any other time to hold such elections; and the manner of holding such elections, shall be regulated by the laws and ordinances of the said corporation, and until such election be held the President and Directors of said Bank for the time being, shall continue in office; and provided also, that in case of the death, resignation or removal of the President, of the said corporation or of his absence from the State for more than six months, the Directors shall proceed to clect another President from the Directors as aforesaid; and in case of the death, resignation or removal from office or absence of a Director the vacancy may be supplied by a majority of the board.

Vacancies

Sec. 7. And be it further enacted, That as soon as one hundred First electhousand dollars shall be actually paid in gold or silver coin, to the tion of die superintendants of the subscriptions, the said superintendants of rectors of the said subscriptions at Cahawba, shall give notice of the same in all the newspapers printed in the State, and the said superintendants shall at the same time, and in like manner, notify a time and place, in said town of Cahawba; at the distance of at least forty days from the time of such notification, for the proceeding to the election of the Directors aforesaid, except those to which the State may be entitled, and the Directors thus elected shall be the first Directors of said Bank, and shall proceed to elect one of the Directors, President of said Bank, and the Directors and President of the said Bank so elected. shall be capable of serving in their respective offices until others shall be elected by the State and stockholders according to the provisons of this act; and they shall then and thenceforth cominence and continue the operations of the said Bank at Cahawba.

Threctors to appoint

Sec. 8. And be it further enacted, That the Directors for the time being, shall have power to appoint a Cashier, and such officers, clerks and servants under them as shall be necessary for executing the busi- officers. ness of the said Corporation, and to allow them such compensation as shall be prescribed, fixed and determined by the bye-laws, regulations and ordinances of the same.

constitu

Sec. 9. And be it further enacted, That the following rules, regulations, limitatious and provisions shall form the fundamental articles of Articles of the constitution of the said Corporation, to wit: 1st, The number of tion votes to which the Stockholders shall be entitled in voting for Direct-Votes for ors, shall be according to the number of shares he, she or they hold in Directors the proportions following, that is to say, two shares, above two and not exceeding ten shares, 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 exceeding one hundred, one vote; and for every ten shares above one hundred, one vote: but no person, copartnership, or body politic shall be entitled in his or their own right, or as proxy, to a greater number than thirty votes; and after the first election no share or shares shall coufer a right of suffrage which shall not have been holden two callendar months previous to the day of election, all stockholders may vote in elections or on any other question touching the Bank by proxy; Provided, the proxy be derived directly from such stockhold- vote by ers, and voted on by a person being a citizen of the State of Alabama, proxy 2d. No preference shall be given to any stockholders in loans or discount on account of his stock. 3d None but a stockholder, a resident, citizen of this state shall be a Director, nor shall any Director be entitled to any emoluments, nor shall any Director be permitted es ther directly or indirectly to have a discount or discounts amounting

Stockhold

ers uny

call a meet

to more than five thousand dollars, at any one time; but it shall be lawful for the President to receive such compensation as the stockholders Quorum shall at general meeting assign to him. 4th, Not less than seven Directors shall constitute a board for the transacting of business, of whom the President shall always be one, except in case of sickness or necessary absence, in which case his absence shall be supplied by any other Director whom he by writing shall nominate for the purpose, and in the event of the death of the President or his failing to make such nomination, the Directors for the time being, shall have power to appoint Stockhol- a President pro tempore. 5th, A number of stockholders, not less ders may than twenty, who together shall be proprietors of sixty shares or upwards, shall have power at any time to call a general meeting of the stock holders for purposes relative to the institution, giving at least six weeks notice in the newspapers in the town of Cahawba, and specifying in such notice the object or objects of such meeting. 6th, Every Cashier to Cashier, before he enters on the duties of his office, shall be required give bond. to give bond with two or more securities to the Directors in a sum not less than fifty thousand dollars, with conditions for his good behaviour. 7th, The lands, tenements and hereditaments, which it shall be lawCorpora- ful for the said corporation to hold, shall only be such as shall be requition restric site for its immediate accommodation in relation to the convenient ted in hold-transacting of business, and such as shall have been bona fide mortgagng prepared to it by way of security, or conveyed to it in satisfaction of debts

ing

ty.

ited,

previously contracted in the course of its dealings, or purchased at sales upon judgments which shall have been obtained for such debts. 8th, The total amount of notes emitted or thrown into circulation by said corporation, together with their debts of every description, shall not at any time exceed three times the amount of the capital stock of said Bank actually paid therein, unless the contracting of any greater Amount debt, shall have been previously authorised by a law of the State; in of notes is- cases of excess, the Directors under whose administration it shall hapsued....limpen, shall be liable for the same in their natural private capacities, and an action of debt may in such case be brought against them or any of them, or their heirs, executors, or administrators, in any court of record, by any creditor or creditors of said corporation, and may be prosecuted to judgment and execution, any condition, covenant, or agreement to the contrary notwithstanding, but this shall not be construed to exempt the said corporation or the lands, tenements, goods or chattels of the same, from being also liable for, and chargeable with the said excess. Such of the said Directors who may have been absent, when the said excess was contracted or created, or who may have dissented from the resolution or act, whereby the same was contracted or created, may respectively exonerate themselves from being so Proceed-iable, by forthwith giving notice in writing of the fact, and their abings in case sence or dissent to the executive department of the State, to be reof excess. corded in the office of that department, and to be communicated by the Governor to the Legislature at their next meeting, and by forthwith giving such notice to the stockholders at a general meeting. which they shall have power to call for that purpose. 9th The said Corpora- corporation shall not be at liberty to purchase any public stock whattion not to ever, except their own Bank stock: Provided, the number of shares lic stock. they purchase in, shall be sold out at par or above it as the case may be, whenever opportunity offers to do so with convenience, nor shall the corporation directly or indirectly deal in or trade in any thing, except bills of exchange, gold or silver, and promissory notes made payable in

