Newspapers / The Weekly Raleigh Register … / Dec. 27, 1810, edition 1 / Page 1
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' ' . w , : ' ort arc th plaM f ftlrdellf htfl Feac, . ' ; o t -.' f M ' " , Uawari'dby rty rage.t Ht Hk Brother!. - - '. - , ' " " v k v; - ; "' i ' i ..w1'---;.- 'l' --i-7.7-t - DxZ Ttfim 0 jyiA. Titl rf t.h AN ACT to redeem the Paper Currency now tn circulation, ana 10 cswnn a y y - - . : - . . 5rr BANK OF NORTH-CAROLINA." Veit airteJ, That a BanV shall b established in .U.c State of North-Carolina the Capital Stock whereof shall not exceed one million ttx hundred thousand dollars, divided into shares of one hundred dollars each. . II.: Br it further enacted. That the Bank so estabHshed shall consist of one central or pnncipal Bank, to be fixed at the City or Ka!eigh, the capital of which shall be three hundred thousand dollars, and the several Branch Banks hereinafter .named, viz. At Edcnton; the Capital Stock whereof shall be two hundred thousand dolUrs ; at Newbern, with a Capital block : ot three hundred thouiand dollars at Wilmington, with a Capital Stock of three hundred thousand dollars j ; at ayetteyiiie, with a Capital Stock of two hundred thousand dollars ; at Tarborough, with a Capital Stock of one hundred thousand dollars ; and at Salisbury;; with a Capiul Stock, of two hundred thousand dollars. It shall and may be lawful for therresaurer to m h.iihfrlrv-d fnr and in hhlf f tri. Stat th nm nf fivo hundred and fiftv thousand dollars, which sum shall be reserved for the use or this State, to be paid for in Stock of the United States, and the residue in gold or silver, at such time vX ti mes as it may be convenient for the State to pav the same. The Stock so subscribed and paid for on account of the 'State, consisting either in money or certificates of the United States, shall be distributed and divided among the Principal sod Branch Banks, in proportion to the Capital Stock allotted and set apart for each establishment. Subscriptions, shall be opened on the first day of April next, and remain open for sixtv days, at the following places, viz. At Raleigh, under the superintendance of John Haywood, Henry Scawcll, William Peace, William Boylan, Joseph Gales, William Polk, Theophilus Jlunter, Benjamin Brtckell. James Mebane, James Turner, Stephen Outerbridg, Duncan Cameron and Beverly Daniel; ai Edcnton, under the superintendance of Josiah Collins, Samuel Tredwell,Matthias E. Sawyer, Frederick Norcom, Joseph Uozman, Joseph B. Skraner, William T. Muse, Isaac Berber and Joseph Blount ;at Ncwbern, under the superintendance of William Shcppard, John S. West, Eli Smallwood, William Blalkledje, Moses Jams, lAsa Jones, Jeremiah Mastin, William Croora. Vine Allen. Henrv Selbv, Will'um Orr, Thomas Holli fay. f esse Slocumfi ; at Wilmington, under the iunerinttndance of Nathaniel Hill, John Lord, Robert Cochran, Hanson Kellv, Owen K-nan, Thomas F. Davis, John Owen, Jifjies B. White, Daniel Kenan, Edw. Ward, jun John C. Scu!l ; at Fayettevillc, under the superintendance of Robinson Mumford, juo. Thomas Davis, David Anderson, Hnrv Branson, John MMillm, Simeon Belden, Charles Chalmers, John Ecclt, John Kelly,' Oliver Pearce, Hugh Campbell, Duucan M'Lerran, Duncan M'Uae, Elisha Stedman, Robert Hollidav ; it Sdisbury under the superintendance of FrancisLocke, Dr. WilliamMoore, Samurl S. Savage, John Fulton, James Locke, Alexander Gray, Charles F. Baree John Nesbit, George Mumford, Lewis Beard, Richard Trotter, Gotleib Shober, John 'KtUv ; at Tarbo rough, under the superintendance of Thomas Blount, Edward Hall, Amos Johnston, William Amis, Sim- mons J. Uaker, Kooert w imams, jacoo oauie, i nomas u. run, naicocc j. rriue, jwo nuuaru, Yvnuam nrnogiun. A maioritv of the said Commissioners, at each or any of the above mentioned places, shall be competent to perform the duties of their appointment ; and if the-number of shares allotted for each place shall not be subscribed within the term of sixty days, they shall keep the said books open tor sir months, and no longer.7 Oat the Corporation oy tnis act created, may, at any future timef open books to receive subscriptions for the remaining shares unsubscribed, at such time and plare, and under the superintendance of such pcrsons'as they may deem advisable and expedient. But in the mean time, it shall be he duty of the Commissioners of the respective Branch Banks, as soon as they shall actually have received twelve thousand fve Hundred dollars, torrive notice of the same to the Commisjioners of the principal Bank at Raleigh, who shall forthwith ootify the same in all the papers published in Raleigh ; and the same persons shall at the same time notify the time and place within the city of Raleigh, at the distance of thirty days from the time of siich notification, for proceeding