ROYAL GAZETTE.

or Bank Note shall be issued or put in circulation, nor any bill or note be discounted at the Bank afore- said, until the said sum of one thousand pounds shall be actually paid in and received on account of the subscriptions to the Capital Stock of the said Bank.

XVI. As soon as the sum of one thousand pounds shall have been paid in current gold and silver coins, and shall be in the vaults of the said Bank, the President shall give notice thereof, to the Colonial Secretary of this Island, for the information of Ilis Excellency the Lieutenant Governor, or Adminis- trator ofthe Govvrmnent, for the time being, who is hereby authorized, by and with the advice of Her Majesty’s Executive Council, to appoint three Com- missioners, not being stockholders, whose duty it shall be to examine and count the money actually in the vaults, and to ascertain, by the oaths ofthe majority ofthe Directors, that one third the amount ofthe Capital hath been paid in by the stockholders towards payment of their respective shares, and not for any other purpose, and that it is intended to have it there remain as part of the capital stock of the said Bank, which investigation is hereby declared indispensable, and shall be made at the periods pre- scribed by the second section ofthis Act, when pay- ing in the capital stock ofthe said Bank.

XVII. The shares or capital stock shall be as- signable or transferable, according to the rules and regulations that may be established in that behalf; but no assignment or transfer shall be valid or effi- cient, unless such assignment or transfer shall be entered and registered in a Book to be kept by the Directors for that purpose ; nor until such person or persons, so making the same, shall previously dis- charge all debts actually due, and payable to the said Corporation; in no case shall any fractional part ofa share, or other than a complete share or shares, be assignable or transferable; and whenever any stockholder shall transfer in manner aforesaid, all his stock or shares in the said Bank, to any other person or persons whatever, such stockholder shall. cease to be a member ofthe said Corporation.

XVIII. The said Company shall not, directly or indirectly, deal in anything, excepting Bills of Ex- change, Gold or Silver Bullion, or in the sale of goods really and truly pledged, for money lent and not redeemed in good time, or in the sale of stock pledged for money lent and not so redeemed, which said goods and stock, so pledged, shall be sold by the said Corporation at public sale, at any time not less than thirty days after the period of redemption; and if upon such sale of goods or stock there shall be a surplus, after deducting the money lent, toge- ther with the expenses ofsale, such surplus shall be paid to the Proprietors thereof respectively.

XIX. The holders of the stock of the said Bank, shall be chargeable in their private and individual capacrties, and shall be holden for the payment and redemption of all bills which may have been issued by the said Corporation; and, also, for the payment ofall debts at any time due from the said Corpora- tion, and in proportion to the stock they respectively held: Provided, however, that in no case shall any one stockholder be liable to pay a sum exceeding twice the amount of stock then actually held by him over and above and in addition to the amount of

443 45

‘- W

stock actually by him paid into the Batik: Pro- vided, nevertheless, that nothing in this Act contain- ed shall be construed to exempt the joint stock of the said Corporation, from being also liable for and chargeable with the debts and engagements of the same.

XX. Every Bond, lank Bill, or Bank Note, or other instrument, by the terms or effect of which the said Coporation may be charged or held liable for the payment of money, shall especially declare in such form as the Board of Directors shall prescribe. that payment shall be made out ofthe joint tunds of the said Corporation : Provided nevertheless, that nothing herein contained shall be construed to alter, change or diminish the responsibilities and liabilities imposed on stockholders in their individual capaci— ties, by the nineteenth section ofthis Act.

XXI. The total amount of debts (deposits ex— cepted) which the said Corporation shall, at any time, owe, whether by Bond, Bill, or Note, or any contract whatsoever, shall not exceed three times the amount of the Capital Stock actually paid in by the stockholders; and, in case of any excess, the Directors, under whose administration and manage- ment the same shall happen, shall be liable for such excess in their individual and private capacities: Provided always, that the lands, tenements, goods and chattels of the said Corporation shall also be liable for such excess.

XXII. The Directors shall make halfyearly divi- dends of all profits, rents, premiums and interests, of the said Corporation, payable at such time and place as the Directors shall appoint, of which they shall give thirty days notice in the Royal Gazette newspaper published in this Island.

XXIII. The books, papers, correspondence and funds ofthe said Corporation, shall, at all times, be subject to the inspection of the Directors; but no stockholder, not a director, shall inspect the account of any individual With the said Corporation.

XXIV. All bills or notes, issued by the said Cor- poration, shall be signed by the President, for the time being, and countersigned and attested by the Cashier, and shall be printed and made on steel plates; and all bills and notes so signed and counter- signed,shall be binding on the said Corporation, and payable in specie at the said Bank: Provided that ne'notes shall be issued by the said Corporation for a less sum than five shillings.

XXV. The said Corporation shall be liable to pay to any bonafidc holder, the original amount of any Note ofthe said Bank, which shall have been couno terfeited or altered, in course of its circulation, to a larger amount notwithstanding such alteration.

XXVI. The said Bank shall be kept and estab- lished at Souris, or at such other place, as the Board of Directors may think it necessary to remove the said Bank to on account of any great emergency for the security thereof.

XXVII. The Directors shall, at the general meet- ing to be held on the second Thursday in January, in every year, lay before the stockholders for their information an exact and particular statement ofthe amount of debts due to and by the said Corporation; the amount of Bank Notes then in circulation; the amount of Gold and Silver in hand; the amount of