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T. ^nnsylvaKira An Act to the State Tax on real repeel and personal property, and jfo continue and extend the improvements of the State byRailroads and Canals and to charter a State Bank to be called the United States Bank, 7 f/ ^mi 4lr^' Sin ^t% TO REPEAL THE STATE TAX ON REAL AND PERSONAL PROPERTY, AND TO CONTINUE AM© KXTEND THE IMPROVEMENTS OF THE STATE BY RAILROADS AND CANALS, AKD TO CHARTER A STATE BANK TO B£ CALLED THB UNITED STATES BANK, IIARRISBURG PRINTED By TUSO* VBNM 1836. J^ -. A7, ^V^' PENNSYLVANIA LEGISLATURK. HOUSE OF REPRKSKNTATIVKS, IVcdnCidatj, February 9A, 185G. A motion was made by Mr. Heed, and rend as tollows: of lliis Wliereas, ihe enactme.nt of a law, relieving the industry cotnmoiiwealtli from oppressive taxation, sustaining its system of and common schools, and furnishing ii sound public improvements labour are made secure, circulating inediam by which the wages of is an important era in our legislative history: And whereas, it is important that the people of this commonwealth should have an opportunity of knowing what their representatives have done for the promotion of their prosperity: Therefore, Resolved, That five thousand copies in English and two thousand in German of the law entitled "An act to repeal the state tax on real and personal property, to continue and extend the imof the state by railroads and canals, and to charter a provements state bank to be called the United States Bank," be printed pamphlet form for distribution. On in motion, K. The said preamble and resolutions were read a second time, considered and agreed to. iOOOOOOt To repeal the State tax on real and personal property, and to continue and extend the improvements of the state by railroads and canals, and to charter a state bank to be called the "United States Bank." Section Be it enacted by the Senate and House of IlepresenCommonwealth of Pennsylvania, in General Assembly is hereby enacted by the aidliority of the same, That all 1. taiiues of the met, and it and every provision of the act of Assembly, passed the twenty-fifth day of March, in the year one thousand eight hundred and thirty- "An act assessing a tax on personal one, respectively, entitled property, to be collected with the county rates and levies, for the use of the Commonwealth," and " An act to increase the county rates and levies for the use of the tame are hereby repealed, except so ot taxes assessed before the That the first Commonwealth," be and the far as relates to the collection day of October last: Provided, said repeal shall not go into effect until all the terms provisiona hereinafter set forth shall be fully coraplied with. anJ Srction 2. The present stocklioUlcrs of the bank of (he Unite*! United States, and the Treasurer of the United and such other persona as may become stockholders agreeatho by-laws made for that purpose, to an amount not exceedthe whole the present capital of Uie said bank, their succes- States, excepting tlie States, bly to ing in sors and assigns, be and arc hereby created a corporation and body the name and style of 'Mho president, directors and politic, by company of the bank of the United States," and shall so continue until the third day of March, in the year one thousand eight hundred and sixty- six; and by that name shall be and are hereby made capable in law, to have, purchase, and receive, possess, enjoy and retain, to them and their successors, lands, rents, tenements, here- ditaments, goods, chattels, and elTccts, of whatsoever kind, nature and quality, and the same to sell, grant, demise, alien or dispose of, to sue and be sued, to use a common seal, and the same to alter and renew, and to make such by-laws and ordinances as they shall deem necessary, not being contrary to this act, the constitution of the United States, or to the constitution and laws of this Common- wealth; and also to prescribe rules for the transfer of the stock of said corporation, and generally to do all tlie acts which to them it shall or may appertain to do, and to enjoy tlie same privileges and authority given by law to any bank within this Commonwealtli, subject to the rules and restrictions hereinafter prescribed. Section 3. For the management of the alfairs of the said corporation, there shall be annually elected at the banking house, in the city of Philadelphia, on the first Monday in January in each year, by a plurality of votes, which shall be given by the qualified stockholders of the said bank in person or by proxy, twenty directors, who shall be capable of serving for one year, and who shall, at tho first meeting after their election in each year, proceed to elect one of their directors to be the president of the corporation, who shall hold the said office during the same period for which directors are elected; but if an election of directors or of the pre- sident should not be made on that day, the said corporation shall not for that cause bo dissolved, but it shall be lawful at any other time to hold such elections; and until such elections be made, the directors and president for the time being shall continue in office; and incase of the death or resignation of the president, the directors shall elect another president from their own number; and in case of the death or resignation of a director, the vacancy supplied by the remaining directors. Section 4. The may