The directors

Number of posts : 3 Join date : 10.01.11

The directorsThe directors did not pay any money whatever, for although, in common with the other stockholders, the directors lodged the amount of their first instalment in specie, yet, in a very few days afterwards, all the directors received out of the Bank the amount of said instalments in bills of said Legislative History of United States Bank. Bank, for whiGh no security whatever was given, and they gave five notes, without indorsers, for the five first instalments, payable on demand with interest: for the two last instalments, no payment was made or security given. The said notes remained in the Bank until the directors transferred their stock, when they were delivered up in the manner hereinafter mentioned. The directors were the holders of. tory burch sale one hundred and three shares each, and in this manner did the Farmers' Exchange Bank, which by the charter was to consist of two thousand shares, commence its operations with only six hundred and sixty-one shares, on which any payments had been made in gold and silver, agreeably to the express provisions of the charter : and the whole money paid into the Bank at any one period whatever, on the said six hundred and sixty-one shares, amounted to nineteen thousand one hundred and forty-one dollars and eighty-six cents." Prior to the twenty-ninth of March , sundry stockholders, holding four hundred and fifty shares, transferred them to the directors of said Bank. No money tory burch flats or other consideration whatever was paid by the directors with their own property to any of the stockholders who so transferred their shares, but they were uniformily paid for with the property of the corporation. Most of the said stockholders were indebted to the Bank in notes, and to them their notes were given up, and if their shares exceeded the sum due from them to the Bank, the balance was paid out of tory burch outlet the Bank with the property of the corporation : and none of the said directors, or any person whatever, was debited for the said sums so paid, or for the tory burch shoes notes surrendered.