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TEXAS STATE LIBRARY •
of appropriation for his services as the nature of the case may re- quire. And all the. resources of the r_epublic are h~reby ple~ged for the regular payment of said interest m gold and s1~ver, m time and manner as aforesaid, and for the faithful redempt10n of the bonds of the republic at maturity, according to their time, tenor and effect, as ,rell as the good faith and credit of the republic, in any case of de- ficiency of the said public funds. SECTION 5. Be it further enacted, that the following powers, rules conditions limitations and restrictions, shall be the funda- ment~l laws of the said. bank, to wit: First, The president and directors shall have power to elect and remove the cashier, as well as all such officers, clerks and servants under them, as may be necessary for executing the business of sai11 corporation. Second, They shall receive money on deposit, and pay away the same to order, free of expense; deal in bills of exchange, both foreign and domestic, and discount notes made payable and negotiable at said bank, with such securities as may be deemed necessary by a majority of the board, at a rate of interest not exceeding pe1• centum per annum. Third, The total amount of the debts which said corporation shall at any time owe, whether by bond, note, bill or contract, shall not ex- ceed twice the amount of the capital, (saving and excepting the •private deposites. upon which the bank may be allowed to issue, one dollar and a half for the dollar so deposited,) and it shall be the duty of the president and directors of the said bank, to kieep strictly within the limits here designated. And should any director or di- rectors vote :for the extension beyond the bounds hereby affixed, he or they shall be discharged from his or their seats at the board. Fourth, Upon the passage of this act, the executive shall nominate a president and twelve directors, subject to the confirmation of the .senate, to manage and conduct the business of the said bank, whose office shall continue for one year, or until their successors shall be duly nominated and confirmed; and all future elections shall be made in the same manner and form. Fifth, In case any vacancy, occrrsioned by death, resignation or re- moval, of any director out of the republic, the executive shall fill such vacancy, and the director or directors so appointed shall hold their office during the unexpired term of their immediate predecessor or predecessors, so dying, resigning or removing out of the republic. S"ixth, In case of the death, resignation or removal of the president of the board of directors from the republic, (unless such removal be temporary and 'upon leave of absence,) the executive shall appoint a president to fill the vacancy, and report his nomination to the senate at their next ensuing congress, when such vacancy shall be filled, in the manner heretofore designated. · · · ··· Seventh, None but a citizen of this republic shall hold any office in said bank, and no citizen holding an office of profit or ·emolument .under the government, shall be eligible to be president, director or cashier of said bank.
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