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Sciences
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23 WEST MAIN STREET
WEBSTER, N.Y. 14580
(716) 872-4b03
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BIBUOTHEQVE
ARTICLES
OF
ASSOCIATION
OF THE
Bank of Canada.
■— tfi^J^ff'V—
MONTREAL :
PRINTED BY N. MOVVSR*
1818.
k » r
^-
t
• " • » • «
4 ^ ' •
« • • * • •
, « - « *
■» ft
attticto
OP
ASSOCIATION
Ol' THE
Bank of Canada.
t
lb All to whom these Presents shall come ;
1^ E il knovon ami 'niade manifest^ that me, the Sul-
^ scribersy have formed an Association or liwited
(Jo -partner Jihip, and do hereby agree tvith each othert
to conduct Banking Business in the manner hereinitfter
specijied and described, by and imder the name or
ityle of
' The Bank of Canada;
And tve do hereby mtttually covenant, declare and
agree, that the Jolloxving are and shall be the funda-
mental Articles of this our Association and Agreement
tvilh each other, by which we, and all persons who at
any time hereafter may tr( nsact business x-:ith the said
Company, shall be bound and rcgidafmL
Ag _
( "i )
r:,;t — Tho Capitol Stock of tlic said Comp"ny bl.all
-:;Vswrii-'i?:% = each , .^ f.- 1.. p..
pose of raising the said Capital Stock, » ' y°"
Subscription shall be "pc-ned m t s C.ry «' t|« '^"
,i.,v of Mav 1818, v,!iich Book sha.l Be ncauwu i-ji
.^farticll; of Association and shaU — - ^11
'^-^':?'r.:^i^"':^Moi;a'^'ch:i:;e:^
kI ^nN5:;;c:::;i:':'d .uich meeting ^-[{^^y-:
.hicted bv a roinmitteo to be appointed by the bt.ck
Iccrsou of their own body, under whose supe. n-
ntnce t he said Election shall take place under the
S^ nd rcguiations hereaiafter Fescrd,ed and no-
ticed for the annual elections— and which Directois
-hUl be capable of serving till the first annual x«ec -
inf r„rc!u?ce of Directors" with full power and au-
thority to man.se the concerns of sa.d K«^^.J'"f_
«lv,ll ;'o.nii.>nce the operations as soon as ai range
el: cr be lade, agreeable to rules am regvda-
tions hereinafter made and provided, fc-vtiy person
r". ens, co-p.rtnersi,ip, bo.iy politic or cc-po ate
• I'lo n.av or shall become members ot this A.socia
;•;' may subscribe for such and so n.any ^I'ares, as
h" a e or taev sh.il think lit, not liowever exceed-
-: t-; mndred .hares; and it is -''f {, "f-^^
1 ;t the shares respectively ^"''^^f .'^^*^" !'" iP'j'"
,i,le in -oid or silver coin, current m this I .ovuk..
•t lir.S instalment which shall be fifteen per cent"
,i:., ;m the amount orsuhscnp ions payable a sue,
;',.audpla.,asam.ioruyotu,ea.ec^rs^allo^^
\
' ' ^ « » n
ad place as a initjomj u. .--- "•-;"; :,^,.:„^p-
iviiig thirty cUiys noU<:e ; and the remainder
k
;
( -^ )
jaliall be payable in such iu^;fal»nents as a majority
of the Directors shall order; but no after ini;tal-
ment shall exceed ten per centum upon the capitid
stock, for the payment of which, sixty days notice
shall always be given. The TJooks of Subscription
may be opened for the remaininjr three thousand
shares of the capital stock of said company, at such
time and place and under such restrictions and regu-
lations as a miijority of the Directors may order.
Sieron(L—\i IS further mu'cually agreed upon, that
whenever the sum of twenty two thousand five hun-
drt^d pounds shall have been actually deposited, or
paid in on account of the subscriptions to the said
stock, notice thereof shall be given by the directors, in
two Montreal News- Papers ; when the Directors
shall commence the business and operations of the
said Bank ; but no Bank Bills, or Bank Notes shall
be issued or put in circulation, nor any bill or note
})e discounted at the Bank, until twenty two thousand
live hundred pound» in gdld or silver, sluil! be ac-
tually paid in, and received on account of the sub-
scriptions to the said capital stock.
