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1832-1833 1 (1832-1833)

handle is hein.ssl/ssal0158 and id is 1 raw text is: PUBLIC AND GENERAL LAWS PASSED AT THE ANNUAL SESSIO -OF THE OF LAB M& A. FOR 1S32-3. [No. 1. ' -s, AN A CT , To establish n1rai of he atA Aa in te City of hobile. Section 1. Be it enacted bay the Senate an ouse o hep- /reselitutives of the Stale of .11/ihama in General ./7ssembly wivened, That a Branch of the Bank of the State of Alabamn, Capital stock. with a capital of two millions of dollars, be, and the same is here- by established in the city of olbile, to be styled the Branch of the Bank of the State of Alabama, at Mobile. Soc. 2. .Ind le it further en ac/ed, That for the management election or of the coneerns of said Branch Bank, the legislature shall annu- Prceident and ::ly proceed to clect by joint vote of both Houses, a president Directors. and fourteen directors, whose oflice shall continue for one year, ;ad until their suiccessors shall be duly qualified; and all subse- quient elections for president and directors, shall be by joint vote of both houses of the general assembly. See. 3. D9nd be it firther enacted, That the following pow- I4er or th ers, rules, conditions, limitations and restrictions, shall be the Presdentan: . f'undamental laws of said Branch Bank, viz: First, The presi. rctor. dent and directors for the time being, shall have power to elect and remove the cashier and such other officers and clerks under them as shall be necessary, to excute the business of said Branch Hank, and allow them such cotnpensation for their services a.4 shaill be reasonable and just: Second, They shall receive moneyl on deposito, atd pay out the ;amae to order frce of expense; dleal in bills of exchange and discount notes made payable and negotitb!e at said Branch Bank, at a rate of interest not exceed- ing si< pr cent. per annum; and all notes that have from six to u:n! of liter- nine months to run, may be discounted at a rate of interest not to exceed seven percent. per annum; and all notes that have from nine to twelve months to run, may in like manner be discounted at a rate of interest not to exceed eight per cent. per annunm: Third, in ease of vacancy by death, resignation or removal out of the State of any director, a majority of the directors shall fill such yanancies vacaney; and the director or directors so appointed, shall hold Low tied. his ortheir office during the unexpired time of such director or director5:,1iourth, In case of death, resignation, or removal out of. the/:State of the president, unless such removal be temporary, :and li has permission of the board of directors, the dirccte r.

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