Page:Journal of the Sixth Legislative Council of the Territory of Michigan.djvu/179

7.] one fourth of the capital stock paid into said bank: Provided always, that the loans or discounts to said directors may equal one fourth of the amount said bank is entitled to issue, until the said capital stock shall be fifty thousand dollars." By a comparison of the fifth and eighth sections, it will be seen, that three directors of the bank may, until a certain period, which period may never arrive, become borrowers of three fourths of the capital stock, instead of one fourth; and if by exchanges or deposites the amount of specie should accumulate to fifty thousand dollars, these directors might, without contravening the provisions of the charter, become the borrowers of the whole of the capital stock.

The fifteenth section provides, that "a meeting of the stockholders may be called whenever the directors or a majority of them shall judge proper; of which meeting the directors shall give five weeks previous notice in a newspaper, which notice shall specify the object of such meeting." In connexion with the extraordinary powers granted to the resident directors by the fifth and eighth sections, this provision is objectionable. The notice may be inserted in any newspaper, within or without the limits of the United States, and the compensation of the president and directors may be fixed, or the capital stock may be increased, without the knowledge or concurrence of a majority of the stockholders, for want of due notice.

March 7, 1834. G. B. PORTER.

The resolutions relative to the adjournment of the Council, and to the commencement of its second session, having been laid before the Governor, they were returned by him, with a request, that, for his personal accommodation the Council would fix upon the first day of February, 1835, as the day for the commencement of its second session.

Mr. Bacon thereupon moved, that the said resolutions be reconsidered.

The question upon this motion being taken by yeas and nays, it was decided in the affirmative, as follows:

Yeas: Messrs. Bacon, Britain, Durocher, Farnsworth, Moran, Stockton, M'Donell, president—7.

Nays: Messrs. Doty, Martin, Millington, Renwick, Satterlee.—5.

Mr. Doty then moved, that this Council do stand adjourned to the first day of January, one thousand eight hundred and thirty-five.

The question on the said motion being decided in the affirmative.

The Council accordingly adjourned to meet the 1st day of January, 1835, in the capitol at the city of Detroit.