Third. — For the good manacccmcnt oftlic affair^-- of
the said Association or Company, tliere shall be eleven
Directors, who shall be annually elected by the pro-
prietors or hciders-ortiiesaid capital stock, at a gee.-
era 1 meeting thereof tt> be annually holdcn on the
lii St Monday in May, at which annual meeting the
said proprietors and' stockh.oiders shall vote accor-
diiur to the rule bereinalier established, in respect
to voting at general meetings ; and the Directors so
chosen by a' majority, in conformity to such rule,
shall be canablc' of serving as. Directors, for.t>velve
C -i )
„,onths (unks, a,>y cf thorn *?" f^/^X't^-
,„al-aa,ninistration before tbe exp. at.on ot that per
od bv a general meeting of stocUioldcis, « ""'*
uspended, a. hereinafter F°;''»'-"<' )^J'^/£;S^
meeting after election, shall choose out ot the r nura
Wi President, and Directors, irom time to t.me,
from the I'rovince, or removal, as a*o'"X pro-
p;.e of death, resignation, absence from the Fro-
:, "e fL- ^ree' months at a time or f removal ot a
Dir-ctor bV the stocklK.Ulers, his place, m case ot
such re" OV.I, shall be filled up by the sa.d stockl o -
tos ami n the other cases, by the vemainmg Di-
^ec wrr or a majoritv of them, to serve, however,
only until the succeeding general meetmg as alore-
said.
Fonrth.-the Directors for the time being, sMl
ha«"po" cr to appoint such officers, clerks, and ser-
vaUsCder tlic.V, as ^ha" be necessary ior ex cu
tin, the business of the -';^,,t;°X"J^,:'^^;:c v"
them such compensation tor tueii strvicts rts(
ly as .hall be reasonable and proper ; all vhid , to
g'cther with the expences ot ^"'''''"g' ?°"»^^i;^„"„^
and ail other contingencies, shall b« /t^t a, ta, oui
of the fands of the said Company. 1 he «aid Direc
"ors h.U likewise be capable of -^ ^^^'fj^^^^^
It -.oTers and authorities for the well regulatnig a l
o J -l^' of the HlVairs of the said Company, as hall
be pri?nbed by the bye-laws and regulations theicol.
Flf.h.-U is hereby expressly »"d expUcitly ^e-
clarc^d, to be the object and mten ion o the pa t^..
,vho associate themselves under tl.e » y c o ..no
The BarJc of Cmwdu, that the jou-.t stock o. pio^ier
*
i
*
(^0
tv of tlie eajtl Goropany (excUisivc oi-iHvukntis' lobt;
matle in the wanner herematVcr mentioned) shali a-^
lone be rtMi^xMaeible I'ur the tlebts and eugjagements ol'
the said Company. And that no person, who shall
or may deal with this Company, or to whom they
shall or may become in any wise indebted, shall on
any pretence whatever, have recourse against the se-
pcrate property of any present or future member ol
this Company, or against their persons, farther tlian
may be necessary to secure the I'aiUiful application ot
the funds thereof, to the purposes to which by these
presents they are hable. But all persons, accepting
any bond, b'ill, note, or other contract of this Com-
pany, signed by the President, and countersigned
or attested by the Cashire of the Company, for the
time being, or dealing with it in any other manner
whatsoever, thereby respectively give credit to the
said joint stock or property of the said Company,
and thereby respectively disavow having recourse, on
any pretence whatever, to the person or seperate
property of any present or future member of this
Company, except as above mentioned. And all
suits to be brought against this Company (if ai\y shah
be ) shall be brought agains* the President tor the time
being : and in case of his death or remaval from oiticc,
pending any suit again sthim, measures shall be taken
at the expeuce of the Company, for substituting Ins
successor in office as a defendant ; so that persons
having demands upon the company, may not be pre-
judiced or delayed bv that event ; or if the person
suing shall go on against the person first named as
defendant, (notwithstanding his death or removal
from office) this Company shall take no advantage
of such proceeding on that account ; ana all recovo
ries had in mamicr.aibicsaid, ^iluvli le coiiclusive up-
A
.n the Company, so far as to render the Company's
•i fn^t siock or property liable thereby, and no
farthir an ihe Comp-.nv shuU immediately pay
tSe amonnt of such reeivc-V out of the.r jo.nt stoek.
