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AND
Pan are the plan of fairdtUglitfnl pfitc,'
Pnwirjbjr.ptity rage, tolive lkbrothcr.
WDAYi jAJA.!l IA 1805
No. 52$.
MorttoGarolina State
Gazette
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ri4
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brtft
Caroltna
Paffed at the Seffibn of Affemb'ly ending oh the sift December, 1S05.
Bank Law continued from xut lust.
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X iirti it further cndftedr That as foon as the fuiri bf fity thoufana dojwrs
lhall be aBually received on account of the fubfeription to ih, capital flock of
thefaid Bank, notice thereof fhall be given by the Coniminloners appointed. iti.
and-for the county of Wake, or a majority of them jn all the iiewtpapers printed
in the State : and fnr.h rnrnmifTinnrs fhll at tWc famp tamp hofifv a limeand
VI. And he it further enactedhk the Subfcribers to the faid Bank, their fuc-1 place within the city of Raleigh, at the diftance. of thirty days from the time" of
iiyiuiLiiiuii9 lor procteuin 10 me cnoice or iJireciors ana uiuiati oc iaiw
ful for fuch elclion to be then and there made, and the twelve perfpns who (hall
be then -and there chofen, together with the Governor for the time being, ihaH.be
the firfl: Directors, and fhall be capable of ferving until the third Monday of No
vember, 1807, and frm Vnence urul tner fuccelTofs (hall be duly and lawfully
ele&ed.
XI. And be.it further enafted, That the faid Dirc&brs fhajl forthwith thereaf
ter commence the operations of the faid Bank wheresoever they, fhall judge mo it
Denehcial to the corporation ; and as toon thereafter as the laid Dire&ors trflnK:
flbrs and affignsj fhall be, andihey are hereby created and made, a corporation and j
Cu Av oblitkiib- lasind faQ, hv the name and ft ile of 4 The Prefident Directors and j
v r r :t Oi j T I C Tnvth Cm vnfi '' anri lhall lr rrkfltmnp until tht
f January, 1825, and no longer. And by the name and title afore-
,.j pjaii bq and they are nrrcuy iiiduc duic uu v.dpauic m ww iu iwvx,
rcliafe receive, polfefs and enjoy to themfelves and their fucceflbrs, lands,
fents tenement?, hereditaments, goods, chattels and effeas, to any amount
not exceeding in. the whole One Million wo Hundred Thouland Dollars,
eluding the amount 01 tiie capuai n"v'-' i&u
Wemife, alien or d;fpofe of ; to lue and be lued, implead and be impleaded, ) t advifable, they fhall eftablifh Branch Banks for Difcpunt and Depolit only in
Lnfurpr and be anfwered, detend ana De aeienuea in courts 01 recora, ori;diHerent
parts of the State : Provided. That for earh Rank of Difcount and De
Andalfo to make, have and ufe a common feal5 ipoit, lne faid DireRors mall hat-e nreviotiflv rreived from the Stockholders,
an
L-.,tKrr iiirifdiHion whatever.
Mnmir Of
nd the iame to DreaK, auer auu jiiv fc .w.. . 1-
dain cliaudh ana pui uv cxctuuuii ,uv
n '"ii r tf nnnvpn riii nil lii v i iiiiciiL u tui nuid.
ion, .thcfiinc not being contrary to the laws 01 in , oiaic u o. me
r the making whereof, general meetings or me o ocKnoiaers
United States ; !
ana tor inc riudMiig yiv..ww., 0 ,
(V the Directors in the manner ncmiwuci iunwu, ,.vi ..u.aii auuv.AL.
.L .11 Miher matters and things which a corporation or body politic, in law or
. uiv c - , - . , r 1 rL I . i
eqtiitv may or can lawfully do and execute, iudjcci io mc ruies, rcguiauons,
ii.iMmnc limitations anu uruvinuu, u.vtua.vw. x.v...v,w.