be of following shall be the fundamental articles the said corporation, to wit: Artick 1. None but a stockholder who is a citizen of the Uoitcd States shall be a director or vote at an election for direc- or by proxy; and all proxies shall be dated within sixty days before tlie day of eacli election. The number of votes to which eacli stockholder shall be entitled in voteither in person tors, for one share and not ing for directors shall be as follows: more than two shares, one vote; for every two shares above two, and not exceeding ten shares, one vote; for every four shares above ten, and not exceeding thirty, one vote; for every six shares above and not exceeding sixty, one vote; for every eight shares above sixty, and not exceeding one hundred, one vote; but ne person, copartnership, or body politic, shall be entitled to a greater thirty, number than and alter the thirty votes; first election, no share or shares shall confer a right of voting, unless the same shall ha\e been held three calender months before the day of election. ^irlicle 2. Not more than three fourths of the directors who time of an annual election, shall be electe<l for the succeeding year, and no director shall hold his office for more than three vears out of four in succession, but the director fthall be in office at the who tihall be the president may always be re-elected; and previous each election of directors, the board of directors shall appoint three stockholders, not directors, to be judges of the election, wlio to shall conduct and regulate the same, after having severally taken affirmation, before some justice of the or alderman, well and faithfully and lawfully to conduct the peace election, and who, after the conclusion of the ballot, shall decide and subscribed an oath or and openly declaie who are chosen directors for the ensuing year. No director of any other bank shall be at the same time, a director <»r this bank; nor shall th':i Governor, or any executive or judicial odicer of this commonwealth, or member of congress, or of the btate legislature, be a director. Not Arliclc III. board less than seven directors shall for the transaction of business, of whom constitute a the president shall always be one, except in the case of sickness or necessary absence, in which case his place may be supplied by any other director whom he by writing under his hand, shall depute tor tliat purpose; and in case the president sliall not so depute, tlie board of directors may elect a director to act during the absence of the president. general meeting of the stockholders for purposes Article IV. A relative to the institution, may at any lime be called, either by the board of directors, or by sixty or more stockholders owning one thousand or more shares of the capital stock, on giving at least six weeks notice in two public newspapers, publislied Philadelphia, and specifying biich meeting. And in the city of such notice the object or objects of their shall be a general meeting of the stockin holders at the banking house, in the city of Philadelphia, on the first Monday of in January every year, at which time the directors shall lay before them a general and particular statement of the affairs of the company. Article V. The lands, tenements, and hereditaments which it corporation to hold, shall be only such shall be lawful for the said ae shall be requisite for its ing to it its immediate accommodation in transactand such as shall have been bona fide mortgaged business, by way of 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 'I'hc debts, or purchased for the purpose of securing such debts. *aid corporation shall not directly or indirectly, deal or trade in . any thing except bills of exchange, gold and silver bullion, or m the sale of goods really and truly pledged for money lent and not redeemed in due time ; or goods which shall be the proceeds of — its it make any loan to any foreign prince or authorized by law. The said corporation previously not be at liberty to purchase any stock whatever, except their stock, treasury notes, or public stocks created by the govern- lands. Neither shall htate unless sluill own ment of the United States, or of this state, or stock of, or loans any of the incorporated companies of this state, for the construction and improvement of roads, bridges, canal or inland nav- to which may be igation, or other stocks for debts to the bank, and not duly ty .Irlick VI. The bona fide pledged as securiredeemed. rate of discount at which loans may be made bv said bank within this commonwealth, shall not exceed one half And the notes and bills \rliich of one per centum for thirty days. be issued by order of said corporation, or under its authority, shall upon it, and those made payable to order shall be bv endorsement, but none shall be issued of a denomination less than ten dollars ; and if the bank shall neglect or reshall be binding assio'uable fuse to pay its notes, or bills or moneys depofeit(;d when due, on demand made at the bank during banking hours, the person or persons entitled to the same shall receive interest thereon at the rate And the notes of twelve per cent, a year until payment be made. of the corporation in circulation shall never exceed the capital actually paid in. The total amount of debts which the said corporation bond, note or other contract, exmav at any time owe, whether by due to depositors, shall