to the choice of nineteen Directors ; and it shall be lawful for such choice then and there to be made : and the nineteen persons who shall be then and there chosen, shall be the first Directors, and shall be capable of serving until the first Monday in December there after, by virtue of such choice, or until their successors shall be tiuly elected ; and the said Directors shall forthwith commence the operation of a Bank in each of the towns previously enumerated, whose Commissioners shall have given them notice of the requisite sums being actually received for the use of the Corporation. Ill And be it further enacted. That three fourths of the amount of the share or shares subscribed for by the several and respective subscribers, shall be paid in Gold or Silver, and the last and remaining fourth, or any lesser part thereof, the sub senben shall pav in the Paper Currency emitted by this State ; one fourth of which savid payments to be made at the time of subscribing, to the Commissioners ; one fourth within sixty days after the Bank shall go into operation ; one fourth within one hundred and twentvdayt, and one fourth within twelve months, to the Bank Directors for the time being : Provided ' always y That it shall be lawful for any subscriber to pay the whole of his subscription, or any greater part than is hereby required, be. fore the time limited for the same ; and each and every subscriber, so paying in advance, shall have a discount at the rate of ix per centum per annum on such advance, computing the same, from the commencement of the operation of the said Bank. IV. Anti.be it further enacted. That the paper currency now in circulation, and which was emitted by law in 1783 and 1785, on the faith and credit of this State, shall, immediately after the said Bank goes into operation, cease to be a legal tender in payment for all debts due to, or owing from the said Bank, and notification thereof shall be made by the Proclamation of his Excellency the Governor in the papers published in the city of Raleigh. V. And be it further enacted by the authority aforesaid That all courts of justice within this State, when any such suit may be brought before them, or any d-.bt due by bill, bond, note or otherwise, against the President and Directors of the State Bank of North. Carolina, by any person or persons, or by any bodies politic or corporate ; or when any suit "may be brought by the President and Directors of the State Bank of North-Carolina, against any person or persons, bodies politic or corporate, who shall pr may be indebted to the Bank aforesaid, by bill, bond or note, or otherwise, it shall and may, in such cases, be lawful, and the Courts are hereby authorised and empowered to grant judgments, in gold or silver, in the same manner as if no tender law existed. And the sheriffs are hereby required, in all such cases where executions shall have been awarded, to collect the amount in mild or silver, and make due return of the same. 4 VI. And be it further tnacted. That the dividends accruing upon the shares of the said Bank, owned by the State, shall be applied towards the redemption ofthe Paper Currency paid into the said Bank by virtue ot this act. VII. And be it further enacted That the subscribers to the said Bank, their successors and assigns, shall be, and are hereby created and made a Corporation and body politic in law and in fact, by the name and style, of tfc The President and Directors ofthe State Bank of North Carolina," and shall so continue until the first day of January, in the year I830jfafic lame and st le aforesaid, they shall be, and are hereby made able and capable in law, to have, purchase, receiye retain to themielvesand"succeftsors,lands,rents, tenements, hereditaments, goods, chattels and effects, toan amount not exceeding in the whole two millions five hundred thousand dollars,including the capital stock aforesaid, and the same to sell; grants demise alien, or dispose of to sue and be sued, implead and be impleaded, answer and be answered, defend and be defended, in courts of Tecord or any other place whatever ; and also to make, have, and use a common seal, and the same, to break, alter and renew at their pleasure, and alto to ordain, establish and put in execution, such by-laws, ordinances, and regulations as shall seem necessary and convenient, for the government of said corporation, not being contrary to the laws of this State or of the United States ; and for Ihe making whereof, general meetings of the Stockholders may be called by the Directors in the manner hereinafter specified ; and generally to do and execute all acts, matters and things which a corporation or body politic in law, may, or can lawfully do or execute ; subject to the rules regulations, restrictions, and provisions hereafter prescribed and declared. 