344
Though not
under seal
shall be bind-
ing-
Assignable
and negoti-
able
Shares may
be transferr'd
Debts
actually due.
Loans,
regulated.
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LAWS OF MARYLAND.
that nothing herein contained shall be construed to
prevent the said corporation from making invests
ments of its funds in the purchase of United States,
or any one of the United States, or of the City of
Baltimore, or other bonds and stock, as the Presi-
dent and Directors may for the time seem safe and
beneficial.
ART. 15. That all bills and notes which may he
issued by order of said corporation, signed by the
President and counter-signed by the Cashier thereof,
promising the payment of money to any person or
persons; his or their order, or bearer, though not
under the seal of the corporation, shall be binding
and obligatory upon the same in like manner and
with like force and effect, as upon any private per-
son or persons, if issued by him or them, in his, her
or their private or natural capacity or capacities, and
shall be assignable and negotiable in like manner as
if they were so issued by such private person or per-
sons; that is to say, those which shall be payable to
any person or persons, his, her or their order shall
be assignable by endorsement, or in like manner, or
with like effect, as foreign bills of exchange now are,
and those which are payable to bearer, shall be nego-
tiable or assignable by delivery only.
ART. 16. That the shares of the capital stock of
the corporation shall be transferable on the books of
the corporation only according to such rules as shall
be established by the President and Directors; but
all debts actually due and payable to the corporation
by a stockholder requesting a transfer, must be sat-
isfied before such transfer shall be made, unless the
President and Directors shall direct to the contrary.
ART. 17. No loan shall be made by the said cor-
poration for the use or on account of the State or the
United States, to an amount exceeding ten thousand
dollars, or to any other 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 shall be deemed personal
and not real estate.
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