VII. And be it further enacted, That wiihinuhe term of one month after infor-
: . .. u. i nmmitu oners rii xnc luv iji rdiciizii- iiitiL ti iiii.iiiciiL
inUlon IS given uy - o 7
imber of (hares have been sublcnbea to commence me operation ot me iaia
iaU ? Lnk, the Governor, on behalf and for the uie of the State, fhall make, or canie
b be'made a fubfeription to the capital flock of two thoufani fhares ; fv.r which
-.7" Lmnfr.the Stock which this State now holds in the Funds of the United States, j
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,11 iVien he entirelv aDDropriated : and after the Directors are chofen, as herein
kfter direBed, if three fourths of the faid Directors and the Tieafurer of the State
; hnhr time being, fhall think it advifable that cur faid Stock in the funds of the
United States, fhould be fold, the laid I realurer mail iell the tame, and have the
: ? fi 1 ..-k. At TrpA in the vnulls nf the Rank ; And if ihr
Iproceeas m cujii uruuj;m . t . -w.. -
proceeds ot luch tale man noi ainoum m vamt iu u "'"uwhu maiua, tuv. n.a-
faref is hereby authorrea ana requirvu u uwivc up uuiuuilv wim any uui
Okercbin he may then have in the Treafary, and of fuch Bank Notes as he may
h?ve and of which the Directors Uiall approve : Ana it there inouia ltni remain
a deficit of fhares, the balance remaining uniuDicnnea lor, man De loanea Dy tne
Bank to ihe-State. at a rate of ;nterell not exceeding four per cent per annum.
VIII. And be it further enatted, That the fum of money fo loaned to the
State by the Bank, fhall be payable in fix equal annual inflalmtnts, the
. . .1 ii ' i . i en a r t . . k . ;
firft payment wirejr Mini De on uic i'm uay ui juuc m yi
nr in anv creater fum or fums of money, or fhoTter period or periods
of time, at the op.iion of the Treafurer or refolve of the General Alfembly ; and
intereftfliall ceafe to be demandable or chargeaoie, . on the amount or caciv ana
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micrciiiiiaii ctctic uk. uv.uiiiviuviv a 7 -.T
every payment from the time of making the fame refpeftivcly.
IX. Be it Further enacted, That for the well ordering of the
the affairs of faid cor
poratiori, it fh;
ill be managed by twelve Dircftors and a Prefident, who fhall be
citizens of the Staie, and holding block in the jsank .hereby to De eitaohmed,
which DireBors fliall he clcfted - early, by the Stockholders at a general meeting
tobe held atlaleigh the laft Monday of November tor that purpole; and the 0 over
norofthe S'rate -for 'thi time being, fliall be a Diretlor by virtue of his office, and
(hall have the number of votes to which the State fliall be entitled by virtue of
the fhares which (lie may hold at the period ol any luch election, aieeably to
the rules hereafter prefcribed. And the-Directors, at their firfl meeting after their
election, (hall choofe one 'of their numbcras a Prefident. Provz'That the firfi elec
tion of Direfclors (hall not be included in the before mentioned general regnla
tions, but fliall be held at the times, and in the ..-banner hereinafter direaed, which
did Direaors fo firft eleBed, fliall hold their office until the laft Monday of No
vember, 1897, or fo long thereafter, until other Direflors arc ele&ed : and in
cafftit ihonld t anv time hanncn that an election of Directors fhould not be
made uoonanv day, when purfuant to this a6t it ought to have been made, the
vsinfeid corporation fhall not for that caule be deemed to be diflblved, but it fhall
be lawful 0:1 any o-her day within thirty days thereafter, to hold and make an
ele&ion of t)ireBors in fuch manner as fhall have been regulated by the laws and
ordinances of the faid corporation. And in cafe of the death, rehgnation crab-
r ' 1 -i.'f'i - V -v f- 1 1 n it 1 r 1 j l ... I ;
knee irom tne tate 01 a uirector, nispiace man ds niiea up oy a new cnuicc
tr the remainder of the year by a majority of the Direaors, at the place where
luchyacancy fliall happen. Provided, That every perfon voting for Direaors at
