| 1810.
CHAP. 51. |
LAWS OF MARYLAND.
public print in the city of Baltimore, of the time and place of holding
the election of directors annually. |
Amount of debts
not to exceed double
the amount of
capital paid in—
Excess. |
4. The total amount of the debts which the
said corporation shall
at any time owe, whether by bond, bill, note, or other contract,
shall not exceed double the amount of the capital actually paid into
the said bank; Provided, that the money deposited in the said bank
for safe keeping shall not be considered as the debts of the bank
within the provision of this clause, unless the contracting of any
greater debts shall have been previously authorised by a law of the
state. In case of excess, the directors under whose administration
it shall happen, shall be liable for the same in their natural and
private capacities, and an action of debt may in such case be
brought against them, or any of them, or their heirs, executors or
administrators, in any court of record in this state, by any creditor
or creditors of the said corporation, and may be prosecuted to
judgment and execution, any condition, covenant or agreement,
to the contrary notwithstanding; but nothing herein contained
shall be construed to exempt the said corporation, or the lands,
tenements, goods and chattels, of the same, from being also liable
for, and chargeable with, the said excess; and such of the said directors
who may have been absent when the said excess was created,
or may have dissented from the resolution or act whereby the
same was created, may respectively exonerate themselves from
being so liable by forthwith giving notice of the fact, and of their
absence or dissent, to the governor of the state, and to the stockholders
at a general meeting, which they shall have power to call
for that purpose. |
Notes may be discounted
any
length of time not
exceeding sixty
days. |
5. The president and directors may discount
notes or bills at
any length of time not exceeding sixty days, but may renew the
same from time to time at pleasure, and shall not receive on loans
or discounts more than at the rate of six per centum per annum. |
Notes issued by
order of corporation
to be binding
upon them. |
6. All bills and notes which may be issued
by order of the said
corporation, signed by the president, and countersigned by the
cashier thereof, promising the payment of money to any person or
persons, his, her or their order, or to bearer, though not under
the seal of the said corporation, shall be binding and obligatory
upon the same in the like manner, and with the like force and effect,
as upon any private person 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 persons, his, her or
their order, shall be assignable by endorsement, in like manner
and with the like effect as foreign bills of exchange now are, and
those which are payable to bearer, shall be negotiable or assignable
by delivery only. |
When second instalment
is paid,
directors to be
elected. |
7. That as soon as the second instalment shall
have been paid by
the stockholders to the commissioners, or any five or more of them,
herein before named, it shall be the duty of the said commissioners,
or any five or more of them, to appoint a day and place for the
election of the directors, which day shall be within thirty days
thereafter, and notice thereof given at least ten days before such
election; and that upon the payment of the third instalment, the
said directors are hereby authorised to commence the operations of
the bank. |
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