be elected as soon as Gold and Silver Coin to the amount of Fifty thousand dollars of the subscription for the said stock, shall have been received: And in each and every year thereafter, the Directors shall be chosen by the stockholders or proprietors of the Capital Stock of said Corporation, a plurality of votes being required to make a choice, and those who shall be chosen at any such election, shall be capable of serving as such directors until the first Monday in November next thereafter, and shall be eligible to re-election, and the said directors at their first meeting after each election, shall choose one of their own members as President, and in case of his death, resignation, removal from this State, or from the Board of Directors, the said Directors shall proceed to fill the vacancy by a new election for the remainder of the year: Provided, always, and be it further enacted, that as soon as the sum of Fifty thousand dollars, as aforesaid, shall actually have been received by the Commissioners at the several places, where the books of subcription may have been opened on account of said stock, said sums constituting the same, shall immediately thereafter be trans mitted to the Commissioners in Hawkinsville, whose duty it shall be on the receipt of the amounts so transmitted, to give notice thereof, in one of the Gazettes of Macon and Milledgeville, and at the same time in like manner, notify a time and place within the Town of Hawkinsville, at the distance of thirty days at least from the date of such notification for proceeding to the election of directors. And it shall be then and there lawful for the election to be made and the persons who shall then & there be chosen, shall be the first directors, and shall receive from the Commissioners the money which may have been received by them, and shall be capable of acting by such choice until the end or expiration of the first Monday in November, Eighteen hundred and thirty-two, and shall forthwithe thereafter commence the operations of the said Bank, in the said Town of Hawkinsville; and Provided further, That in case it should happen that an election for Directors should not be made upon any day, when pursuant to this act, it ought to have been made, it shall be lawful on any other appointed day to hold and make an election of directors in such manner as shall have been pointed out by the rules and regulations of the said corporation: And Provided That in case of the death, resignation, or absence from the State of a director, his place may be filled up by a new choice, made by the remaining directors for the remainder of the year.

Sec. 6. And be it further enacted, That the directors for the time being, shall have power and authority to appoint such officers and clerks under them, as shall be necessary for

executing the business of the said Corporation, and allow them, together with the President, such compensation as shall be reasonable, and shall be capable of exercising such other powers and authorities for the well governing and or. dering the affairs of said Corporation, as to them shall appear conducive to the interest of the Institution.

Sec. 7. And be it further enacted, That the following rules, regulations, limitations, and provisions shall form and be fundamental articles of the Constitution of said Corporation.

1st. The number of votes to which each stockholder shall be entitled, shall be according to the number of shares he shall hold; each share to be entitled to one vote: Provided, That no share or shares shall confer a right to suffrage which shall not have been holden three Calendar months previously to the day of election, and unless it be holden by the person in whose name it appears absolutely and bona fide in his own right or in that of his wife, and for his or her sole use and benefit, or as executor, administrator or guardian, or in the right and use of some copartnership, corporation or society of which he or she may be a member and not in trust for, or to the use of any other person; any stockholder being absent, may authorize any other citizen of the United States by Power of Attorney under Seal to vote for him or her.

2d. None but a stockholder entitled in his own right to Ten shares and being a citizen of the State, and not being a director for or stockholder in any other Bank, shall be eligible as a director, and if any one of the directors after being elected, shall at any time during the time for which he shall have been chosen, cease to be a stockholder, his seat shall thereupon, become vacant, and the remaining directors or a majority of them, shall at their next meeting pass an order declaring him no longer to be a director, and immediately proceed to fill the vacancy.

3d. Not less than four directors shall constitute a Board for the transaction of business, of whom the President shall always be one, except in case of sickness or necessary absence, in which case his seat may be supplied by any director appointed by the board of directors present for that purpose.

4th. A number of stockholders not less than fifteen, who together shall be proprietors of Four hundred shares, or up

wards, shall have power at any time to call a meeting of stockholders, for purposes relative to the Institution, giving at least sixty days notice in one of the Public Gazettes of Macon and Milledgeville, specifying in such notice the object of such meeting."

5th. The Cashier of the Bank, before he enters upon the duties of his office, shall give bond with two or more Securities to the satisfaction of the directors, in a sum not less than Twenty thousand dollars, with condition for his good behaviour and the faithful discharge of his duties, and the Clerk or Clerks, if any in said Bank, shall give bond, with like condition and in such sum, and with such Security as shall be satisfactory to the directors.

