the said bank, over and above the monies actually deposited in the bank for safe keeping, then, in case of such excess, the directors, under whose administration it shall happen, shall be liable for such excess in their natural and private capacities: and an action or actions of debt may be brought against them or any of their heirs, executors or administrators in any court of record within the district of Columbia, by any creditor or creditors, of said company, and may be prosecuted to judgment and execution, any condition or covenant, or agreement, to the contrary notwithstanding; but this shall not be construed to exempt the said body politic, or lands, tenements, goods or chattels of the same, from being also liable for, and chargeable with said excess:Directors who are absent, not to be liable, if they give notice to the stockholders. Provided, that such of the said directors, who may have been absent when said excess was contracted, or created, or who may have dissented from 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, to the mayor of the town of Alexandria, for the time being, and to the stockholders, at a general meeting which he or they shall have power to call for that purpose. And in case the directors, by whose act such excess shall be occasioned, shall not have property to pay the amount of such excess, then each and every stockholder, shall be liable in their private capacities for the deficiencies, in proportion to their respective shares in the said bank.
Notes for a smaller sum than five dollars not to be issued.
Affairs of the bank to be annually laid before Secretary of the Treasury.
Directors not entitled to any emolument but by a decision of the board.Sec. 11. And be it further enacted, That the said president and directors shall not issue any note for a smaller sum than five dollars; and the said president and directors shall, once in every year, cause to be laid before the Secretary of the Treasury of the United States an account, truly stating the situation of the bank and its funds.
Sec. 12. And be it further enacted, That no director shall be entitled to any emolument, unless the same shall have been allowed by a majority of the stockholders, at a general meeting, but the directors shall make such compensation to the president for his extraordinary services and attendance at the bank, as shall appear to them reasonable.
None but citizens of the U. States and inhabitants of Alexandria of Fairfax counties eligible.
General meetings may be called by the stockholders.Sec. 13. And be it further enacted, That none but a stockholder, being a citizen of the United States, and a resident of the county of Alexandria, or county of Fairfax aforesaid, shall be eligible as a president or director.
Sec. 14. And be it further enacted, That a number of stockholders, not less than twenty, who together shall be proprietors of one thousand shares or upwards, shall have power at any time to call a general meeting of the stockholders, for purposes relative to the institution, giving at least six weeks’ notice in one or more newspapers, printed in the town of Alexandria, and specifying in such notice the object or objects of such meeting.
Sec. 15. And be it further enacted, That this act shall, to all intents and purposes, be deemed and held a public act.
Approved, February 16, 1811.
Statute ⅠⅠⅠ.
Chap. XIX.—An Act to incorporate the Union Bank of Georgetown.
