Volume 2 - ElectricCanadian.com

392 HISTORY OF THE BANKThe affairs of the corporation were to be managed bythirteen directors, of whom five constituted a quorum. Theywere to be elected annually and to appoint from among themselvesa president and vice-president. They were also toappoint and pay such officers as were necessary to conductthe business of the bank, but were not themselves to receiveany remuneration. They were to pass such by-laws and rulesas might be necessary for the government of the affairs of thebank and for the direction of its officers. The chief employeesof the bank had to give sureties for the faithful discharge oftheir duties. No shareholder could have more than twentyvotes at a general meeting, and the number of votes to whicheach was entitled was fixed roughly in proportion to the numberof shares held, the smaller shareholders, however, being givensome advantage. Votes by proxy were allowed. Foreignersmight hold shares in the bank, but only natural-born ornaturalized British subjects who held at least ten shares andhad been resident at least seven years in the province andthree years in Montreal were eligible as directors. Theliabilities of the shareholders were limited to the amount ofthe capital stock held by each, and alllegal actions againstThethe company were to be taken against the president.bank might discount notes and deduct the interest in advance,but was not to deal in ordinary merchandise or anything exceptbills of exchange and gold or silver bullion.It was specificallyprohibited from dealing in land or other real estate, or holdingmore than might be necessary for the conduct of its business.It might, however, take land and merchandise by way ofadditional security for debts already contracted to the bankand dispose of them by the ordinary process of law.The total debts of the bank by way of bonds, bills, ornotes were not to exceed three times the capital paid in, overand above such sums of money as might be deposited with thebank for safe-keeping. The directors responsible for contractingany obligations beyond these limits were to bepersonally liable for the excess amount, without, however,