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ROBERT BOWIE, ESQUIRE, GOVERNOR.
debts due to the bank, then they shall be fully justifiable in taking
any kind of security which they can obtain. |
1811.
CHAP. 207. |
16. AND BE IT ENACTED, That ordinary discounts
may be made
by the president and three directors, but the president and five directors
shall be necessary for the purpose of transacting the general
business of the company. |
Ordinary discounts
and general
business. |
17. AND BE IT ENACTED, That the stock in the
Cumberland
Bank of Allegany may be transferred by the holder, in person, or
by power of attorney, at said bank, but all debts actually due to
the company, by a stockholder offering to transfer, must be discharged
before such transfer shall be made. |
Stock may be
transferred. |
18. AND BE IT ENACTED, That dividends of the
profits of the
company shall be made at the end of the first year, and half yearly
thereafter, and at the end of every three years a dividend shall be
made of surplus profits, which dividend shall be payable to the
stockholders at the bank. |
Dividends, when
to be made. |
19. AND BE IT ENACTED, That the books, papers,
correspondence,
funds, and every transaction of the company, shall at all
times be freely open to the inspection of the directors, a majority
of whom, or any number of stockholders not less than thirty, and
holding not less than three hundred shares, may at any time call a
general meeting of the stockholders for objects relative to the interest
of the company, and giving not less than two months notice
thereof in some one of the public prints in the city of Baltimore. |
Books, &c. to be
open to inspection
of directors. |
20. AND BE IT ENACTED, That before the president
and directors
shall act as such, they shall take an oath, or affirmation, that
they will faithfully, diligently and honestly, perform the duties of
their stations; and the cashier, book-keeper and clerks, shall also
take a similar oath, or affirmation, and shall besides give bonds,
with security to the satisfaction of the board of directors, for the
faithful discharge of their duties in their several stations. |
President, directors,
and officers
to take oaths. |
21. AND BE IT ENACTED, That all notes offered
for discount by
any person or persons, shall on the face thereof be made negotiable
at the Cumberland Bank of Allegany, and when the drawer
shall not reside in the town of Cumberland, such note shall be
made payable at the house of some person in the town aforesaid,
and notice given by the proper servant of the bank at said house,
that such note hath become due, shall be to all intents and purposes,
held and considered to be as completely binding on the drawer
and endorsers as if notice had been personally served on each of
them. |
Notes for discount
to be made negotiable
at bank. |
22. AND BE IT ENACTED, That any director,
officer, or other
person, holding 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 Cumberland Bank of Allegany for the fraud aforesaid,
forfeit all his share or stock in the said bank, to the company. |
Persons committing
fraud to be
prosecuted. |
23. AND BE IT ENACTED, That all persons who
shall become
subscribers to the said bank, their successors and assigns, shall be,
and they are hereby made a corporation and body politic, by the
name and style of The President and Directors of the Cumberland |
Subscribers incorporated. |
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