| 1810.
CHAP. 77. |
LAWS OF MARYLAND.
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. |
President and directors
to take an
oath. |
7. The president, and each director, before
he enters upon the
duties of office, shall take the following oath, or affirmation, as the
case may: " 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 Farmers and
" Merchants Bank of Baltimore, and that I will not buy or discount,
" or be interested in the buying or discounting, any note or
" obligation at a 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 that 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 trusts reposed in me, to the
" best of 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. |
Amount of debts
not to exceed double
the amount of
capital paid in—
Excess. |
8. 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 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 this
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, 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 lands, tenements,
goods or chattels, of the same from being also liable for, and
chargeable with, the said excess; and such of the said directors
who may have been absent when the said excess was created, or
may have dissented from the resolution or act whereby the same
was created, may respectively exonerate themselves from being so
liable, by forthwith giving notice of the fact, and of their absence
or dissent, to the governor of the state, and to the stockholders at
a general meeting, which they shall have power to call for that
purpose. |
President and
eight directors to
constitute a board. |
9. The president and eight directors shall
constitute a board for
the transaction of business, but ordinary discounts may be done by |
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