| NOV. 1812.
CHAP. 180. |
LAWS OF MARYLAND.
corporation, so that the capital stock of the corporation shall never
be impaired by dividends; and at the expiration of every three
years a dividend or surplus profits shall be made; but the directors
shall then be at liberty to retain at least one per cent. upon the
capital
for the time being, as a fund for future contingencies. |
| Surplus profits. |
It shall be the duty of the cashier to cause a correct
statement
of all surplus remaining in the bank, not divided among
the stockholders antecedent to each annual election, to be made
out and kept in the bank for the inspection of stockholders,
between the times of such dividends being declared and each annual
election; if the directors shall at any time wilfully and knowingly
make or declare any dividend |
| Stock, how transferrable. |
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 requiring a transfer, must be satisfied
before such a transfer shall be made, unless the president and directors
shall direct otherwise. |
Lands, &c. lawful
for corporation to
hold. |
The lands, tenements and hereditaments, which it
shall be
lawful for the corporation to hold, shall be only such as shall be requisite
for their immediate accommodation in relation to the convenient
transaction of their business, and such as shall have been
bona fide mortgaged or conveyed to them by way of security,
or in
satisfaction of debts contracted in the course of their dealings, or
purchased at sales upon judgments which shall have been obtained
for such debts. |
Notes issued by
corporation to be
binding upon
them. |
All bills and notes which may be issued by order
of the said
corporation, signed by the president, and countersigned by the
cashier thereof, promising the payment of money to any person or
persons, his, her or their order, or to bearer, though not under
the seal of the said 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. |
Treasurer to be
furnished annually
with statement
of accounts. |
That the treasurer of the western shore for the
time being,
shall be furnished once every year, or oftener if required, 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 |
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