any election, (hajlv previous to the giving of his votei folemnly fwear or affirm,
that the fhare or fhares, in right whereof he offers to vote, is or are really and bo
na fide his own property, and that he does not hold them in truft, or for the uie,
benefit and emolument of any other perfon or perfons, nor in purfuahce of any
contrivance or deli gn to obtain for himfelf, or any other perfon or perfons, a
greater number of votes than he or they is or are fairly and jultly entitled to, ac
cording to his or their true intereft in the laid Bank, in conformity to the rules pref
cribed fbfoting on (hares, as eftablifhed by this aft ; and when any perfon fliall
otter to vote as proxy for another, it fliall not be lawful for him to give fuch vote,
pale fs he fhall produce from his conftituent, fome lette-, note, or memorandum
n wnnna.' anthnrilincr anH rfnnirina him fn.tri do. which letter, note, or memo
or c v 3 ' . 7 7 .
tandum, iall be accompanied with an; affidavit or affirmation made and ;ken be
fore fnmr rnmrr(Pnf iiiithrittr iKar'fRp fair! rrtnftifiipnt i. in trtifh anrl fA. lhf
iwful and &bfolnre nronYiptnr if thr wKnle number of fhares for which fuch droxv
v.. t 1 r ; f . 1 j
Jiall claim to vote ; which letter, note or memorandum, and affidavit or affirma-
t!n, fhall be preferved and. filed among the papers of the faid Bank. Provided
''Wmhclejs, l hat the Governor for the time being, in cafe' of difabilay to attend,
niay. vote by proxy without fiich affidavit or affidavits uaffii matioiir
" '' 4 . '
T - . . -
fifty thoufand dollars over and above the fixty thoufarid dollars firft received, and
the one hundred thoufand dollars funded by'the State: And povided alfo, " Tjhat
one Bank of Difcount and Depofit fliall be eftablifhed in Salifbury, if Saliluryr
and Morgan di(tri8s, fliall have fubferibed and paid into the funds ofnhe Bank
fifty thoufand dollars.
XII. And be it further enable d That as fbon as the Directors fhall have de
termined to eflabhfli a Bank or Banks of Difcount and Depofit, they fhall give
notice thereof in all the papers printed in this State ; and at the fucceedingltnnual
ele&ion of Direaors thereafter, five othr Directors fhall be elecled for each
Branch Bank, under the fame rules, regulations arid reftriclions as are prefcribed
in this a6l for the election of the firft twelve Dire&ors.
XIII. Andbt it further enacted, That the Dire&ors for the time bejng, .fhall
have power to appoint fuch officers, clerks and fervants under them as fhall be
ineceflary for executing and carrying into effect the bufihef of the faid corpora
tion, and .to allow them fuch compenfation for their fervices refpectively as fhall ;
be reafonable, and shall be capable of exercifing all fuch powers and authorities
for the well governing of the affairs of the faid corporation, as fhall be prefcri
bed by the laws, ordinances and regulations of the fame.
XIV. Be it further enacted. That the following rules, rcftri&ions, limitation
and provi lions, fhall form and be the fundamental articles of the conflituton
of the faid corporation: 1. The number of votes to which each fto 'Jioldet
fhallbe entitled, (hall be according to the numberof ffiares he fhall hold, in thepropor
rinn following, that is to fay ; for one fhare and not more than two fhares, one vote
for each dure ; forcverytwo fhares,above twoandnot exceeding ten, one vote ; for,
every fourfliares, above ten and not exceeding thirty, dne vote ; for everv fix fhares ;
K . I. : . . 1 1 ? f . . t 1 n 1 ' r
auovcuni iy aim noi execeumg nxry, onevote ; ror every eigne inares,aDove hxty ana
not exceeding one hundred, one vote ; and for every ten fhares above one hun
dred, one vole ; but no perfon, copartnership or body politic and corporate (ex "v
cept the S ate, which fhall have as many vott s as any two thoufand fhares held
by individuals in the corporation) fliall be entitled in his or their own right, or as
proxy, to a greater number than thirty votes. And after the firft election, ryO
(hare or fhares fhall confer a right of fuffrage whkh fliali not have been holder!