hold pub

the same.

Per cent.

ble.

Stock

Bills of

said Bank, or any of its branches, or in the sale of goods really and truly pledged for money lent, upon notes actually discounted in said Bank, and not redeemed in due time, or in goods which shall be the produce of its lands; neither shall the said corporation take more than on disco'nt at the rate of six per centum, per annum for or on account of its loans or discounts. 10th, No loan shall be made by the said corporation Loars to governm't to any government or State, to any amount whatsoever, unless previ- prohibited. ously authorised by law of this State, 11th, The stock of the said corporation shall be assignable and transferable according to such rules and regulations as shall be prescribed by the laws and ordinances of transfera12th, The bills obligatory and of credit under the seal of said corporation, which shall be made to any person or persons, shall be assignable by endorsement thereupon, under the hand or hands of Corp'ation such person or persons and of his, her, or their assignee or assignees, negotiable. so as absolutely to transfer and vest the property in each and every assignee or assignees successively, and to enable such assignee or assignees to bring and mamtain an action thereupon, in his, her or their name or names; and bills or notes which may be issued by order of said corporation, signed by the President and countersigned by the principal cashier thereof, promising the payment of money to any persons or persons, his, her or their order, or to the bearer, though not under the seal of said corporation, shall be binding and obligatory upon the same in like manner, and with the like force and effect as upon any private person or persons if issued by him or them, in his, her, or their private or natural capacities, and shall be assignable and negociable in like manner, as if they were so issued by such private persons that is to say,those which shall be payable to any person or persons, his, her or their order, shall be assignable by endorsement in the like manBills paya ner, and with the like effect as bills of exchange now are; and those ble to bear which are payable to the bearer shall be negociable at the said Bank, er negotia and shall be, and they are hereby placed on the same footing as bills ble at Banl of exchange, so that the like remedy may be had for the recovery there- footing o of, against the drawer or drawers, endorser or endorsers, and with the bills of ex like effect except so far as relates to damages, any law to the contrary change. notwithstanding; Provided, that all bills or notes iss ed by said Bank State Ban shall be made payable at said Bank, and not at any of its branches, only paya 13th. Half yearly dividends shall be made of so much of the profits of ble at said the Bank, as shall appear to the Directors advisable, and once in every Bank. year, at a meeting to be held for the choice of Directors, those of the ual divi preceding year shall lay before the stockholders for their informetion, dends. an exact and particular statement of the general accounts and state of Failures i the corporation, if these shall be a failure in the payment of any instal-paying in ment, the party failing shall loose the benefit of any dividend which shall forfei may accrue during the delay of the same. It shall be lawful for the benefit General Assembly to establish branches of said Bank, according to the dividend. provisions of the constitution; and whenever a branch of said Bank shall be established, not more than thirteen, nor less than seven Direc-lish bran tors or managers shall be annually appointed by the Directors of the ches. mother Bank to serve one year, they shall choose a President from rect's how their own number, and each of them shall be a citizen of this State. appointed 14th, The Legislature shall be furnished annually within the first week qualifica of the Session, statements of the amount of capital stock of the said tions. corporation, and of the debts due to the same, of the monies deposit-statem't to ed therein, of the notes in circulation, and of the cash on hand, and be made to shall have a right to inspect such general accounts in the books of the Gen.Ass'y D

On sam

Bills of

Semi-an

nual

stalments

Gen. Ass'

may estab

с

Branch Di

Annua

istors Bank, as shall relate to the said statement. 15th, The Directors shaif • keep keep full and regular entries in a book, to be provided for that purournal. pose, of the proceedings, and on any question when two of the Direc

tors shall bequire it, the ayes and noes of the Directors voting shall be daly entered on their minutes, and those minutes be at all times on demand produced to the stockholders, when at a general meeting, or to the Legislature, or to any committee, who shall be authorised resident thereby to require the same. 16th, No President or Cashier of the 1 Can- Bank, shall directly or indirectly concerned in the purchase or sale of yechib any of the public stock or funds, under the penalty of ten thousand. If dollars, to be forfeited one half thereof to the use of the State, and the rchasing other to the nge of the informer. 17th, A fair and correct list of * list of the stockholders shall be hung up at least one month before any elecckhold- tion of Directors in the common Hall of the said Bank, to the end, to be that public information may be given to the parties of those co-proprietors and stock holders.

