Page:United States Statutes at Large Volume 5.djvu/266



named, as they are now given to the president and directors of the said corporation. And should it be the pleasure of the said stockholders, signified as aforesaid, to make the said change in the direction and management of the said bank, the trustee or trustees shall be elected in the same manner as is prescribed by the charter of said corporation for the election of directors. In such case as made and provided, the president and directors then being shall select a commissioner to convey to such trustee or trustees all the property, real and personal, of said corporation, and all its choses in action, its rights and interests of every description, whether in litigation or not, upon the condition, first, of discharging all the debts due from said corporation; and, after the satisfaction of this trust, upon such other trusts, conditions and limitations, not inconsistent with the general laws for the government of the District of Columbia, or with their said charter, as herein amended, as they may see fit to prescribe in the conveyance by which they appoint the said trustee or trustees: Provided, however, That the charter of the said corporation, as now amended, shall be voidable, upon any act of the said trustee or trustees, for which it might be avoided if it had been committed by the president and directors of said corporation: And provided also, That nothing herein contained shall be so construed as to incapacitate the president and directors of said bank in being at the time of said election, from receiving at that election the appointment of trustee or trustees, and taking to him or them the deed of trust aforesaid, which may provide, if three trustees be selected, that any one or two may act in the case of the death or removal from the trust of the others.

. And be it further enacted, That the said corporation shall not, after the first day of July, eighteen hundred and thirty-eight, issue or reissue any bills, notes, or checks, payable to bearer; nor shall they issue certificates of deposite, payable to bearer; nor shall it receive any money or other property from any other corporation or from any person other than one of its stockholders, on deposite, and under an obligation to return it; nor shall the said corporation at any time after the first of July, eighteen hundred and thirty-eight, receive or enter into any new obligations or liabilities other than such deeds or assignments as may be necessary to convey away absolutely the property, real or personal, of the said bank, or other than the renewal from time to time of existing debts due said corporation on the receipt of partial payments, and the taking of such obligations, additional assurances, new liens, or new sureties, as may be necessary and proper for securing the collection of debts due to the said bank on the first of July, eighteen hundred and thirty-eight, and for enforcing the performance of obligations created on or before the day and year last aforesaid: Provided, however, That nothing herein contained shall prevent the said corporation from employing such officers and agents as may be necessary for transacting its affairs.

. And be it further enacted, That nothing herein contained shall be so construed as to destroy or in any manner impair the force of the obligations, rights, and liabilities, to or from the said corporation; but, on the contrary, all suits, bills, plaints, informations, actions, whether legal or equitable, judgments, decrees, and executions, by or against said corporation, shall proceed without abatement, discontinuance, or necessity for revivor, in due course of law, as if no change had been hereby made in the affairs of said corporation, and as if the charter by original creation had extended to the first of July, eighteen hundred and forty-two; and in all actions, legal or equitable, and in all process by or against said corporation, the name and style thereof shall remain the same: Provided, however, That, if a trustee or trustees should be elected, all summons, notices, and other process, legal or equitable,