tt nTotherwise. And in case " ""^ -"J '^l
ner and ,*'" ■''. = „^, *;, ",7u„dersto»d and dedar-
^'r;;';* d PC .i Sing\vitl, the said Company,
S-ec to tJ:\Z.: and Svc to be bound thereby.
s;r(', -These articles of agreement shall be pub-
lishAf in at least one of the News papers prn.ted each m
e Cit"es of (lucbec and Montreal tor three months,
amU^^ the information of all persons who may trans
ac business with, or in any »f '"^r B've e ed t to
this Compan-, every bmid, bdl, I'ote, or otl.cr in
rumenl ,\r contract! by the effect or tor.ns ot .vh.d.
ilK- Covpanv may be charged or iield liable, tor tnc
p.vment'^of >»oney, sl.alUpecially . eelare, n, sue
E as the Board of Directors shall prescr.oe, //<«
Vonrpmiy, occonli,.^ to the present "'"''^ -'J f f ';",.
/;„,, f,H'i»o£oM<.Tti.«c;.andacopy ol «'« f'-"' f ^
S o his Association, shall be inserted m ll^
lank Book of every person depos.tmg. money, or
ot^ilr valuable property with the Company, for safe
c tod; or a printed copy sliuU be delivered to evc-
rv such person, before any such deposit shall be le-
ij siici> person, u J hereby expressiv declar-
rt- ved from luin. Ana it is uen-uj <- i . . ,
ed t uMvo enixa-cment can be legally made ii the
tation
)T lilt; StllVA V^V.'"l J •> ,T» i. I
or restriction, to the effect i^
or
(7 )
• And tl.c Company hereby "P'^'^'V tt""Tidl'mw
fponsibility. for «ny debv or enga^ ™cnt - ,«c. may
be made m their name, not contammt, u
or restriction to the effect aforesaid.
o >;, Tlipnmnber of votes towhichcach Stock-
be entitled on every '''=-:'**'''"' ^'''>;:\\ " ^^ c t he
tl,e provisio,.» and- rer,,..r.n,.nts ''!/ '^='>/™' „.
votes tliereof are to be s..ve„, »'!;> ' l'"'^,.';, ^^l,^,
tion foilowing, that ..to., y: ^^^^^^^^^,
"""' '''T nlrt L-xceedb 't n on vote, n.ulUng f.v.
two, «"d ,«' j;^,!;^^'' ■ ;; %;,,. r^,,, „,„,r. . above ten,.
votes lor te v snaiL.> , »wi ^» . r^^.j-nuT t«n \otC6
and not exceeding thirty, one v"t^. --'f ^ f ;;Xy,
for thirtv shares : for every '«'"''■;"'' ,,i^^f, fifee.
and not-ex<:eedi.>S ^i'^tJ'; '>"'' '""'' "'•''^" "
votes
bove
maUin;; twenty yoies '"' r^\.y■■:^r■■ ^ ,„. else
Stockholders resulent -.U.m ll . ^^^"^^^^ ,,,,„,
,vhere, n.ayvote by pn«y> J l^; r,", ...uLld.:.
see fit, provided '''' . ; ,*; \f, ,,;Vav iVo.u his c-onsfi-
and do pr.Hluee a ^f"f^[~^,,,u,„ und v..tinj,'
. t,.ent or constituents, ior so "'P-'-'''' "' ^ ,- ,. j,,,.
for him, her, or them ; provided also, tuu .11
iirst election of Director., no sl,a e - ; -^ ,^J,, '^.
capital stock of the (-■""•l";»y ^ ;> '/^' r^,;V,,,ul not
voting, eitlicr in pcr^.on er ly V"^^^^;^^,^^ „,.
l.uve l)een hoiden dnnng three c.iiciK.a . a ,
l;;ne.t,.prior.othe^.yol^Wc.,«.K;^^^^^^^^^^^
eral incctin<>-, w.icic the \otc6 oi
mkinu twenty votes lor one hunch e.. A _
to be given.
