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EDWARD LLOYD, ESQUIRE, GOVERNOR.
contracted in the course of its dealing, 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 deliver only. |
1810.
CHAP. 68. |
16th. The shares of 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. |
Stock, how to be
transferred. |
17th. 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. |
No loan exceeding
20,000 dollars to be
made without consent
of legislature. |
18th. 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. |
Notice to be given
of election of directors. |
19th. The books, papers, correspondence
and funds, of the company,
shall at all times be subject to the inspection of the directors. |
Books, &c. to be
subject to inspection
of directors. |
20th. If the said directors shall
at any time wilfully and knowingly
make or declare any dividend which shall impair the said capital
stock, all the directors present at the making or declaring of such
dividend, and consenting thereto, shall be liable in their individual
capacities to the company for the amount or proportion of the said
capital stock so divided by the said directors, and each director
who shall be present at the making or declaring of such dividend,
shall be deemed to have consented thereto, unless he shall immediately
enter, in writing, his dissent on the minutes of the proceedings
of the board, and give public notice to the stockholders that
such dividend has been declared. |
Directors declaring
any dividend
which may impair
capital to be liable
in their individual
capacities. |
7. AND BE IT ENACTED, That those
persons who have heretofore
entered into articles of association as a banking company, and
now carry on the usual operations of banking in the city of Baltimore,
under the name and title of The President, Directors and
Company, of the Commercial and Farmers Bank of Baltimore, shall
be and are hereby established as the bank or corporation before
mentioned, according to the provisions and limitations herein contained, |
Persons carrying
on operations, &c.
established as the
bank, &c. |
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