two calendar months previous to the day bf eleBion. All ftockholders may vote
in elections or on any queftion touching the Bank, by proxy, provided the proxy
be der ived direfily from ftockholdersV and voted on by a citizen of 'this State.
2. Not more: than five of the Directors of the. principal Bank, nor more than
three of any of the Branches which by this aa fliall be eftablifhed, elecled by the
ftockholers and aBuallv in office exclufive of the Prefidentj fhall ' be eligiBle
for the next fucceeding year; but a Director who fhall be Prefident at the time .
of an eleclion, may al ways be re elected, 3. None but a ftockholder beinc a
v.iut,i,u "i iiiv. i ii"vn vaiuiuiflj Uig JLItcHUlCI, lllilll DC eiJglDiC 2S
a Director ; nor fhall a DireBer of any other Bank be a Director of this Bank.
4.' No Director fhall be entitled to any emolument, unlefs the fame fhall be al
lowed by the fjockholders at a general meeting. The ftockhotders fhall make
fuch compenlation to the Prefident for his extraordinary fervices as fhall appear
to them reafosable. 5. Not lefs than nine Direaors fliall conftitute a board for
the tranfachon of bufinefs, Unless for the ordinary purpofe of difcount and loans
for which five Direaors fliall be fuflicient, of whom the Prefident fhall alwavs
be gone, except in cafes of ficknefs or neceffary abfence ; in which cafe his place
may be fupplied by any other DireBor whom he.by writing fliall norinnate for
that purpofe. 6. A number of Stockholders not lefs than forty, who together
fliall be proprietors of two hundred fhares or upwards, fhall have power at anV
time to call a general meeting of the ftockholders for the purpofes relative tb the
inftitu ion, giving at leaft fix weeks notice in two public newfpapers of the State
(one of which fhall be the State Gazette) and fpecifying in fuch notice thebbjecY
or objeBs of fuch meeting. 7. Every Cafhier or Treafuren before he enters on
the duties of his office, fhall'be required to give bond with two or more fee tiri-
j ties to the fatisfaBion of the DireBors, in a fum not lefs than fifty thoufand dol
lars, with condition for his good behaviour, and fuch other condition as the Di
reBors fhall think proper. 8. The lands, tenements and hereditaments which it
fliall be lawful for the faid corporation to hold, fliall be only fuch as fhall be re
quifite for its immediate accommodation in relation to the convenient transacting
of its bufinefs, and fuch as fhall have been bona fide mortgaged to it by way cf
fecurity, or conveyed to it in fatisfaBion of debts previoufly contrafied in the
courfe of its dealings, or purchafed at fates upon judgments which fhall have, beei)
obtained for fuch debt. 9. The total amount of notes emitted or thrown into
circulation by the faid corporation," together with their debts of every defcriptior,
fhall not at any time exceed the fum of eight hundred thoufand dollars, except
two thirds of the DireBors fhall think it advifable for the intereft of the State an:!
fecurity of the corporation, when they may emit more, fo as not to exceed four
! hundred thoufand dollars over and above the firft mentioned amount, and ove
and above the monies then aBually depofited in the Bank for faffc keeping, unefj
the contraBing of any greater debt fhall have been previoufly apihorifed by a lav
of the State. In cafe of excefs the DireBors undef whofe ad miniftraticu it fhzM
in
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