A 4
(8)
. EighiL^Six' of ^e Direcfcors in ©fiice shftJl be we-
-elected for the next succeeding twelve months, n^aoe
.but stockholders and holding ut leflBt twenty ^ham
of the capital stock of said c<?«npqipy, sliall be eligi-
ble as directors.
. Nmth No Director shall be entitkd to any sala-
ry or emolument, unless the same shall have been al-
lowed to him by a general meeting of the stockhold-
ers ; hut tlie stockholders may make siicli compensa-
tion to i\v^ President, for his extraordinary attend-
ance at the l5aak, as shall appear to them to be rea-
sonable and proper.
Tenth. — Not less than five Directors shall consti-
tute a board, for the transaction of business; v/hcrc-
of the iVesident shall mwnys be one, except in case
of sickuess and necessary absence, in which case the
place may be snpplyed by any ether Director whom
tlie board may appomt for 'the time beir.g. The
t*rcsident shairvote at the board as Director, and in
case of their being an equal number of votes for and
'vgainst any question before tiiem, the President shall
have a castiu;; voice.
Elrceutlu—hny number of stockholders, not less
than tifly, who together bhall be proprietors of two
liundred shares, shall have ])0wer at any time, by
themselves or their proxies, to call a general meeting
of liie stockholders, for purposes relative to the said
ar.sociation, giving at least six weeks notice thereof,
in at least one oi the New^papek3 published in this
City, and specifying in .^uch n»?tiee the lime and place
far 'such meeting, with the object or objects thereof;
and tlie Directo'^i-s, or any Gcveu of tlL-m, shall have
i]
i i
il
/)
(9 )
^ fee pwer at any time, (tipon '*«*^'«*!^m,
^rmXLi tocall apen«al ijieetrag as aforesaii.
An Uf th ibecTfor which any general meeting, call-
ed ei he. by the stockholders or Directors as afore-
said shall be to consider of a proposal for Ae re-
mov'a of the President, o^other Director or D,rec-
tors, for ™al-adn,ini^ation th^^n a^^^^^^
tuCrthTaryr vScrsTh'tticeshall ft.^^^^^
d^^h s 'ace sha'" be « l^r up by the remaining
Wrccto:s,tst4 during the time' of such s.«per..on.
r«//,,/..-Every Cashi.r ^^;l^^^^tk
to be rtposotl in him.
Thirteenth. --yh^ Company shall not hold an^ l^nds
ancU— nt., but --" ^ .-^^-X'^^tSs of te
transaction and accommmUtionot the business 0,
Bank, and for no oth.r P-1-- ^ ' ^'^^tehTf of the
be con.pettnt for the D''^'^ °^„ „^ „„ property.
Company, to take and ''"'^l ";'■ ."^''j'L, contracted
by Ly of. f«'^"-'!;;/^.ft^ >e : j of its a.alu,ps;
with tl-e sa.d Compa y m tl co^ ^ ,^^,^.
Sirc::^'4rr.ci:'ld"S ^^ed p-o,i.rty, no.-
(10)
such be purchased by the Company upon any pre-
text, except in the special- case above recited.
Fourteenth The total amount of the debts whicli
the Company shall at any time owe, whether by bond,
bill, or note, or otbtr contract whatsoever, shall not
exceed treble the amount of the capital stock actual-
ly paid in; [h is however understood, that these re-
strictions arc to have no reference to the money de-
posited in said Bank for sai^ keepini,^) and in case ot
exce-v-., the Directors, nndcr whose administration it
shall happen, sh<\ll be liabk^ for the same, in their na-
tural anci private capacities, but it shall not exempt
the CcHT);->anv or the lands, tenements, goods, or
cliattels thereof, from being also liable for such ex-
cess ; such Directors, however, as shall have been
absent wli^-n the said excess was contracted, or sjail
have entered their protest against it, upon the minutes
of the proceedinirs of tlic P^oard, may respectively ex-
onerate and dischartre themselves therefrom, by
pleading and proving such absence, or. she wmg such
mine.tes.,
F/'fice^ih.—lihc shares of capital stock shall be OS-
S' tmable and tranforable^ accoming to such rules and
fomis, as mav be established in that hehaii, by the
board of Directois, but no assignment or transfer shall
he valid or efiectual, unless such assignment or trans-
fer shall be enicv^d and reai>tered in a book or booKS»j
to be kept by the Director^ for that purpose,^ nor un-
til ^he persoii or perst)ns making the same, sirall pre-
viously discliarge all debts actuuily d^^e and payabiC
by him, h:r, or them, to the said Company, which
uiay exceed in amount the rema'ning stack belonging
to kucb persou cy i^t^r^ons ; and in no case shall any
ypre-
which
T bond,
I all not
actual-
lese rc-
ley dc-
case of
ation it
leir na-
exempt
3ds, or
ach ex-
'0 been
or shall
minutes
vely ex-
m^, by
ng such
11 be as-
ules r/.id
; by the
5fer shall
or tranii-
)r book.^*j
, nor un-
huli pre-
payable
v, which
iclonging
sliuii any
( 11 )
factional pan of a *are or o*-J^ --^'^ .
