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EDWARD LLOYD, ESQUIRE, GOVERNOR.
him to form a just opinion of the state of the institution relative
to
the public safety, and of the profits thereof, over which he is hereby
appointed guardian as far as the same relates to the state. |
1810.
CHAP. 68. |
5th. The notes, or bills obligatory,
which it shall be lawful for
the said corporation to issue, shall not be for a less sum than five
dollars. |
Bills issued not to
be for less than
five dollars. |
6th. And whenever the state shall
become a stockholder to the
whole amount of the shares reserved as above mentioned, or any
part of them, then and in such case they shall be at liberty to elect
one additional director for every five hundred shares of said stock,
and the election of said directors shall be annually made by joint
ballot of both houses, either during the session of the general assembly
at which such investment shall be made, or is directed to
be made, or the first session after the state shall so have become a
stockholder to the respective amounts aforesaid. |
State directors,
when and how to
be elected. |
7th. The president, and each director,
before he enters upon the
duties of his office, shall take the following oath, or affirmation,
as
the case may be: " I, _____ do swear, or affirm, that I will faithfully,
" impartially, diligently and honestly, execute the duties of
" _____, agreeably to the provisions of law, and the trust reposed
" in me, to the best of my skill and judgment, and that I will not,
" directly or indirectly, make use of any money for the purpose of
" usury, which I may obtain by loan or discount from the Commercial
" and Farmers Bank of Baltimore, and that I will not buy or discount,
" or be interested in buying or discounting, any note or
" obligation at higher rate than legal interest, and that I will not,
" if in my power to prevent it, suffer any person to obtain any discounts
" from the bank aforesaid, whom I may know or believe to
" be in the practice of buying or discounting notes or obligations at
" unlawful interest;" and the cashier, the tellers, book-keepers and
" other officers, shall also take the following oath, or affirmation:
" I,
" _____ do swear or affirm, that I will faithfully, impartially, diligently
" and honestly, execute the duties of _____, agreeably to the
" provisions of law and the trust reposed in me, to the best of my
" skill and judgment," and shall besides give bonds, with security
to the satisfaction of the president and directors, for the faithful
discharge of their duties in their respective stations. |
Oath of president,
directors and officers. |
8th. The total amount of the debts
which the said corporation shall
at any time owe, whether by bond, bill 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
debt 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 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 or chattels, of the
same, from being also liable for, and chargeable with, the said excess; |
Amount of debts
not to exceed double
the amount of
capital paid in—
Excess. |
VOL. II.
49
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