not at any cepting the amount of money time exceed double the amount of capital stock actually paid in, and in case of excess, the directors under whose administration it , shall happen, shall be liable in their individual capacities, and an action of debt may in such case be brought against them, or any of them, or any of their heirs, executors or administrator?, in an? competent jurisdiction, hj any creditor or creditors of such corporation, and may be prosecuted to judgment and execution, any condition, covenant or agreement to the contrary not- •court havinjT withstanding : Init this siiall nat be construed to exempt the said corporation, or the land3, tenements, goods and cliattels of the same, from being also liable for, and chargeable with the said ex- Such cess. ot the said directors as may have been absent when was contracted or created, shall not be considered as consenting thereto, or liable therefor, and those who may have dissented from the resolution cract ivhereby the same was so conthe said excess who shall enter their dissent upon the minmay exonerate themselves froni being so liable, tracted or created, and utes of the board, by forthwith giving notice of the fact to neral meeting, whicli have power to pose, Article VJT. any of they shall the stockholders at a gecall for that pur- f If the sa'd bank should at any time refuse to pay notes, bills, obligations, or deposited moneys, in gold or silver, tlien, at or after the cxpirali'n of three months from the its lime of the first refusal of said bank to pay as aforesaid, shall it and may be lawful for the holder or proprietor of the same, to make application in writing to any judge of any court in the proper county, to allow him or her to make proof of said refusal on oath or affirmation, by one or more disinterested witness or witnesses, before said judge, whose duty it shall be to give at least itn days notice to the president or cashier of said bank, of the time and place of making such proof, in order that an opportunity for rebutting the same by testimony; and tiated, it shall be the writing, and if may be afforded the facts be substan- duty of the saiil judge to reduce the same to same to the Governor. And it shall to transmit the be t!ie duty of the Governor, immediately on the receipt of the written proof above specified, to issue his proclamation, declaring the charter of the bank to be forfeited. And froui and after the day of the date of the said proclamation, the charter of the bank shall be absolutely null and void, and of no eRcct what- tent!> saicl —except soever that the said bank shall be liable in its corporate capacity, for the fulfilment of all contracts previously made and entered into by it; and the stockholders thereof shall have poAverto elect directors as usual, and be ment of any contract entered date cif capai)ie of rompeilinj; the fulfil- into with said bank, previously to the the said forfeiture. Dividends of so much nf tho profits a<4 the direrdeem advisable, sha'l be declarrd twice a year, on the first may Mondays of January and July in each year, and paid to the stocH' Article VIII. tors 2 fiold'ers on dtMoandat anytime after the expiration of ten da/rliut such dividends sliall in no case exceed the amount therefrom, of tho nett profits, actually acquired by the bank, so that the If capital stock of the said bank shall never thereby be impaired. bank the directors of the pair the capital stock of shall make any dividend which sai<l th-c shall im- directors consenting there- bank, Habie in their individual capacities to such corporation tor the amount of the stock so divided; and each director present, to shall be when such dividend shall be made, sliall be adjudged to be con- senting thereto, unless he forthwith enter Iris protest on the minutes of the board, and give public notice to the stockholders, of the declaring of such dividend. .Irtide IX. The salary of the president shnll be established and allowed by the stockholders at a general meeting, and no compensation shall be allowed to any person for his services as a director. The board of directors shall appoint a cashier, and such other offiand persons as shall be necessary for transacting the business of the bank, and shall take from each such security as the cers, clerks, by-laws shall prescribe, tion for his services. Article X. The said and shall bank make shall to make each a just compensato the Auditor General condition, shewing the details of its operations, according to the form of the returns the Bank of the United States now makes to^ the Secretary of the Treasury of the United monthly returns of its States, or according to sncii form as may be established by law. Section 5. It shall at all times be lawful for a committee ofthe I^egislature appointed for that purpose, to inspect the books examine into the proceedings of the corporation hereby created, and and to reportvvhether the provisions of this charier have been by the same abused or violated, or not; and if the ofncers of said corporation should refuse to be sworn or affinaed, or give evidence, or to proail such of their books or papers as may be demanded before duce any such committee, tlieii the legislature may by law declare the said charter void, and repeal the same: and wlienever any committee as aforesaid shall find and report, or the Governor reason to believe, that the charter has been \iolated, ful for the legislature to direct, it shall may have be law- or the Governor to order, a scire facias to be issued out of the Supreme Court of Pennsylvania, in the name of the Commonwealth of Pennsylvania, (which shall be executed on the president of the corporation for the time being, before the commencement of the terra of said days on said corporation lo shew cause wherefore the court.) calling charter hereby granted shall not be declared forfeited; and it shall at least ten i>e lawtttl for said court upon the retura of said scire facias, to ei-- 9" of tlie alleged violation, and if sudi violation' appear, then to pronounce or adjudge that such charter forfeited and annulled': Provided, however, every issue of fact .