| 1810.
CHAP. 67. |
LAWS OF MARYLAND.
carry on the usual operations of the banking system, at the city of
Baltimore, under the name and style of The President and Directors
of the Franklin Bank of Baltimore, and praying that an act
may pass to incorporate the stockholders of the said bank: And
whereas the mechanical and manufacturing interests of this state
may, by such an institution, be promoted, and the prosperity thereof
advanced; therefore, |
Bank established
—Capital. |
2. BE IT ENACTED, by the General Assembly
of Maryland, That
the said bank shall be and the same is hereby established at the city
of Baltimore, or the precincts thereof, at the discretion of the president
and directors of the said bank; and the capital stock of said
bank shall consist of six hundred thousand dollars, money of the
United States, divided into twenty four thousand shares of twenty-five
dollars each, and that four thousand shares thereof be reserved
for the use and benefit of the state of Maryland, to be subscribed
for by the said state when desired by the legislature thereof. |
Payments, how to
be made. |
3. AND, whereas the sum of twelve dollars
and fifty cents hath
been already paid on each share of stock subscribed for, BE IT
ENACTED, That the further sum of twelve dollars and fifty cents
shall be paid on each share of stock in the said bank by the proprietors
thereof, to the present president and directors of the
Franklin Bank of Baltimore, or to their successors, as the case
may be, in instalments not exceeding five dollars each, and at such
times as the said president and directors, or their successors, may
appoint and require, but the instalments aforesaid, or any of them,
shall not be required without first giving two months notice in two
or more news-papers printed in the city of Baltimore; and if any
stockholder shall fail to pay on any share of his or her stock such
instalment or instalments as may be demanded or required in manner
as aforesaid, the dividend or dividends thereafter to be paid to
such stockholder, as well upon the money by him or her regularly
paid, as upon the money paid after default, shall be calculated only
from the time when such last mentioned instalments shall be made
good. |
| Stockholders incorporated. |
4. AND BE IT ENACTED, That the proprietors
of shares in said
bank, as well as those who may hereafter become stockholders,
their successors and assigns, shall be and are hereby created and
made a corporation and body politic, by the name and style of The
President and Directors of the Franklin Bank of Baltimore, and
by that name shall be and are hereby made able and capable in law
to sue and be sued, plead and be impleaded, answer and be answered,
defend and be defended, in courts of record, or any other place
whatsoever, and also to make, have and use, a common seal, and
the same to break, alter and renew, at their pleasure, and also to
ordain, establish and put into execution, such by-laws, ordinances
and regulations, as shall seem necessary and convenient for the
government of the said corporation, not being contrary to law or
the provisions of this act of incorporation, and generally to do and
execute all and singular such acts, matters and things, as to them
shall or may appertain to do. |
No subscriber to
be answerable in
his individual capacity. |
5. AND BE IT ENACTED, That no subscriber or
stockholder, or
member of the said company, shall be answerable in his person or
individual property for any contract or engagement of said company,
or for any losses, deficiencies or failures, of the capital stock |
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