| 1810.
CHAP. 51.
Provisos. |
LAWS OF MARYLAND.
by-laws and regulations, for the government of the company,
and that of their officers, servants and affairs, as a majority of
them
shall deem expedient, provided they are not contrary to law or the
constitution; Provided always, that no rule or regulation shall
entitle
the president, or any director, to obtain discount on terms
different from those prescribed for other persons; And provided
also,
that neither of them shall be indulged with discounts or accommodation
paper beyond one thousand dollars per week, and that not
to exceed in the whole, at any one time, more than five thousand
dollars. |
Articles in which
company may be
concerned. |
16. AND BE IT ENACTED, That the company shall
in no case be
concerned in any article but notes, bills of exchange, mortgages,
stock of the United States, specie or bullion, except in the case of
debts due to the bank, then they shall be fully justifiable in taking
any kind of security which they can obtain. |
Ordinary discounts
may be
made by president
and three directors. |
17. AND BE IT ENACTED, That ordinary discounts
may be made
by the president and three directors, but the president, and five directors,
shall be necessary for the purpose of transacting the general
business of the company. |
Transfers, how to
be made. |
18. AND BE IT ENACTED, That the stock in the
Elkton Bank of
Maryland may be transferred by the holder, in person or by power
of attorney, at said bank, but all debts actually due to the company
by a stockholder offering to transfer, must be discharged before
such transfer shall be made. |
Dividends to be
made half yearly. |
19. AND BE IT ENACTED, That dividends of the
profits of the
company shall be made at the end of the first year, and half yearly
thereafter, and at the end of every three years a dividend shall be
made of surplus profits, which dividend shall payable to the
stockholders at the bank. |
Books, papers, &c.
to be at all times
open to inspection
of directors. |
20. AND BE IT ENACTED, That the books, papers,
correspondence,
funds, and every transaction of the company, shall at all
times be freely open to the inspection of the directors, a majority
of whom, or any number of stockholders, not less than thirty, and
holding not less than three hundred shares, may at any time call a
general meeting of the stockholders for objects relative to the interest
of the company, and giving not less than two months notice
thereof in some one of the public prints in the city of Baltimore. |
President, directors,
&c. to take an
oath. |
21. AND BE IT ENACTED, That before the president
and directors
shall act as such, they shall take an oath, or affirmation, that
they will faithfully, diligently and honestly, perform the duties of
their station, and the cashier, book-keeper and clerks, shall also
take a similar oath, or affirmation, and shall besides give bonds,
with security, to the satisfaction of the board of directors, for the
faithful discharge of their duties in their several stations. |
Notes to be made
payable at the
bank, &c. |
22. AND BE IT ENACTED, That all notes offered
for discount by
any person or persons, shall, on the face thereof, be made negotiable
at the Elkton Bank of Maryland, and when the drawer shall
not reside in the town of Elkton, such note shall be made payable
at the house of some person in the town aforesaid, and notice given
by the proper servant of the bank at said house that such note hath
become due, shall be, to all intents and purposes, held and considered
to be as completely binding on the drawer and endorsers as if
notice had been personally served on each of them. |
Penalty on persons
committing |
23. AND BE IT ENACTED, That any director,
officer, or other
person, holding any share or capital of the said bank stock, who |
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