•miiiie be is into made tlie trutli to which nmy be joined between the commonwealth or the corporation^ SHch issue shall bo tried by juryj and on the trial thereof, the coramonwealth shall have the right to change the venus from the counAnd it sliall be la'Aof Philadelphia to any adjoining county. ty court aforesaid to require the production of such of the books or papers of the corporation, as it may deem necessary for the ascertainment of the controverted facts, a-nd the final judgment of said court shall be subject to all the usages of law In other cases. rul for the SECTio>f 6. In consideration of the privileges granted by this aot, lieu of aU taxes on dividends, the said corporation shall and in pay into the- treasury af the commonwealth the sum of two millions of dollars, at such time and in such instalments as the Governor require: Provided, That at least thirty days notice shall be given by the Governor of the time when each instalment will be may sums the Grovernor shall required: And provided also, That for all not so require ta be paid within three months after the acceptance of this charter by the stockholders, interest at the rate of live per cent, a year shall be paid by the corporation, commencing at the and terminating thirty daysbeexpiration of the said three months, J^ore payment of each sum,- and the said corwhenever ro<:[uired by law, advance on perma- the time fixed for the shall' also, poration nent loan any sum or sums, not exceeding in the whole six millions of dollars, and for each sum of money so loaned shall receive from the commonwealth a negotiable certificate of stock, reimbursable on the third day cf March, one thousand eight hundred and sixty-eight, transferable at the Bank of Pennsylvania, or such other place as the kgislature may hereafter designate^ bearing an interest of tithe r four or five percent, per annum, payable half yearly, at the Bank of Pennsylvania, or &uch other place as the legislature may hereafter designate, as the law requiring such lean determine; and in case the interest shall be five per cent, shall pay to the commonwealth one hundred and ten dollars in money for each hundred dollars of stock, or if the interest be four per may pay one hundred dollars in money for each hundred doland the said corporation shall be bound, whenever required by law, to advance to the commonwealth,, as a temporary loan, any sum of money not exceeding one million ot dollars in any cent, shall lars of stock; one year,atan interest of four per cent, a year, reimbursable at the pleasure of the commonwealth, within twelve months from the date^ of the loan; and the said corporation shall further pay to the treacommonwealth, the sum of five hundr«ti« surer for the use of the 10 of March, Anno Domini one thoutl.iy hundred and thirty-seven, and shall pay the further sum of one hundred thousand dollars on the first Monday of June next, and the like sums of one hundred tliousand dollars on each sucthnnsantl dollars on the third sand eij^ht first ceeding of June, for nineteen years thereafter, to be Monday fidded to and paid over witii the annual appropriation provided by the commonwealth for common school purposes, and be distributed according to the several laws of tlvis commonwealth regulating the distribution of such appropriations; and the said corporation shall further be bound to subscribe the following sums to tlie capital stock of the following named companies, if requested so to do by the directors of the said companies, or either of them, within one year from the passage of this act, namely: To the capital stock of the Baltimore and Ohio rail road company, the sum of two hundred thousand dollars; To that of the Williamsport and Elmira railroad company, the sum of two hundred thousand dollars; To Monongahela Navigation company, fifty thousand dollars, if the same be incorporated at the opening of the books of subscription for the capital stock thereof, and the further sum of fifty thousand tl\e dollais as soon as one hundred thousand dollars subscribed by other persons or bodies corporate shall have been bona tide expended in To the Cumberland Valley railroad company, one hundred thousand dollars; To the Warren and Pine Grove railroad company, twenty thousand dollars; To the the construction of the said work; Warren and Franklin turnpike road company, fifteen thousand dol- companies be incorporated this session of the legisthe Warren and Ridgeway turnpike road company, five lars, if the said lature; To thousand dollars; to the Johnstown and Ligonier turnpike road company, ten thousand dollars, to the Snow Shoe and Packerville turnpike company, twenty thousand