Volume 2 - ElectricCanadian.com

DEVELOPMENT OF CANADIAN BANKING 45within a year from that time. The usual limitations wereplaced on the power to hold lands or to lend money on realestate, and permission was given to take mortgages as additionalsecurity for debts already contracted. No shareholdercould have more than ten votes. The bank must not dealin anything except bills of exchange and gold or silver bullion,but might sell goods or stock (shares) which had beenpledged for advances. The joint stock or property of the corporationwas alone responsible for its debts, and the bills,bonds, and notes of the bank were to contain a declaration tothe effect that payment could be had only out of the joint fundof the corporation. The total debts were not to exceed twicethe capital stock paid in, and the directors violating this conditionwere made personally responsible for any adverse consequences.The bills and notes of the bank were to be printedfrom stereotype plates and signed by the president andcashier. At the annual meeting the directors must lay beforethe stockholders a statement of the bank's affairsshowing:1. The amount of the debts due to and by the corporation.2. The bank-notes in circulation.3. The gold and silver on hand.4. The amount of debts, in their opinion, bad or doubtful.5. The surplus profit, if any, after deducting losses andprovision for dividends.This statement was to be signed by the directors andattested by the cashier, and a copy was to be sent to theAny committee appointed by theSecretary of the province.legislature for the purpose of inspecting the affairs of thebank was to have access at any time to its books. Sixtystockholders owning inthe aggregate three hundred shares,or seven directors, had power to call a general meeting, afterthirty days' notice specifying the time, place and objects ofthe meeting.The American origin of this charter is obvious, but itfollows in general the New England model rather than that ofthe first Bank of the United States.As the promoters found