| 1810.
CHAP. 67.
Articles in which
corporation may
be concerned. |
LAWS OF MARYLAND.
9. The corporation shall in no case deal, trade
or be concerned
in, any thing but notes, bills of exchange, mortgages, stock of the
United States or bullion, except in case of debts due to them, then
they shall be fully empowered to take any kind of security which
they can obtain, nor shall the corporation in any case be owners of
ships or vessels, or directly or indirectly be concerned in trade, or
in the importation or exportation, purchase or sale, of any goods,
wares and merchandize, lands and tenements, whatsoever, except
such ships, vessels, goods, wares, merchandize, land or tenements,
as shall be pledged to them by way of security, or for debts due,
owing or growing due, to the said corporation, or purchased by
them to secure such debts due to the said corporation, neither shall
the said corporation take more than at the rate of six per centum
per annum for or upon their loans or discounts. |
Notes may be discounted
at any
length of time, &c. |
10. The president and directors may discount
notes at any length
of time, and may loan money on property security to practical
mechanics only, but not exceeding one tenth part of the stock actually
paid into the bank at the time of making such loan or loans, but
no note or bill for a less sum than fifty dollars shall be discounted
by the said president and directors; and the president and directors
shall discount any stockholder's note, drawn in favour of the
president of said bank, to the amount of three fourths of the sum
paid in on his stock, upon a transfer of his stock to the said president
as a security for the punctual payment of the note when due;
and any stockholder claiming a discount on the suretyship of his
stock, shall be entitled to a preference; and if any stockholder, accommodated
on the transfer of his stock as aforesaid, shall fail to
pay the amount of the sum so loaned as aforesaid, the shares of
stock so transferred shall and may, in ten days after such default,
be disposed of by the directors for the benefit of the corporation,
to such person or persons as may apply for the same, and after
payment of the sum so loaned, with interest, costs and charges,
the said directors shall repay the surplus, if any, to the person or
persons so failing to pay his or their note or notes. |
President nor any
director shall be
entitled to receive
a discount at any
time exceeding
6000 dollars. |
11. Neither the president, nor any director,
shall be entitled to
receive, on accommodation paper, discount or loan, exceeding in
the whole at any time the sum of six thousand dollars, renewable
from time to time at the discretion of the president and directors,
nor shall the president and directors make any engagement to accommodate
any person or persons for more than one year. |
No loan exceeding
20,000 dollars to
be made without
consent of legislature. |
12. No loan shall be made by the said corporation
for the use or
on account of this state, or the United States, nor of any particular
state, to an amount exceeding twenty thousand dollars, or to
any foreign prince or state whatsoever, without the previous consent
of the legislature. |
President and 8
directors to constitute
a board. |
13. The president and eight directors shall
constitute a board
for the transaction of business, but ordinary discounts may be done
by the president and five directors. |
Vacancy of president,
how to be
supplied. |
14. In case of death, disqualification, resignation,
or removal
out of the city and county of Baltimore, of the president, the directors
shall meet, as soon as can be thereafter, and elect another
person as president for the residue of the year. |
No director to receive
any emolument
for his services. |
15. No director shall be entitled to receive
any emolument for
his services, unless the same shall have been allowed at a general
meeting of the stockholders. |
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