| 1811.
CHAP. 193. |
LAWS OF MARYLAND.
binding on the drawer and endorsers, as if notice had been personally
served on each of them. |
Persons committing
fraud to be
liable to prosecution. |
21. AND BE IT ENACTED, That any
director, officer or other
person, having any share or capital of the said bank stock, who
shall commit any fraud or embezzlement touching the money or
property of the bank, shall be liable to be prosecuted in the name
of the state by indictment for the same, in any court of law in this
state; and upon conviction thereof, shall, besides the remedy that
may be had by action in the name of the president and directors of
the Farmers Bank of Somerset and Worcester for the fraud aforesaid,
forfeit all his share or stock in the said bank, to the company. |
Subscribers incorporated
—their
powers.
Proviso. |
22. AND BE IT ENACTED, That all
persons who shall become
subscribers to the said bank, their successors or assigns, shall be,
and are hereby made a corporation and body politic, by the name
and style of The President and Directors of the Farmers Bank of
Somerset and Worcester, and by that name shall be and are hereby
made able and capable in law to sue and be sued, plead and be
impleaded, answer and be answered, defend and be defended, in
any court of record, or any other place whatever, and also to make,
have and use, a common seal, and the same to break, alter and renew
at pleasure, and to make, issue and negotiate notes, and generally
to do and execute all such acts, matters and things, as to them
shall appertain under the clauses of this act; Provided always, that
they shall issue no note under five dollars. |
Shares remaining
unsold. |
23. AND BE IT ENACTED, That in
case any shares shall remain
unsubscribed for in either county, the directors shall take
measures for disposing of them in such manner as to them shall
seem meet, giving notice thereof as provided in the third section. |
| Fundamental articles. |
24. AND BE IT ENACTED, That the
following rules and provisions
shall form the fundamental articles of the constitution of the
the said corporation, to wit: |
Capital to be managed
by the directors. |
1st. That the capital stock of
the Farmers Bank of Somerset and
Worcester shall be managed by the directors, for the joint benefit
of the stockholders, and the benefit of the state of Maryland, if the
state shall become interested. |
No director of any
other, to be a director
of this
bank. |
2d. No director of any other bank,
shall be a director of this bank,
nor shall any two persons, copartners in any kind of business, be
directors in this institution at the same time. |
Notice to be given
of election of directors. |
3d. The president and directors
for the time being shall give
one months notice in the most public places of the county, and some
public print in the town of Easton, of the time and place of holding
the election of directors annually. |
Amount of debts
not to exceed double
the amount of
capital paid in. Excess. |
4th. The total amount of the debts
which the said corporation
shall at any time owe, whether by bond, bill, note, 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 provisions of this clause, unless the contracting of
any greater debts shall have been previously authorised by 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 of debt may in such case be brought
against them, or any of them, or their heirs, executors or administrators, |
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