The first action of the Directors after the opening of the Bank was:
Resolved, That this Board will hereafter meet twice a week, to wit, on Mondays and Thursdays of each week, at 11 o'clock.
The policy of semi-weekly meetings still prevails in the Manhattan Company, and its Board of twelve Directors keeps in close touch with all its affairs.
MANHATTAN COMPANY CURRENCY
Two months after the Bank was opened the Directors
Resolved, That a committee be appointed to visit the vaults and examine the cash and look over the effects of the Manhattan Company deposited therein.
Thus, at the outset, the Manhattan Company required its Directors periodically to examine its cash and securities, a safeguard which, 106 years later, the State of New York made compulsory for all State banking institutions.