the , fira Monday it April next, for five hundred fhares, under the fiiperintendance of j r.mo Hoodc. ohn London, ohn Hi L ohn Hojc, Kicnaiuo.uu.ty, .i- liam Giles andHenry Walters; and on the 'fame day at Fayetteville, for five j hundred iharesi under the fuperintendance of Tohn Winflow, David Anderfon, j i i." . ana oi-1 William B. Grora. Duncan M'Leran, Robert Holliday, Peter Perry n'u - h i : r r..: j :(i:nnBrc at r1arf a Vinvc men tToned r-fpeaiveK fliall be fufficient to perform the duties of their appointment ; j! P h"? fnd.be the fundamental article of the con flnd it fhall be extent for the corporation created by this aft, to proceed to il the corporatton : 1 he number of votes to ;h,ch each flockholder fliall fill up, in whole in part, the remaining fifteen hundred fhares, by fubfcnption ; to be opened at tie above places, refpeaively, at fuch time, and under fuch ; commifh oners, a hey. may appoint, giving three months notice thereof in the j Wilmington, Newern and State Gazettes. II. And be it furher enacted, That the amount of the fliare or fliares fuhfcribed ; for, fhall be paid b)the fcveral and refpedive fubferibers in gold or tilver, one i fourth thereof at thdime of fubferibing, tothe faid commiiri6ners, and one fourth j .mV,i'n fivtv nVvs aftit the Bank fhall po into oDeration, one fourth within one . tor , L..nraH rri tit.-r.vi it?c anil nnp trMrrh in iiv months. tO tne nanK GireClOIS the time being : Proded always, That it fliall be lawful for any lubferxrr to pay j the whole of his fubfcVption-money , or any greater part than is Hereby required, ; before the time limiteifor the fame ; and eacfi and every fubferiber fo paying in advance, fliall havea dicount at the rate of fijc per centum per annum on i'ucii ad vance, computing froiithc commencement lfi the operation of the faid Bank ; and any perfon' or perfois failing to pay any Inftalmcnt at the time herein appoint ed, fhall forfeit to the brporation the fum orfums by him or them befoie paid, and fhall thenceforth ceit to be a member thereof ; and it fhall be competent for the corporation to fiipgj&ny deficiency occkfionedby any fuch delinquency, by fale or otherwife, as ttmay deem proper. III. Snd be it fuTttieinaclcd That the fubferibers to the faid Bank, their fucceflbrs and affins, frill he, and are hereby created and made a corporation and body poliric, Mamrl in fact, bthe name and ftyle of " The Pnfideni, mBank of Cape FcarS and fhall io continue until the kufand ejht hundred and twenty, and by the name j leV AMI hp. and are hjereby made able and capable in hw, the eleven perfons who fhall then and there .be chqfen, fhall ie the rft ireaors and fhall be capable of ferving until thefirft Monday in January thereafter or un til their fucceflbrs fhall be duly eleaed ; and the ' faid direilors fhall fonh with ' commence the orerations of the faid bank at thd tjown of Wilmington. . VI. And be itfurthcr)enafted,ThAi tftY2iS be; lawfuf for tre corporation to ef tablifh a branch of faid bank, whenfoeveMney fhall think fit, at and in the ttJwn of Fayetteville, for the purpofe of difcount and dejjofit only, and upon the fame terms and in the fame manner as fhall be praaifed at the bank in Wilmin'gton, and to commit the management of the faid office! or branch,) and the making of' the faid difcounts, to fuch perfbns undeT fuch agreements, an fubjea to fuch re- gulations as they fhall deem proper, not contrary! to the Conftjitutionof this State, the United States, or of this Corporation : Subfcriptions may be made in perfon or by proxies appointed in writing. ' f VII. And be it further enacted. That the direaors forjthe time being fhall have power to appoint fuch officers, clerks and fervants under them, asthev fliall deem proper, and regulate their refpective duties and compeofation, and fhall be capable of cxercifing fuch other powers and authorities as flial be defcribed, fixed and determined by the laws, regulations and ordinances of the corporation. VIII. And be it farther enaHed, That the following rules!, reflriaions, limita- - 1 C rt it r it i f i i f . t ' . mtutiort be entitled, mail beaccordmir ro fhi niimhrr nf fhare. hf fhall hoki. one vote tot each O " -- . 