President of the said Union Bank shall be effectual; on which subscription, delivery, transfer, and conveyance, being made, the stockholders of the said Union Bank shall, forthwith, become stockholders in the said Bank of Potomac, and shall be entitled to the same privileges and advantages, and the stock of the said Union Bank shall, to all intents and purposes, be considered as forming a part of the capital of the said Bank of Potomac; and the proper officers of the said Bank of Potomac shall forthwith issue to the stockholders of the said Union Bank, certificates of stock in the said Bank of Potomac, at the rate of one share, or one hundred dollars of Potomac bank stock, for every hundred dollars of the Union Bank stock so subscribed, according to the respective interests of the said stockholders in the stock so subscribed.
The union being effected, the Bank of Potomac becomes bound by the legal contracts of the Union Bank of Alexandria.
And the Bank of Potomac may enforce the payment of debts due, &c.Sec. 15. And be it further enacted, That on the said union being made as aforesaid, all contracts legally made by the said Union Bank shall, forthwith, become obligatory on the said Bank of Potomac, and all debts due by the said Union Bank on notes issued by it, or otherwise, shall become chargeable on, and payable by the said Bank of Potomac: and the parties to such contracts, and the creditors of the said Union Bank, shall have the same remedies to enforce the performance of such contracts, and the payment of such debts, against the said Bank of Potomac, its property and effects, as are now, by law, given to them against the said Union Bank; and that the said Bank of Potomac may, in its own name, sustain all actions and suits which may be necessary to enforce the payment of debts due to, and the performance of contracts made with the said Union Bank, and for the recovery of any lands, tenements, goods, and chattels, belonging to and improperly withheld from, the said Union Bank.
Bonds, bills, notes, &c., falling due at the Union Bank of Alexandria, made payable at the Bank of Potomac.Sec. 16. And be it further enacted, That all bonds, bills, notes, or other securities for money, which, by the terms thereof, have been, or shall be, made payable at the said Union Bank, which shall fall due after the said union shall have been carried into effect, shall, from thenceforth, be considered as if the same had been made payable at the said Bank of Potomac; and that a demand of payment at the said Bank of Potomac shall, to all intents and purposes, be as effectual in law as if the same were made at the said Union Bank.
Upon the union of the two banks, the 27th section of the act of March 3, 1817, is repealed.
Act of March 3, 1817, ch. 93.
Proviso.Sec. 17. And be it further enacted, That from the time said union of the said banks shall be carried into effect, the twenty-seventh section of an act of Congress, passed on the third of March, one thousand eight hundred and seventeen, entitled “An act to incorporate the subscribers to certain banks in the District of Columbia, and to prevent the circulation of the notes of unchartered associations, within the said District,” shall be, and the same is hereby repealed: Provided, That such repeal shall not, in any way, impair the right of the said Bank of Potomac to the money, property, debts, and effects, which shall be transferred or conveyed to it, as aforesaid, nor its remedies in its own name for the recovery thereof; nor shall any suitSuits not to abate.
Proceedings in the name of the Union Bank. now brought in the name of the said Union Bank, thereby abate, but the same may be carried on and prosecuted for the benefit of the said Bank of Potomac to final judgment and execution; and the proceedings on such judgments or executions may be instituted and carried on in the name of the said Union Bank, against the bail, securities, and all other persons bound in such suits, for the defendants therein.
If the parties cannot agree, circuit court on petition may appoint three commissioners to ascertain the value, of the stockholders’ interest, &c.Sec. 18. And be it further enacted, That, if any stockholder or stockholders in either of the said banks, who has not heretofore assented to the union aforesaid, shall, within three months from the passing of this act, file his declaration, in writing, in the said Bank of Potomac, declaring himself dissatisfied with the said union, and his determination to withdraw his interest from the same; and if the said bank cannot agree with such stockholder or stockholders on the amount of such interest,
