Although stockholders are the nominal proprietors of the bank, they hold a position relatively unimportant, for they take no active part in management. Stockholders have access to a few records of the bank. They also have the right to assemble for the purpose of electing new directors and of approving general policies. Originally it was the inherent right of stockholders to enact the by-laws of the bank, but in the evolution of corporate organization this power has been delegated to the directors. Stockholders are naturally entitled to participate in profits, which they receive in the form of dividends. At the same time they must also bear losses if these are serious enough to force the bank into the hands of a receiver. In the case of bank stockholders this situation may involve heavy loss to the stockholders, for they are under double liability. The receiver, acting in the interest of creditors of a bank which has failed, may assess all holders of the stock for a sum equaling its par value.