7 hare; they, fliall have a -right to vote by a proxy, he beingia flockholder: 'No direaor fhall receive any emolument ; the flockholBers may allow.a falary or other compenfation to the Prefident : No less than five; direaors fliajll conftitute a board jbr the tranfa8ion of bufinefs, of whom thePreficjent fhall always be one, unlefs in cafe of ficknefs or riecefTary abfence, be fhall Appoint by a written inftrument a direBor to fill his place : A number of ftockholjders, not lFs than twenty-five, being altogether owners of fifty fhares, fliall have power to demand a general meeting, and the Prefident fhall call one within tjiirty days after ie communica tion of thsir requeft : Every cafhier fhall give bopd and feciirity before he enters ; on the duties of his office, in the fum of ten thousand dollars, and the other offi cers, clerk or fervants of the corporation, fliall give fuch fecurtty as the direc tors fliall require : The flock of the faid corporation fhall betransferable and ali ernble, according to fuch rules and regulations as the corporation fhall, from time r time, make for that purpofe : Bills, bonds ;and notes fuHfcribed by the Pre iideniand counferfigned by the cafhier, fliall be binding and obligatory upon the corporation : Half yearly dividends fhall ' be made of fuch jau of the profits of DirjBors and Qp firff. dav cf Jria arid ftvle tihM to havepuriefcafe,' s Qpivc, poffefe enjoy and retain, to themfelvec and their fuc ) ceITdr lands, rends tenements, hereditaments, goods, chattels and effeas, to an amount not exceedjig in the whole (incljuding the amount ot the capital ltock: ' aforelaid) fix hundrei thoufand dollars, anrj the fame to fell, grant, demife. alien or difpofe of, to fueand be fued, implead and be impleaded, anfwer and b an fwered, defend and b? defended, in courts of record or any other place whatfoe-1 vej; and alfo to make, have and ufe, a common feal, and the fame to break, alter and renew at their p. a! ire . and alfo to ordain, eftablifh and nut in execution. . ' r t 1 5fucJ,iy -laws, ordinance and regulations, as fliall feem neceffary for the govern- J , "rnent of the faid corporation, not being contrary to the conflitution of this State, j or of the United States, r of the faid corporation ; for which purpofe, general ; meetings ofe flockholders fhall and may be called by the dire,aors as hereinafter j ipecihed, anti generally to do and execute all fuch acts, matters and things as to them fhall and may appear neceffary ; fubjea neverthelefs to the rules, regula tions and reilriaions tereinafter declared and prefcribed, : JV. And be it further cvcMei, That for the well ordering of the affairs of the fa?d corporation, there fhali be eleven direaors, being citizerls of this State, of Svhom at leaft feven fliall be refidents of Wilmington, or within fifteen miles thereof, eleaed yearly by the flockholders, at a general meeting to be held annu ally at Wilmington, on te firft Monday in January; provided the firfl ele6hon of direaors fhall not be included in the bcfoie-mentioned general regulation, but fhall be held at the time aW in the manner hereinafter direded; and provided that in cafeit fhould at any time mppen that an eleaionof direaors fhould not be made on ,anyday whenpurfuant to thfa it ought to have beenmade,rhe faid corporation fhall not for that caufe be diffolved, but it fhall be lawful on any other dav within ten days thereafter, to hold and make an election for direaors, in fuch manner as . fhall be regulated by the lavs and ordinances of the faid corporation ; and that in cafe of the death, refignatiori or abfence from the flate, of any dire6tor, his place Iliail be filled up by a new choice for the remainder of the year by a majority of the direaors. 1 V. And be It further macUL That on the firfl day of May next, and every thirty days thereafter, if the fitofcription mall not be fooner clofed, the commif fioners appointed at Fayette vi lie, fhall tranfinit and deliver to the commiffibners appointed at Wilmington, a lift of the feveral fubferibers at fuch place, and the fhare or fhares to each ahd every fubferiber belonain. together -with the full amount of the fubfeription money by the faid commifiioners received as afbrefaid ; j for which amount the receipt in writing of the faid commiffioners appointed in ' and for the town of Wilmington, or a majority of them, fhall be a fufficient .ac quittance and difcharge to the perfo-is reflectively paying the fame ; and'as foon as the fum of twenty five thoufand dollars in the manner aforefaid fhall be aaually received on account of the fulifcriion to' faid capital flock of the faid bank, notice thefialhbe given by the commifiioners appointed in and for the town of Wilmirtgl&B&ih the Wilmington $nd State Gazettes, and the fame oerfons fhall at the famje trmeOhfyr a time and lace within the faid town at the diflance of twenty days from