dollars; to the Roseburg and Mercer turnpike company, five thousand dollars. All of which subscriptions shall place the said bank on the same footing as to the rights and liabilities with the original subscribers to said companies respectively; Provided, That such subscription shall not be made to the stock of until a the Baltimore and Ohio railroad company law of Maryland shall be passed, and assented to by said company, enabling the commonwealth of Pennsylvania, and any company or companies duly authorized by the said commonwealth, to intersect by railroad and unite with the Baltimore and Ohio railroad, at any point in the state of Maryland; and that the whole so to be subscribed by the said bank, shall be appropriated to exclusively to the construction of the railroad from Cumberland and that no payment shall be called for by the directors Pittsburg; amount of the Baltimore and Ohio railroad company on account of said n subscription, until at least twenty miles of the railroad within tlie state of Pennsylvania, shall have been bona fide placed under con- and the construction thereof actually begun. Section 7. Six hundred thousand dollars of the amount tract, to be paid into the treasury as al'oresaid, sliall be appropriated in lirni of t'le receipts from the state taxes hereby repealed, to pay the interest on the public debt, and other just demands upon the common- wealth. SECTIO^f 8. For the purpose of enabling the several turnpike companies hereinafter mentioned to improve the condition of gai<l roads, the following sums are specifically appropriated to be paid to the said companies respectively, for the aforesaid mentioned purposes, which said sums shall be distributed in tlie following manner: To the Chambersburg and Bedford turnpike road company, the sum of twenty thousand dollars; to the Somerset and Bedford turnpike road company, twenty thousand dollars; to the Somerset and Mount Pleasant turnpike road company, twenty thousand dollars; to the Robbstown and Mount Pleasant turnpike road compahe Washington and Williamsport ny, eight thousand dollars; to turnpike road company, eight thousand dollars; to the Mount Pleasant and Pittsburg turnpike road company, five thousand iloUars; to the Washington and Pittsburg turnpike road company, fifteen thousand dollars; to the Bedford and Stoystown turnpike road company, ten thousand dollars; to the Stoystown and Greensburg turnpike road company, twelve thousand dollars; to the Greensburg and Pittsburg turnpike road company, twelve thousand dollars; to the state road from the White Horse tavern on the top of the Alle- gheny mountain to the Virginia state line in Greene county, nine thousand dollars, one third to be expended by the commissioners of Somerset county, one third by the commis^ioner^ of Payetlo county, and one third by the commissioners of Greene countv. Section 9. It shall be tlie duty of the Canal Commissioners to put under contract not miles, of the less than twenty miles, nor more than forty North Branch division of the Pennsylvania canal, du- ring the ensuing year, commencing at or near the N.nv York state line, towards which the sum of one hundred and fifty thousand dol- And the said Canal Comspecificall}* appropriated. are hereby further directed to put under contract not less than thirty-six, nor more than sixty miles of the Pennsylvania lars is hereby Biissioners canal, extending the same by canal or slack water towards the harbour of Erie, from such point or points as will best advance the interests of the state, having due regard to distance, lockage, cost and commercial tance id interests : Provideu, That no part of said dis- on the Ohio or Allegheny rivers, towards the completioa 12 sum of two hundred thousand dollars is hereby speappropriated. And the said Canal Commissioners are hereby further authori-/,ed and required, without delay, to survey and locate the most advantageous line for u railroad from the boof which the cifically rough of Gettysburg, to cross the route jf the Baltimore and Ohio railroad, and connect witli the Chesapeake and Ohio canal, at some point in the state of Maryland, at or west of Willianisport; and to put under contract not less than twenty nor more than thirty miles thereof, towards which the sum of two hundred thousand dollars is hereby specifically appropriated: rrovidej, That no such contract shall be entered into, unless the Baltimore and Ohio railroad comshall pany have consented to a satisfactory connection of their road with that hereby authorized; and the said Canal Commissioners are hereby required to cause to be surveyed by a competent engineer, the route of a canal and slack water navigation from the head of the West Branch division to the Allegheny river, and if in his opinion a sufficient supply of water cannot be obtained for that purpose, then he shall ascertain the most eligible route for a railroad becanal and points, or of a communication partly by The said suras he may deem most advisable. railroad, tween the said partly by veys to terminate opposite the town of Franklin, Venango county; be of which surveys accurate and full reports and estimates shall made to the said commissioners, and by them laid before the legisand for the expense of which, the sum of lature at its next session; nine thousand and five hundred dollars propriated. to be And made by is hereby specifically apthe said Canal