^iTl^^ett^-P^^^^^^^ -d declared.
It IS nereoy lu r tranter m manner a-
S,i*e.«</>.-AU Wa^. bonds notes and every con.
tract _and -g'^g^-^'pr^ident and couSgn^d
funds of the Company shad xn no c^^ be
=teSSl'^;riSrunters^^^^^
or attested as aforesaid.
• S.v.„<e.«iA.-The books, PJ»Pf ^^' Xn?es bS
nVrihet^t^c^KeSU'bur::^
a:° *ot Si^tor shall i7-t t|;e ~t of any
individual or individuals, with the Company.
iVg/....M.-Half yearly <hvid..ds.haU be ™ade
of so^.uch of thepro U rf ^^^ ^^ ^,^^_
rfafXS:r:^-V,:^o?rdectionthe.^^
(12)
ky before the stockholdera, fdr thefr infdtmation, an
exact and pai'ticular statement of the anfK>unt of the
debts due to, a«d by the Company, specifying the
amount of Bank Notes thi»n in circulation, and the
amount Off sueh debts as in theiir opinion are bad, or
doubtful ; as also stating the surplus or profit, if any
remaining, after deduction of losses and provisi'ons
for dividends. Pi'ovided that the renderi^ig of such
statements shall not extend, to give any right to the^
stockhioldeKS not Dh:ectorsv to inspect the account of
any individual or individuals with the-CoHvpany.
Nineteenth If there shall be a failure in payment
of any part of the sum or shares subscribed by any
peitioit or persons^, co-partnershipy body politic or
corporate, th« -party failing in paying the first instal-
ment di fifteen per cerdunii herein before required to
be made, shall respectively forfeit j^rx per cent of stock
to and for the use of the said Company, and the stock
shall be sold at public sale, for the behoof of the Com*
pany, and on failure of paying the other instalments,
or any of them, the patty or parties failing therein,
shall forfeit five per cc7itiimi and the dividends unpaid
prior to the time for making such payment, and dur-
ing the delay of the same.
T'dueniietk The said Company shall not directly
or indirectly deal in any thing, excepting Bills of Ex-
change, gold or silver bullion, or in the sale of goods
really and truly pledged for money lent, and not re*
deemed in due time, or in the sale of stock pledged
for money lent, and not so redeemed, whicii said
goods and stock sa pi-^dged^ and not £0 redeemed,
( 18' )
of sale over the payment oi the :«^^"«&f^e"pec.
plus shall be paid to the proprietors thereot resp
tively. . '
articles of Association.
r TViJo A«5«=;ociation shall continue
nv, may bv their concurrmg votes, at a ^6"^'^' .
■I; to L called for that express purp^eTe^^^^^^^^^^
alter these articles, "-^^^J °^ *;TdW rfu U Lt'<=« "?
Company at any f '?.^ Penod P"™'?^" Unshed in all
such meeting, and ot its object f'^'^'^X ' evious to
bound beyond the amount oi his, h.r, oi thl,.
T«..»<y-«/»Vrf.-Imn.ediately on '^^ ^^^^^^
. ,wrAsso{.iation Actual measures^shall be taken by
tho Directors then exist, ng, tor ciobin„ ai
( 14 )
ccrns of the CokDpany, and for dividing the capital
and profits, which may remain among the stockhold-
ers, in proportion to their respective interests.
In witness whereof, we have hereunto set our name»
and firms, at Montreal.