1 VliU'Beit further enacted That the Directors of the central or principal Bank for the time being, shall have powerto appoint thirteen Directors for each Branch Bank, and such officers, clerks and servants under themselves, as well as at the several Branches, as shall be necessary for executing the business ofthe said Corporation, and to allow them such compensa tion for their services, respectively, as shall be reasonable ; and shall be capable of exercising such other powers and authorities for the well governing and ordering the affairs of the said Corporation as shall be described, fixed and determined, by the laws, regulations and ordinances of the same. . y IX. Beit further enacted That the following rules, restrictions, limitations and provisions, shall form and be the fundamental Articles of the Constitution of the said Corporation, viz. ' . t First. The number of votes to which each Stockholder shall b'e entitled, except the tate, shall be according to the num ber of shares he shall hold, in the proportions following, that is to say : For one share and 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 shares above thirty, and not exceeding sixty, one. vote ; for every eight shares above sixty, and not execeding one hundred, one. vote ;.and for every ten shares above one hundred, one vote. But no per-j sen, copartnership or body politic, shall be entitled to. a greater number than thirty votes. The Treasurer, at; all elections for DVrecton, shall, era behalf of the State,, have the same number of votes to wVich the greatest number of stockholders may .be entitled, possessing an equal number ofsharcs with those owned by the State at the time of such election. And after cictuon, no snare or snares snau comer a Tignt or sun rage, wmcn snau not nave uceu noiacn tnrcc caicnuar montns as. a Director. I i ird. None shall be entitled to any emolument, unless the same shall have been allowed by the stockholders at a'cene- M m?etift 'It .... n -" ' - .t rJ . . r' i; l r.' .l V? . . l it a 1 itC stockholders snau xnaxe suca compensauon to tnc rresiuem ior nis extraoruinary aucnuance at ine .pan. F tfu m reasonable. - -- . r . ? " '., - ' : - i. Cl lan cvch Directors,' at the principal Bank, and five Directors' at each oncof the Branch Banks, shall tj Ootrd for the transiction of busincsi ; of whom their respective Presidents shall always be one, except in case h't h ?,'i0r Qccc,lry absence, in which casef his place may be supplied by any other Director rhom he, by writing under wfcurf, thiU comitate for the purpose ' " ' t 'l':., X': V , , - '. - - .-. ; y . ' ,t". .5 f -v t J Fifth. A . numoer of .Stockholders, not less than sixtv.; who toee ther shall be proprietors of two hundred shares or upwaW fef" nave power at any ume iocu a general meeting orine oiocmioiui for purposes relative to the Institution, giying.at least ten weeks no tice in a public gazette: of the plate where the Principal and specifying in such notice the object or pbjects of such meeting Sixth. Every Cashier or Treasurer, before he enters upon thetiudes of his office, shall be required to give bond,with two or more sitreties, to the satisfaction of the Directors in a sum not less thdn ted thou sand dollars, with condition for his-good ."bchavibur; ?W$tf$ Seventh. The lands, tenements, hereditaments wjhicrrlt "shall be. lawful for the said corporation to hold, shall be onlv such aSshall be requisite for its immediate accommodation tn relafion to the donve- - nient transacting or . us. uusmess, ana sucn as snaii nave oceo vynu i : fide mortciffed to it by way of security; or conveyed to in "satis M5 faction of debts previously contracted m the course otiits dealiogs,x . or purchased at sales uponjudgments whico snau nave Deep oornea for such debts. : ; . - .. ,. . .' Eighth. The total amount of the debts which the said corpora tidh shall atv any time owe," whether by bond, bill, note or othei con tract, shall not exceed the sum of four million eight hundred thbvw1 sand dollars, over and above the Sum:-then' actually deposited itf the - Bank for safe-keeping unless' the. 