Commissioners shall also cause a competent engineer, a survey, estimate and report and importance of con- to the next legislature, ot the practicability structing a lailroad from the town of Lewisburg, in Union county, to or near Water Street, in Huntin<rdon county, tor which two thousand dollars is hereby specifically appropriated. And the said Canal Commissioners shall also cause to be made by a competent engineer, a survey, estimate and report upon the practicability and at or iuiportance of connecting by railroad the Pennsylvania canal near Freeport, by way of Butler, with the Pennsylvania canal at or near New Castle, for which the sum of five hundred dollars is here- by specifically appropriated. of six hundred fifty-one thousand seven hundred eighty dollars and seventy-four cents, be and the same is to wit: hereby appropriated specifically, for the following purposes, Suction To 10. The sum complete the Columbia railroad, twelve thousand To five hundred complete the Portage railroad, forty-two four hundred and sixty-one dollars: To complete the exthousand tension of the West Branch division to the mouth of the Tangascoo- and fifty-two dollars: 13 tack, one hua.lrcd and twelve thousand and seventeen dollars: For a reservoir at Johnstown, thirty thousand dollars, if the Canal missioners shall deem it advisable to commence the Com- same within the present year: For ropes on the Columbia railroad, three tiioaMnd three hundred dollars: For moneys due on locomotives contracted for or. the Columbia railway, iivc thousand four hundred and forty-three dollars and fifty-nine cents: For four new locomotive engines, and lor ropes, repairing machinery, and debts due for motive ])Ower on the Portage railroad, sixty -one thousand one hundred and seventeen dollars: For new work, and for navins debts due on finished lines, and for pay of Canal Cornmissioneit, and cnginsers, thirty thousand dolappraisers, sup>irintendents, lars: For the repairs of canals and railroads, three hundred thou- sand dollars: For the payment of damages, twenty thousand dollars: For the payment of retained percentage due to contractors, twenty-five thousand dollars: To pay the award of arbitrators for damages sustained by the owners of the land through which the Grants Hill tunnel passes, nine thousand eight hundred and eigh- ty-nine dollars thirty-seven and a half cents. Sectioji 11. The sums appropriated as aforesaid by the three preceding sections of this act, shall be respectively paid out of the balance of the two millions of dollars to be paid as aforesaid bv the said bank into the treasury of the commonwealth, after deducting the amount appropriated by the seventh section of this act. Section 12. The Canal Commissioners shall not be authorized any debt on the faith of the commonwealth, in any way or manner beyond the appropriations as aforesaid: And Provided, That no part of the said appropriation shall be applied to any other to incur than the several specific purposes to which it is appropriated by this act, nor shall any contracts be entered into for any new line of canal or railroad not mentioned in this act, or for any extension of the lines herein named beyond the limits this act. prescribed by Section 13. The sum appropriated to the payment of damages by the tenth section of in the this act, shall be paid as speedily as possible, order as to time in which the said claims for damages have been awarded, assessed and confirmed, and afterwards to such as may hereafter be awarded, assessed and confirmed, or may be agreed upon as due by prior acts. Section 14. The said bank may establish two offices of discount and deposite in tliis state, one of which shall be at such place in the county of Beaver as the directors select for tiie may purpose. Section 15. Nothing in this act contained shall take effect until the several sections and provisions relating to the bank of the United States shall have been accepted by the stockholders thereof, 14 at a general the nu'eting, which acceptance shall be made known to tliird day of March next; whereupon Governor on or before the every preceeding section of this act shall be in And full force. acceptance by the stockholders of the existing bank of the United States, notice shall be given by the directors thereof, that on a day named, not exceeding thirty days within after the tiiirty (lays thereafter, an election shall be held for directors so accepted, tions are which election now shall be under the charter held in like manner as elec- held in said bankj and the directors so elected elect a president, and shall serve until the first sliall annual election: Provided, That from the said third day of March to the holding of the election authorized by this section, the president and directoru in office at the time of such acceptance may continue to act- NER MIDDLESWARTH. Speaker of the House of RepresentalivcR. THOMAS S. CUNNINGHAM, Speaker of the Senate. Approved the 18th day of February, fight hundred and thirty Anno Domini, one thousand six. JOSEPH RITNER. Skcretary's Office, Ilarrisburg, Feb. 24th, I 1 ^ 836. 5 do hereby certify, that the above and foregoing is a true copy from the original law on file and of record in said office. Witness ray hand and seal of office, the day and year aforesaid. THOMAS H. BURROWES, Secretary of the Commonwealth. \'^; \^\ i. i \\i ^ } /( is} I d H d d CO h, -H d 4^ -p wi (D : Vi m