"That the management and government of the corporation be admitted to the governor, deputy-governor, and twenty-four directors, who shall be elected between March 25th and April 25th of each year, from among the members of the company, duly qualified. "That no dividend shall at any time be made by the said governor and company save only out of the interest, profit, or produce arising out of the said capital, stock, or fund, or by such dealing as is allowed by act of Parliament. "They must be natural-born subjects of England, or naturalized subjects; they shall have in their own name and for their own use, severally, viz., the governor at least 4000 pounds, the deputy-governor 3000 pounds, and each director 2000 pounds of the capital stock of the said corporation. "That thirteen or more of the said governors or directors (of which the governor or deputy-governor shall be always one) shall constitute a court of directors for the management of the affairs of the company, and for the appointment of all agents and servants which may be necessary, paying them such salaries as they may consider reasonable. "Every elector must have, in his own name and for his own use, 500 pounds or more capital stock, and can only give one vote; he must, if required by any member present, take the oath of stock, or the declaration of stock if it be one of those people called Quakers. "Four general courts to be held in every year in the months of September, December, April, and July. A general court may be summoned at any time, upon the requisition of nine proprietors duly qualified as electors. "The majority of electors in general courts have the power to make and constitute by-laws and ordinances for the government of the corporation, provided that such by-laws and ordinances be not repugnant to the laws of the kingdom, and be confirmed and approved according to the statutes in such case made and provided." When the payment was completed it was handed into the exchequer, and the bank procured from other quarters the funds which it required. It employed the same means which the bankers had done at the Exchange, with this difference, that the latter traded with personal property, while the bank traded with the deposits of their customers. It was from the circulation of a capital so formed that the bank derived its profits. It is evident, however, from the pamphlet of the first deputy-governor, that at this period they allowed interest to their depositors; and another writer, D'Avenant, makes it a subject of complaint: "It would be for the general good of trade if the bank were restrained from allowing interest for running cash; for the ease of having 3 and 4 per cent. without trouble must be a continual bar to industry."