THOMAS SWANN, ESQUIRE, GOVERNOR. 281
said; and Duff Green, George W. Norris, James
W. McCulloh, Ingham Corgell, Benjamin E.
Green and John Thompson Mason are hereby
appointed Commissioners, and they, or a majority
of them, may, in person or by proxy, at such
times and places as they may deem expedient,
open books of subscription, and when five thous-
and shares shall have been subscribed, and twenty
per cent. thereon shall have been satisfactorily
secured, the subscribers may proceed to organize
the company by the appointment of five or-more
Directors; and the Directors, for the time being,
in the name and behalf of the company, are here-
by authorized and empowered to have, exercise
and enjoy all the rights, powers and privileges
which are intended to be herein given to the said
company, and may from time to time increase the
resources of the company by obtaining money or
credit on a pledge of their property, or without
such pledge, or by new subscriptions; and any
citizen or subject, person, company, or corporation,
of any State, government or county, may subscribe
for, purchase and hold shares in said company,
and the owners of such shares shall be liable for
and bound to pay to the said company the sums
due or to become due by them upon such shares,
which sum or sums being paid such owners shall
not be liable for any further payment on account
thereof, and the said company shall have an office
in the city of Baltimore. |
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Sec. 3. And be it enacted, That experience has
proved that the payment of a proper interest
upon deposits will promote economy and industry,
and create a fund which, under proper regulations,
securing punctuality in payments, may be safely
advanced on long loans, to be repaid in suitable
instalments; and whereas, the concentration of
capital and credit, under such regulations, would
enable the company by such loans to give profita-
ble employment to labor, and aid in the develop-
ment of the agricultural, mining, manufacturing
and other industrial resources of this and the
other States; and inasmuch as the greater security
for the payment of such deposits will tend to les-
sen the rate of interest to be paid thereon; there-
fore, in case of deposits which are subject to be
withdrawn by check or by order the persons making |
Bonds to be
deposited. |
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