the time of fuch Notification, for nroceedin to the choice of ilireaprs ; and it fhall be lawful lor iich election to be then and there made, and the Bank as mall appear advifable : The total amount of notes emitted or thrown into circulation by the faid corporation, together with their dcjbtsof every defcrip tion, fhall not at any time exceed the fum of; feven hundred and fifty thoufand dollars, over and above the monies then aauailyjdcpolited n the Bank for fafe kceping ; and in cafe of excefs, the directors uncjer whofe adminiflration it fliall happefi, fliall be liable for the fame in their natural private capacities, and an ac tion ol debt may in fuch cafe be brought againfli them, or ajny of them, or their heirs, executors or adminiflrators, in any court of record, by any creditor or creditors of the fiid corporation, and may be profecuted tcj j udgment and exe cution; any condition, covenant or agreement to the contrary notwithflanding ; Provide., that any of the direaors who may have been abfeait, or have diffented from the rcfolution or afi wherebv fnrh excels Was contraaerl or rreatpd. msv Li; l.. . . i -i i i ; i i i i f i refpettively exonerate themfelves from being fo liable, by forthwith enterintheir proteil with snd before a notary public, and to the flockholdirs at a general meet- ins, which tney fhall have Dower and are herhv renuired aSnd directed to call for that purpofe: None but a flockholder, being a citizen ot" this flate, fhall be eligible as a dircftor: The lands, tenement and hereditaments which it fhall be lawful For the faid corporation to hold, fliall be only fuch as fhall be requifile for its immediate accommodation in relation to the convenient tranfaaing of its bufmefs, and fuch as fliall have been bona fide mortgaged to ijt by way of fecurky, or conveyed to it in fatisfa&ion of debts previoufly contraaed in the courfe of Its dealinffS. or Dlirchaled at fales on iiidcrmentjL iwhsch fliall havp hfpn nhtainirf fr fuch dehrs: Nor fliall this corporation, direclly or indireaiy, deal or trade in any tiling except bills ot exchange, g?rd or iiJver bullion, or m the fale ot goods really and truly pledged for money lent, and not redeemed in due time, or in goods the produce of its lands : neither fhall the faid corporation take more than at the rate of a half per centum for thirty days, for or ori account of its loans or difcounts. ' IX. And he it further enaitea That it fhall and mav be lawful for the State' of North-Carolina, at any time within three years from and after the pafling of dred and fifty fhares of one hundred dollars each; and on trie payment into the faid Bank by the State for any fhares fhe may deem it advifable fo to take, it fliall be lawful thence forward for ths faid corporation to iflue notes founded on luch extenhon of capital, in the fame ratio as is' herein before provided on "the original ttock created by virtue ot this ad. X. And be it further enabled, That the commifiioners appointed bv thisaa for . I.." -. tr .! . V .1 ' vvr'i "i ..1. r receiving fubferiptions in the town- of Wilmington, fhall. immediately after a tria, of which notice fliall be given at the iffie f of making fufficient number of fhares are taken, provide a houfe Xox carry ing oh the. bufi- neis ot tne .bank, together with all necellary paper, ilationary, vaults and uten fils fuitable to the fame, fo that as foon as the direaors ari chofen, the opera tions of the faid Bank may be immediately profecuted and jrarried into effea XI. And be ii further enabled, That in cafe any ptrforf fhall be indebted to the faid Bank on any bill, bond or note, duly executed or endorfed, inthebody of which bill, bond, note or endorsement, it fhall be exresfly flated that the fame fhall be negotiable at the faid Bank ; or fliall be indebted. to laid Bank by reafon of or under any acceptance, fhall fail to make payjment at the time fpe cified, the Prefident or Cafhier, or any number of direaors as may be appointed by the direaors of faid Bank, fhall caufe a demand of payjment to be made in writing on fnch delinquent; and if the money lodue, fhall not be paid , within ten days thereafter, the Prefident, Cafhier, or any number cf direaors which may be appointed by the direaors of faid Bank, may, on motion, either in the Superior' Court of Wilmington diftria, or within anyl County Court within the (aid dif the demand as afore- in
The Weekly Raleigh Register (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 21, 1805, edition 1
1
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75