vide the capital and profits which may remain among the stockholders, in proportion to their respective interests; and for this purpose, and for no other intent or purpose whatever, all the necessary powers, as fully as they are now enjoyed by the said corporation, shall be, and the same are hereby, continued to the said corporation, for the term of five years from the first day of January next, and no longer.
The stockholders of the Central Bank may reduce, &c.Sec. 10. And be it further enacted, That it shall and may be lawful for the stockholders of the Central Bank of Georgetown and Washington aforesaid, at their next annual meeting for the election of directors, to reduce the board of directors, for the said Central Bank, to any number not less than six.
The corporation of the Bank of Potomac continued to March 3, 1836.
Act of Feb. 16, 1811, ch. 18.Sec. 11. And be it further enacted, That the corporation of the Bank of Potomac be, and the same is hereby, continued and extended to the third day of March, in the year of our Lord one thousand eight hundred and thirty-six, during which time it shall hold and be possessed of all the rights, privileges, and immunities, now secured to it by an act passed on the sixteenth day of February, one thousand eight hundred and eleven, entitled “An act to incorporate the Bank of Potomac,” and shall be subject to all the restraints and limitations expressed in the said act, except so far as the same shall be altered by any provisions hereinafter contained.
Election of directors of the Bank of Potomac annually in November, on notice in the newspapers.
Thirteen directors, by ballot, for a year.
Directors may fill vacancies.Sec. 12. And be it further enacted, That an election for directors of the Bank of Potomac shall be held in the town of Alexandria, on the first Monday in November in each year, of which notice shall be given in one or more newspapers published in said town, for four weeks at least before the day of election; and the stockholders shall choose, by ballot, to be given in person or by proxy, by a majority of votes, from amongst the stockholders, thirteen directors, for the term of one year thereafter, and on resignation, disqualification, or removal, of any director out of the county of Alexandria, or out of the county of Fairfax, in Virginia, the other directors, at their next meeting thereafter, may elect by ballot another person, qualified as aforesaid, in his place, for the residue of the year. The directors, of said bank shall, at the first meeting after every general election, elect, by ballot, from among their own number, by a majority of their whole number, a president;Election of a president. and in case of his death, resignation, or removal, out of the county of Alexandria, or out of the county of Fairfax, or of his refusal to accept his office, the directors shall meet as soon as conveniently can be thereafter, and elect another person as president, in the manner before described.
Citizen stockholders may vote according to shares.
Proviso; shares pledged confer no right to vote.Sec. 13. And be it further enacted, That every stockholder of the Bank of Potomac, being a citizen of the United States, shall be entitled to vote at all elections to be holden by the stockholders of said bank, in pursuance of this act, and shall have as many votes in proportion to the stock he may hold, as follows, that is to say: For every share, from one to twenty, one vote for each share; from twenty to fifty shares, one vote for two shares; from fifty to one hundred, one vote for four shares; above one hundred shares, one vote for six shares: Provided, That no share, or number of shares, pledged to the said bank as security for any debt due, or to become due, to it, shall be considered as conferring any right to vote at the said elections.
