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urth the business and operationsot the Bank of the one stockholder be liable to pav a sum exceedinir

mtltl (‘Ht'pm'aliotL

I Itthlttl aluays, that no Bank twrce the arrronnt of stock then actuallv held bv him

IHll, (ll IMlIll\ I\"It‘ film” I)(‘ |>>llt (I (ll PHI III (,IIClIliI- H\‘(‘1‘nndui)0\'e and In uddltlnn [0 [he un'nunt at stuck

tron. nor anv Iiill or Note be ilrseonntul at the said actuallv bv him paid into the Rank.

I’rovidcd, nev-

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1 v , -. - . ~v\ ’- ,. s‘ . I . ' . Imnlt. until thr sard'sum oI tut. thousand pounos A citheless, that nothing in this Act Contained shall he shall he actually paid in and l‘t't't‘th'tl on acetiunt ol . construed to exempt the joint stock of the said Cor—

thc subscriptions to the ( litttlli.

apital btock ot the said poration, from being also liable for and chargeable

jWIlll the debts and engagements ofthe same.

. . . t l ..\\ I. As soon as the sum of live thousand pottndsl shall have been paid in current gold and silver coins,

and shall be. in the vaults of the said Bank, the I’resi—L

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dent shall give not ice tlrereof,to the Colonial Secretary” wftlris I~land,furtlre inlor rnation ofllis l'ixeellency the l Lieutenant (iIIVt'I'IIUI', or Zttllltllll>t£itltlr of the Gov-V tIlllllt‘lil, fur the time. being, \\lm is hereby author'in ed, by and With the advice ofllz-r Majesty‘s ICxccu—: tive Council, to appoint three CUIHIHISrlUIIL‘IS, noti beingr stockholders, Whose duty it shall be to examine? and count the money actually in the vaults, and to'

ascmtain, by the oaths of the majority ofthe Direc- tors, that one third the amount of the Capital hath

been paid in hy the stockholders towards pavnrcnt' oftheir respective shares,and not for any other pur-‘

pose, and that it is intended to have it there remain as part ofthe Capital Stock of the said Bank, which investigation is hereby declared indispensable. and shall he made at. the periods prescribed by the second section of this Act, when paying in the Capi- tal 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 assignrnerrt.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 a fractional part of a share, or other than a complete share or shares, be assignable 0r transferable; and when any stock-

holder shall transfer in manner, aforesaid, all his

stock or shares, in the said Bank, to any other per- son or persons, whatsoever, 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 due" 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, together with the expenses of sale, 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 capacities, and shall be holdetn for the payment and redemption of all bills which may haVe been issued b the said Corporation; and, also, for the payment of all debts at any time due from the said Corpora- tion, and in proportion to the stock they respectiver hold. ' Provided, however, that in no case shall any

XX. I‘lvery Bond, Bank Ilill, or Bank Note, or other instrument, by the terms or (ll'eet ofuhirlr the. said Corporation may he charged or held liable for the payment of money, shall, Especially, d< clare in such form as the Board of I lit'ectors shall prescribe that payment shall be made out ofthejoint funds, o the said Corporation. I‘rovidcd, nevertheless, nothing herein Contaier shall be construed to alter, change or diminish the tespynsibiltics and llitllllilitr) imposed on stockholders in their individual came by the nineteenth section ofthis Act. A

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XXI. The total amount ofo'cbts (deposits exci 12'.“ ed) which the said Corporation shall, at anv tinie, owe, whether by Bond, Bill or Note, or any ciintrae: whatsoever, shall not exceed three times the amount of the Capital Stock actually paid in by the stock- holders; and, in case of any excess, the Directors, under whose administration and rnanagr mint the same shall happen, shall be liable for such (acess izr their individual and private capacities. Provided always, that the lands, tenements, goods and chattels ofthe said Corporation shall also be liable for such excess.

XXII. The Directors shall make halfyearly divi- dends of all profits, rents, premiums and interest, of the said Corporation, payable at such time and place as the Directors shall appoint, of which they shall gire thirty days notice in the Royal Gazelle newspa- per 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 saidCorpor- ation, 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 countersigned, shall be binding on the said Corporation and payable in specie at the said Bank. Provided that no Notes shall be issued by the said Corporation for a less sum than five shillings, '

The said Corporation shall be liable to pay to' any bona fide holder the original amount of any Note of the said Bank, which shall have been Counterfeited or altered, in course of its circulation, to a larger amount notwithstandipg such alteration.

XXVI. The said Bank shall be kept and establish- ed at Summerside, 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 meets ing to be held on the first Tuesday in February, in every year, lay before the stockholders for their in?