| 1811.
CHAP. 207. |
LAWS OF MARYLAND.
Bank of Allegany (a,) 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 whatsoever, 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.
(a) See note under section 1. |
Treasurer W. S.
to be furnished
with statements of
accounts. |
24. AND BE IT ENACTED, That the treasurer
of the western shore
for the time being shall be furnished, as often as he may require,
with statements of the amount of the capital stock of the said corporation,
and of the debts due to and from the same, of the monies
deposited therein, of the notes in circulation, of the cash in hand,
and of the profits made, and shall have a right to inspect such
general accounts in the books of the bank as shall relate to the
said statement, but nothing herein contained shall be construed to
imply a right of inspecting the account of any private individual
or individuals with the bank, nor shall such general statement and
power of inspection be used for any other purpose than to enable
him to form a just opinion of the state of the institution, relative
to the public safety, and of the profits thereof, over which he is
hereby appointed guardian, as far as the same relates to the state. |
No loan exceeding
$10,000 to be
made, &c. |
25. AND BE IT ENACTED, That 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
ten 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. |
| Fundamental articles. |
26. AND BE IT ENACTED, That the following
rules and provisions
shall form and be fundamental articles of the constitution of
the said corporation. |
Capital to be managed
for joint
benefit of stockholders. |
1st. That the capital stock of the Cumberland
Bank of Allegany
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
in this bank. |
2d. No director of any other bank shall be
a director in
this bank, nor shall any two persons, co-partners in any kind of
business, be directors of this institution at the same time; one at
least of the directors, elected by the stockholders, shall go out
annually. |
Debts not to exceed
double the
amount of capital
paid in. Excess. |
3d. 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 the 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
a 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, in any court of record of this state, by |
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