| 1810.
CHAP. 66. |
LAWS OF MARYLAND.
said number of stockholders, proprietors of not less than the aforesaid
number of shares, shall have power to call a general meeting
of the stockholders, giving at least sixty days notice in two news-papers
in the city of Baltimore, in one news-paper at Easton, and
in one at Frederick-town, and specifying in such notice the object
or objects of such meeting. |
Lands, &c. which
it may be lawful
for corporation
to hold. |
14. The lands, tenements and hereditaments,
which it shall be
lawful for the said corporation to hold, shall be only such as shall
be requisite for its immediate accommodation in relation to the convenient
transacting of its business, and such as shall have been
bona fide mortgaged or conveyed to it by way of security, or in
satisfaction of debts contracted in the course of its dealings, or purchased
at sales upon judgments which shall have been obtained for
such debts. |
Articles in which
they may deal. |
15. That the corporation shall not deal or
trade in any thing except
bills of exchange, promissory notes and bullion, or in the sale
of goods which shall be the produce of their lands, or of such
goods and effects as shall have been bona fide pledged or mortgaged
to it by way of security, or conveyed to it in satisfaction of debts
contracted in the course of its dealings, or purchased at sales upon
judgments which shall have been obtained for such debts; neither
shall the corporation take more than at the rate of six per centum
per annum for or upon its loans or discounts; all bills or notes
which may be issued by order of the said corporation, signed by
the president, and countersigned by the principal cashier or treasurer
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 like manner, and with the like force and effect, as upon
any private person or persons if issued by him or them in his 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; that is to say, those which shall be payable
to any 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. |
Stock how to be
transferred. |
16. The shares of the stock shall be transferrable
on the books
of the bank only, according to such rules as shall be established by
the president and directors, but all debts actually due and payable
to the bank by a stockholder requesting a transfer, must be satisfied
before such a transfer shall be made, unless the president and directors
shall direct to the contrary. |
No loan exceeding
20,000 dollars to be
made without consent
of legislature. |
17. No loan shall be made by the said corporation
for the use or
on account of this state, or the United States, or of any particular
state, to an amount exceeding twenty thousand dollars, or to any
foreign prince or state whatever, without the previous consent of
the legislature; that the capital stock and funds of the bank shall be
deemed and taken to be personal and not real estate. |
Notice to be given
of election of directors. |
18. The president and directors, for the time
being, shall give
six weeks public notice in the several news-papers of the city of
Baltimore of the time and place of holding the election of directors
annually. |
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