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pf the bills presented, so that parties meet with nodelay. The Bank does not sell, at any of its offices,the bills which it has discounted and purchased.Its agents can indorse its bills only officially to theTreasurer.
XIV. The Bank gives credit on cash-accounts at Resolution ofany of its offices, on bond, with security. Appli- Court , 23. Feb-cations for cash-accounts are judged of by the Court ^ry 1789 -of Directors alone. Such applications are given in| to the office where the cash-account is wanted, and1 must specify the credit desired, and the names anddesignations of the applicant and proposed co-obli-gants, and of individual partners, where copartner-ies are proposed. By these credits, accommodationsare given to Commerce, Manufactures, and Agri-culture. Repayments are taken as often as conve-nient. It is understood that these credits are notused as dead loans, to produce interest only. Inthe fair course of business, the advantage of theBank is consulted by an active circulation of itsnotes, and by frequent repayments to it in a wayleast affecting that circulation.
XV. The Bank of Scotland lately divided sevenper cent., and now divides seven and a half per cent,per annum, on that part of its capital stock, or onemillion of pounds Sterling, paid in. The dividendsare paid regularly twice a year, without expense.They may be drawn at any of the Bank ’s offices.As the Bank pays property-tax, as a public Incor-poration, the full dividends are paid to the indivi-dual stockholders, without retention or deduction ofproperty-tax ; and the individual stockholder is notchargeable with property-tax for the dividend sopaid to him.
Acts of GeneralMeetings,
Sept. 24. 1810.March 26.1811.
Published by Order of theCourt of Directors,m April, 1811.