modities whatsoever, or in buying or selling any stock, created under any Act of the Congress of the United States, or of any particular State, unless in selling the same, when truly pledged to it by way of security, for debts due to the said corporation. XI. And be it further enacted by the authority aforesaid, That no transfer of the stock of the said corporation shall be valid or effectual in law, until such transfer shall be entered or registered in a book or books, to be kept for that purpose by the directors. XII. And be it further enacted by the authority aforesaid, That the bills obligatory, and of credit, under the seal of the said corporation, which shall be made to any person or persons, shall be assignable by endorsement thereupon, under the hand or hands of such person or persons, and of his, her, or their assignee or assignees, and so as absolutely to transfer and vest the property thereof in each and every assignee or assignees successively, and to enable such assignee or assignees to bring and maintain an action thereupon, in his, her, or their own name or names; and bills or notes, which may be issued by order of the said corporation, signed by the President, and countersigned by the principal cashier or treasurer, promising the payment of money to any person or persons, or his, her, or their order, or to bearer, though not under the seal of the said corporation, shall be binding and obligatory upon the same, in like manner, and with the like force and effect, as upon any private person or persons, if issued by him, her, or them, in his, her, or their private or natural capacity or capacities, and shall be assignable and negotiable in like manner as if they were so issued by such private person or persons. XIII. And be it further enacted by the authority aforesaid, That this present Act of Incorporation shall in no wise be forfeited by any non-user whatever, at any time before the second Tuesday in May next, and that it shall, on that day, be lawful for the stockholders above-mentioned to assemble for the purposes of carrying into effect the same; any want of notice in the manner above prescribed, to the contrary, in any wise notwithstanding. XIV. And be it further enacted by the authority aforesaid, That this Act be, and is hereby declared to be, a public Act, and that the same be, for the time hereinbefore limited, construed in all courts and places, benignly and favorably, for every beneficial purpose therein intended. You were so obliging as to cause it to be intimated that the payment of the loan of two hundred thousand dollars had of your Institution might be deferred if the service of the United States should require it.. It will be a great convenience to this Department to avail itself of the permission, so as to defer the reimbursement of the principal of that sum to a year from its commencement. The interest can be paid at such periods as are agreeable to you. I cannot let slip this opportunity of thanking, for the last time, the Directors of the Bank of New York for that decided, prompt support of my administration which they have upon every occasion given. It has made a lasting impression on my heart. With great consideration and esteem, I have the honor to be, TO THE DIRECTORS OF Gentlemen, your obedt. servant, THE BANK OF NEW YORK. ALEXANDER HAMILTON. |