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ROBERT BOWIE, ESQUIRE, GOVERNOR.
in any court of record of 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 and chattels of the same, from being also liable for
and chargeable with the said expenses; 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 himself or 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. |
1811.
CHAP. 193. |
5th. The president and directors
may discount notes or bills at
any length of time not exceeding sixty days, but may renew the
same from time to time, at pleasure, and shall not receive on loans
or discounts, more than at the rate of six per centum per annum. |
Notes may be discounted
for sixty
days. |
6th. All bills and notes which
may be issued by order of the
said corporation, signed by the president, and countersigned by the
cashier thereof, to order or to bearer, though not under the seal of
the corporation, shall be binding and obligatory upon the same in
the like manner, and with the like force and effect, as upon any
private person or persons, if issued by him or them, in his, her, 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. |
Bills and notes issued
by corporation
shall be obligatory
upon them. |
7th. That as soon as the second
instalment shall have been paid
by the stockholders to the commissioners of the county in which it
shall have been determined to fix the said bank, or any five or
more of them, it shall be the duty of the said commissioners, or
any five or more of them, to appoint a day and place for the election
of the directors, which day shall be within thirty days thereafter,
and notice thereof given at least twenty days before such
election, and that upon the payment of the third instalment, the
said directors are hereby authorised to commence the operations of
the bank. |
Election of directors,
when to take
place. |
25. AND BE IT ENACTED, That the
state of Maryland may at
any time become a stockholder in said bank, by increasing the
capital and subscribing to an amount not exceeding thirty thousand
dollars; and when the state becomes a stockholder to the amount
of fifteen thousand dollars, the house of delegates shall choose one
director of said bank on the part of the state; and when the state
becomes a stockholder to the amount of thirty thousand dollars,
the state shall be entitled to two directors, one to be chosen by the
senate, the other by the house of delegates. |
State may become
a stockholder and
elect directors. |
26. AND BE IT ENACTED, That this
act shall continue in force
until the expiration of the year eighteen hundred and fifteen, and |
Duration. |
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