&L stock

ug up

Penalties Sec. 10. And be it further enacted, That if the said corporation cha?? corpo-deal or trade in buying or selling any goods, wares, merchandize or ion for commodities whatever, contrary to the provisions of this act, all and ling in ds, &c. every person or persons, being a member, or members of said corporation, who shalf have given any order or direction for so dealing. w trading, and all and every person or persons, being a member, or members, as aforesaid, who shall have been concerned as parties thore in, shall forfeit and loose treble valuc, of the goods, wares or commodities in which such dealing shall have been made, one half thereof to the use of the informer, and the other half thereof to the use of the State, to be recovered with costs of suit,

ls shall t: issue

Sec. 11. And be it further enacted, That the said President and Diless than rectors shall not in any care issue any notes for a smaller sum than one e dollar. dollar.

ter nego ble only

Sec. 17, And be it further enacted, That no rote shall be negociable Bank at the said Bank, unless it be so expressed on the face of the note. Sec. 13. And be it further enacted, That the stockholders shall be face hable for all notes issued or debts owing by said Bank in their individuckhold-al characters, to the amount of their stock therem respectively.

e Bank.

• Eable Sec. 14. And be it further enacted, That if any person or persons shall be indebted to said corporation, as maker or endorser of any note, abte dae bill or bond, expressly made negociable and payable at said Bank, and • Ik shall delay payment thereof, it shall be lawful for the President of the wcold. Bank or of any branch as the case may require, after having given thirty

days notice thereof to move the circuit court of the county where said Bank is established, or of the county where the branch may be, as the case may require, on producing to said court before whom the motion is made, the certificate of the President of the Bank, or of the Brauch, (as the case may be) that the debt is really and bona fide the property of Notes of the Bank, for judgment.

dobf's id

a Bank Sec. 15. And bo it further enacted, That the bills, or potem of said cerable corporation, originally made payable, or which shall have become payPayment able on demand, in gold or silver coin, shall be receivable, in all paye state. meil to the State of Alabama, and the public momcshall be therein rate may deponted whenever lying inactive, so long as said Bank contiines to purchase pay specit for its notes

the stock

50 whole Sac. 18. Att be it further enacted, That the State shall be, and herety ter tøn is vesfedi, with: full power and authority to purchase all the shares of stock owned by any individual, body corporate, euro-marnership, afta

ass

ten years, from the time at which the Bank shall have gone

into opera

tion. And should the State make sich purchase, it shall give the va lue and selling price at which such stock may be worth at the time of such purchase; but in no case shall give more than twelve and one half per centum above par; and in the event of the Site making mịch purchase, it shall be the duty of the several stock holders to transfor and assign over all stock owned by them.

Gen. 4

Sec. 17. And be it further enacted, That, the State shall have the right, at all times hereafter, of making such alterations, and amend- sebly ments to this act, as may be deemed essential to the proper govern- amend u ment and well being of said Bank,

Sec. 18. And be it further enacted, That this act shall commence and be in force from and after the passage thereof.

[Approved, Dec. 21, 1820,]

An Act to reduce into one, the several acts concerning Strays.

act

Strays,

Section 1. Be it enacted by the Senate and House of Representalizes of the State of Alabama in General Assembly convened, That every per son who shall take up a stray which shall be found on his plantation or land, shall forthwith give information thereof to some Justice of the now, take Peace for the county, and make oath before such Justice, that the up. same was taken up at his or her plantation or place of residence or his or her land adjoining the same, and that the marks or brands have not been defaced or altered since the taking up and thereupon the said Justice shall issue his summons to two disinterested householders of the neighborhood, commanding them, after being duly sworn, to value and appraise the same without partiality, favor or affection, and certify the Toba as valuation under their hands, together with a particular description of praised. the kind marks, brands, stature, color, and age, which certificate shall be attested by the Justice and transmited by him to the clerk of the County Court within ten days thereafter, to be by such clerk entered county to keep re in a hook to be kept for that purpose, for which the Justice and clerk cord. shall each receive fifty cents, to be paid by the taker up: Provided, that iftwo or more strays of the same species are taken up by the same per. Two o son, at the same time they shall be included in the same entry, and one more to b advertisement, and the Justice and the clerk shall receive no more fees than for one of such strays.

Clerk

includedi same entr

Escape o

Section 2. And be it further enacted, That when any stray as aforesaid, shall be found dead, or shall have escaped, the taker up, shall death without delay make report thereof to the clerk, on oath, whoshall make strays to b a memorandum of the same, in the margin of his book where the mer, reported. tificate of such stray was registered, and the taker up shall not be answerable for the same, nor shall the taker up be liable for using said stray: Provided the same shall not have been abused.

(

how asees

Section 3. And be it further enacted, That when acy stray shall be Experte proven away and the owner, and the taker up cannot agree as to ex- of keeping pences, application may be made by eitner party, to the next Justice? of the Peace, who shall require two householders of the neighborhood taie, who shall have the privilege of appointing an umpire and adjust the fispute and their award shall be fl

Sas. 4. And be it further enacted, That if any person shall take or send away any stray out of this state de anv pretched whatsoceursfox distų