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Sec. 18. And be it further enacted, That process of law, served on the President for Process serý. the time being, shall be deemed sufficient ser ed upon the vice, and shall avail in like manner, as if it sufficient. had been served on all the directors, to the intent and purpose of making the said corporate company responsible.
Sec. 19. And be it further enacted, That Notes madë whenever any note shall be given, contain-Bank to be ing express consent in writing, that it may mins derecess be negotiable at the said bank, and the same change. shall be endorsed, if payment be refused or neglected to be made, at the time it shall have become due, the like proceedings are to be had out of court, and suit may be prosecuted against the drawer and endorser, jointly or separately, in like manner as if the same was a bill of exchange.
Sec. 20. And be it further enacted, That Bank to be the said bank shall continue to transact its continued in business of discount and deposit in the county of Alexandria, in the district of Columbia.
J. B. VARNUM,
Speaker of the House of Representatives.
Vice-President of the United States, and
President of the Senate.
February 15, 1810.
AN ACT to incorporate the Bank of Wash
ington. BE it enacted by the Senate and House of
Representatives of the United States of America, in Congress assembled, That from and after the fourth day of March, which will be in the year of our Lord one thou
sand eight hundred and eleven, all those perWashington sons, their legal representatives or assigns, incorporated. who on the first Monday of September, in
the year of our Lord one thousand eight hundred and nine, at the city of Washington subscribed certain articles of association, and formed a company or limited partnership, under the name and style of “ The President and Directors of the Bank of Washington,” and who, on the said fourth day of March, in the year eighteen hundred and eleven, shall hold any share of the joint stock or funds, created in pursuance of the said articles of association, and their successors, being stockholders as aforesaid, shall be and they are hereby incorporated, and made a body corporate and politic, by the name and style of “ The President and Directors of the Bank of Washington;" and by that name may sue and be sued, implead and be impleaded, answer and be answered, defend and be defended, in courts of record and any other place whatsoever; and by that name may have and hold, purchase, receive, possess, enjoy and retain lands, rents, tenements, hereditaments, goods, chattels and effects, of what nature, kind, or quality soever; and the same sell, grant, demise, alien and dispose of; and, by that name shall
have succession, during the continuance of
government of the said corporation, not being contrary to law, nor to the constitution thereof; and generally to do and execute all acts necessary or proper for the objects of the said incorporation, subject to the rules, regulations, restrictions, limitations and provisions herein described and declared.
Sec. 2. And be it further enacted, That Capital. the capital stock of the said bank shall consist of five hundred thousand dollars, money of the United States, to be divided into shares of twenty dollars each; of which, Shares &c. ten dollars on each share will, according to the articles of association aforesaid, have been paid before the said fourth day of March, eighteen hundred and eleven; and it shall be optional with any stockholder thereafter to fill up his or her share or shares, by the payment, at any one time, of the residue of the money due thereon, who shall thereupon be entitled to receive dividends in future, in proportion to the whole amount paid upon such share or shares : Provided, That the dividend or dividends, on such sums of money so paid, shall not commence until the first day of the month next ensuing such payment.
Sec. 3. And be it further enacted, That Bank to be the said bank shall transact its business in the continued in
Washington city of Washington.
Sec. 4. And be it further enacted, That the affairs of the said bank shall be conducted
by twelve directors and a president, whose Directors &c. place, if chose from among their number, &c to be ap- shall be supplied by that body. Six of the pointed.
directors, with the president, shall form a board or quorum for transacting all the business of the company. In case of his sickness or recessary absence, his place may be supplied by any director, whom he, by writing under his hand, may nominate for that pu pose; or, in case of his not making such nomination, the board may appoint a president to act during his absence.
The president and directors who may be in office, under the said articles of association, on the said fourth day of March, eighteen hundred and eleven, shall continue in office under and by virtue of this act of incorporation, until others shall be duly chosen in their stead. No person shall be a director or president who is not a citizen of the United States and a stockholder; and a director ceasing to be a stockholder shall cease to be a director. And no person, a director of another bank, shall be a director of this bank. Every stockhol
der, being a citizen of the United States, Yates, shall be entitled to vote at all elections to be
holden by the stockholders, in pursuance of this act, and shall have as many votes, in proportion to the stock he may hold, as follows : for one share and not exceeding two shares, one vote each; for every two shares above two, and not exceeding ten, one vote; for every four shares above ten, and not exceeding thirty, one vote; and for every six shares 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 that number, Me vote. But no person or persons, bodies
corporate, or otherwise, shall be entitled to
Sec. 5. And be it further enacted, That a Times of general meeting of the stockholders of the meeting, for said bank shall be holden on the first Mon- Directors day of January, in the year eighteen hun- &c. &c. dred and twelve, and on the first Monday of January in every year thereafter, at such place as the president and directors shall appoint, by giving four weeks notice in one or more of the newspapers of the city of Washington, for the purpose of electing directors for the ensuing year, who shall meet on the