| 1810.
CHAP. 77. |
LAWS OF MARYLAND.
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 delivery only. |
Stock, how to be
transferred. |
16. 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. |
No loan exceeding
20,000 dollars to
be made without
consent of legislature. |
17. 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. |
Notice to be given
of election of directors. |
18. 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. |
Books, &c. to be
subject to inspection
of directors. |
19. The books, papers, correspondence and
funds, of the company,
shall at all times by subject to the inspection of the directors. |
Directors declaring
any dividend
which may impair
capital to be liable
in their individual
capacities. |
20. 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. |
Persons carrying
on operations, &c.
established as the
bank, &c. |
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 Farmers and Merchants Bank of Baltimore, shall
be and hereby are established as the bank or corporation before
mentioned, according to the provisions and limitations herein contained,
and the present president and directors of the said banking
association, to wit: William Grahame, George Repold, Henry
Messonnier, George F. Warfield, Peter Levering, Nicholas Brice,
Jonathan Manro, Jesse Tyson, Samuel Stump, Job Smith, Samuel
McKim, Moses Sheppard and Justis Hopper, shall continue to act
as such until the second Monday in April, eighteen hundred and
eleven, and until a new election of directors shall take place. |
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