1834

LAWS OF MARYLAND

CHAP. 210

Loans limited

Article 18— No loan shall be made by the said corporation
tor the use or on account of this State, or the United States,
to an amount exceedrng fifty thousand dollars, of to any oth-
er State of this Union, or to any foreign Prince or State to
any amount whatever, without the previous consent of the
Legislature and the capital stock and funds of the said
Bank shall be deemed ana taken to be personal and not real
estate

Article 19— The President and Directors for the time
being, shall give six weeks public notice in the sevral dai-
ly news papers published in the City of Baltimore, of the

State directors

Sec 8 And be it enacted, That whenever the State shall
become a stockholcer to the amount of fifty thousand dol-
lars, she shall be entitled to appoint two directors, and
when the State shall be a stockholder to the amount of one
hundred thousand dollars, she shall be entitled to the three
directors, and the election of said directors shall be annu-
ally made by joint ballot of both Houses either during; the
sessron of the General Assembly at which such investment
shall be made, or at the first session after the State shall so
have become a stockholder to the respective amounts afore
said, and after the State shall have subscribed and elected di-
rectors aforesaid, the stockholder at the next election of di-
rectors, shall only elect as many directors as together with

Annual tax

the state directors will amount to the number oi twelve
Sec 9 And be it enacted, That on the fust Monday of
January, subsequent to the organization of tl e said hank,
and on the same day annually thereafter, the said bank shall
pay or cause to be paid to the Treasurer of the Western
Shore of the State of Maryland, the sum of twenty cents

In application di-

rected

on every hundred dollars of the capital of said bank, then
actually paid in, to be applied by said treasurer in augmen
tation of the free school fund of the State in the same man-
ner the similar tax paid by the other incorporated banks in
the city of Baltimore is now applied, and in case of the fail-

Forfeir charter in

case of non pay

ure of the said bank to make such payment for the peace
of six months after the same shal leave become payable, this
charter shall be forfeited and shall be deemed null and void

Bonus $75,000

Sec. 10 And be it enacted, That the said corporation or
the president and directors thereof, shall in consideration of
the corporate privileges hereby granted pay to the State of
Maryland, in addition to the twenty cents in the hundred
dollars as provided for in the preceding section, a bonus
of seventy five thousand dollars, the said payment to be made