'contracting of any greater 'debt shall have. been previously authorised by a law of the.State.' In case of excess, the Directors under whose administration itl shall-hap-pen, shall be liable for the same in their natural and private capaci-; tiesand an action of debt may in such case be broughtagainst tbern or any of them, their or any of -their heirs, executors or administra tors, in any court of record of the State, by anyjereditof or. ere--ditbrs of said corporation and may be prosecuted to jddgmertd ' execution, any condition, covenant or - agreement vto . the contrary' notwithstanding. But this shall not be construed-to. exempt'r the? said corporation, or the lands, tenements, . goods or-chattels of the?" 1 same, from also being liable for and chargeable with the said exess. Such of the said Directors who may have beenabseht'WKbn the said.' .excess was contracted or created, or who, may haVe dissented fronx the resolution or act whereby the same was so contracted or created may respectively exonerate themselves from being so liable' by forthwith giving notice of the fact, and of their absence or dissent with or before some Notary Public, and to the sfockhoJtlers at a ge neral meeting, which they shall have power to call fir that purpose; Ninth The said corporation may sell any part of the public debt whereof its stock shall be composed but shall not be at liberty to i purchase any public debt whatever ; nor shall directly or indirectly deal or trade in any thing except bills of - exchange, cold or sver bullion, or in the sale of goods really and truly pledged W money t , lent and not redeemed in slue time, or of goods which shall be the ' produce of its lands. Neither shall the said corporation take.rpore ' .l ! , than;at ,the rate of six per centum per annum for or upon its loans? ' or discounts. ; . . , . . . t r- ' Tenthl'. No loans shall be made by the said corporation for the - i use, or on account ot the Government of the United States ,s to aa " J amount exceeding one hundred thousand dollars, or of any parti cli- vj :Xt lar State to an amount exceeding fiftv thousand dollars, or of any J Foreign Prince or Ste, unless previously authorised by a law' oF the State. : " " i : -yxk;:H:4: Eleventh. The sfockof said Corporation shall be assignable and ' IS j transferable, according to such rules as shall be instituted in that be ? half by the iaws and ordinances of the same. f :: " ; Twelfth. The Bills obligatory and of credit, under the seal oF'V-'r' ' said Corporation, Which shall be made to any nerson Or nersonR I1 shall be assignable by endorsement thereupon under the hand or hands of such person or persons, and of his,- her or their assignee or assignees, and so as absolutely to transferndvest the hronertv- thereof in each and every assignee or assignees successively, and to enable such assignee or assignees to brine and maintain an nrtinn thereupon in his, her or their own name or names.-; And Bills or Notes which may be isssued by order of the said Corporation sign ed by the President and countersigned by the nrinciDal Cahii? Treasurer thereof, promising the payment of mdnefrto anv rr or persons his, her, or their order, or to the bearer. thWh aer tne seal 01 tne said Corporation, shall be binding and bbliMto V-.-. "it A? J : CanacitV or MnaritU. were so issued by suh private person or persons, that i tn Those which shall be payable to ny person or oerson, hu 1,1. lueir orucr, snau ue assignaoie oy endorsement,- in likermannernd 7 V win. inwc tucti, iuitiBu uuij ui jcxcnanw uovr are i anrfHhnc which are payable to bearer, shall be, negotiable and assignable bv delivery only. vfe. Thirteenth. Half yearly Dividends shall be made of so much of ' " the profits of the Bank, as shall appear to the Pirectors-advisable - and once in every three years, the. Directors shall labefoi ther Stockholders at a general meeting, for theirJnofmatipn and particular statement of aU the affairs relative to the Bank-tand ' divide the surplus' profits. r . f , .: .s;. . ''V'J Fourteenth. It shall be the duty of the Director of thefilcl - Bank, to cause discounts to be granted and deposits to be received by the Directors of theaeveral Branch Banks, upon the same terms and in the same manner as; shall be practised at thenncipal Bank y dueregard being had to trie amotint at Capital actual noMhA - t? by.the several establishments : -They may require the Cashiiebf ' -each Bank to furnish them from Ume to time?as often as theirBa V tninK necessary, not exceeamg once a week, with statement th amount of riie capital Stock, ot their rrticularfacca debts due the same, of the monies deposited therein of theVnotes in circulation, and of the cash in hand. 'Nothm however bjil! : uc cuusirucu.iu mis sccuuu) w give a rignt to tne JJircctors ptthe r v Principal Bank, for Removing the Capital StdcKo? any nltnotMp'i of one Branch to that' of another, or.to the Prineioal Bahk Vr f -jvi establish anv firairich Bank otheir 'than' that wbr K u tiriw tMii.v-iit T- . w ; . W m.m . V$ UUly UB 5 II -.l ucicttuci csiauusupuruy : . 11c oiuccr ai uic neau 01 tne lea sury Department of the State, shall & fotmb as often " Teore, not with a statement of thift amount of thcCapitaltoc 6 cofporationj arid of- the debts due toVthe same of the monies deno r t Sex. I vj- , j i 4 ; :--;.7V";.!, (uTA4'--1- icy"'"' '
The Weekly Raleigh Register (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Dec. 27, 1810, edition 1
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