6th. The Lands and Tenements which it shall be lawful for the said corporation to hold, shall be only such as shall be requisite for its immediate accommodation in relation to the convenient transaction of business, and such as shall have been bona fide mortgaged to it as Security, or conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or purchased at sales upon judgments, which shall have been obtained for such debts..

7th. The total amount of debts which the said corporation shall at any time owe, either by bond, bill, note or contract, shall not exceed three times the amount of their Capital Stock paid in, over and above the amount of specie actually deposited in their vaults for safe keeping.

Sec. 8. And be it further enacted by the authority aforesaid, That the persons and property of the stockholders for the time being in said Bank, shall be pledged and bound in proportion to the amount of shares that each individual or company may hold in said Bank, for the ultimate redemption of the Bills or notes, issued by or from said Bank, during the time he, she, or they may hold such stock, in the same manner as in common commercial cases, or simple cases of debt.

The directors shall have power to issue to the subscribers. their certificates of stock, signed by their President, and countersigned by their Cashier, which shall be transferrable on the books of the Cashier only, by personal entry of the stockholder, his legal representative or attorney, duly authorized by special power for that purpose.

The Bills obligatory, and of credit notes, and other contracts whatever, on the behalf of the said corporation, shall

be binding and obligatory upon the said company: Provided the same be signed by the President and countersigned or åttested by the Cashier of the said corporation, and the funds of the said corporation shall, in no case, be liable for any contract or engagement, whatever, unless the same shall be so signed & countersigned or attested as aforesaid, and the books, papers and correspondence, and the funds of the company shall at all times, be subject to the inspection of the Board of Directors and stockholders when convened according to the provisions of this act.

Dividends of the profits of the corporation, or of so much thereof, as shall be deemed expedient and proper, shall be declared and paid half yearly, (the first half after the Bank shall have been in operation excepted) and the said dividends shall, from time to time, be determined by a majority of the directors at a meeting to be held for that purpose, and shall in no case, exceed the amount of the nett profits actually acquired by the corporation, so that the capital stock thereof, shall not be impaired.

The directors shall keep fair and regular Minutes of their proceedings, and on any question, when two directors shall require it, the yeas and nays of the Directors voting shall be "inserted on the. Minutes.

The corporation shall exist and continue until the first Monday in November, Eighteen hundred and sixty-two, and immediately after the dissolution of the same, the last acting directors shall close the concerns of the company, and divide the Capital and profits among the stockholders according to their respective interests.

Sec. 9. And be it further enacted, That no stockholder shall borrow money from the said Bank upon the faith or pledge of their stock.

Sec. 10. And be it further enacted, That any Bank or the branches thereof, 'who may make a demand of Specie from said Bank, shall be compelled to receive either the Bills of the said original Bank or any of its Branches in pay

ment.

ASBURY HULL,

Speaker of the House of Representatives.
THOMAS STOCKS,

Assented to, Dec. 24, 1931.

President of the Senate.

WILSON LUMPKIN, Governor.

AN ACT to amend in part the ninth Section of an act to establish a Bank at Milledgeville to be called and known by the name and style of "the Central Bank of Georgia," to appropriate Moneys, Bank Stock, and other Securities, to form the Capital Stock of said Bank, and to incorporate the same, so far as regards the salary of the Cashier of said Bank.

Sec. 1. Be it enacted by the Senate and House of Representatives of the State of Georgia, in General Assembly met, and it is hereby enacted by the authority of the same, That from and after the first day of January, eighteen hundred and thirty-two, the Cashier of the Central Bank of Georgia, shall receive for his salary the sum of two thousand dollars per annum, which salary shall be payable quarter yearly.

Sec. 2. And be it further enacted, That all laws or parts. of laws militating against this act, be and the same are hereby repealed.

ASBURY HULL,

Speaker of the House of Representatives.

THOMAS STOCKS,

Assented to, Dec. 26, 1831.

President of the Senate.

WILSON LUMPKIN, Governor.

AN ACT to amend an act entitled an act, to charter the Augusta Insurance and Banking Company, passed on the twenty-sixth day of December, eighteen hundred and twenty-seven.

Sec. 1. Be it enacted by the Senate and House of Representatives of the State of Georgia, in General Assembly met, and it is hereby enacted by the authority of the same, That from and