| DEC. 1813.
CHAP. 32. |
LAWS OF MARYLAND.
Holy Evangelly of Almighty God, that they will faithfully and diligently
perform the duties of their respective stations; and the said
subordinate agents shall moreover give satisfactory security to the
president of the said bank, before they shall be permitted to act as
such. |
Notes offered to be
made negotiable
at bank. |
21. AND BE IT ENACTED, That all notes offered
for discount
shall be made negotiable at the Bank of Somerset; and in case the
drawer doth not reside in the town of Princess-Anne, such note
shall be made payable at some house in the said town, and notice
given by the proper agent of the said bank, at such house, that
such note hath become due, shall be deemed and held, to all intents
and purposes, as completely binding on the drawer and endorser
thereof as if personally served on each of them. |
| Fraud. |
22. AND BE IT ENACTED, That any director,
officer, or other
person, having any share or capital of the said bank, 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
Bank of Somerset, for the fraud aforesaid, forfeit all his share or
stock in the said bank to the company. |
Stockholders incorporated.
Proviso. |
23. AND BE IT ENACTED, That all persons who
become stockholders
to the said bank are hereby made a corporation and body
politic, under the name and style of The Bank of Somerset, and
by that name shall be, and are hereby made 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 promissory notes, and general to do an execute all
such matters and things as to them shall appertain under the
clauses of this act; Provided always, that it shall not be lawful
for
said bank to issue notes of a less denomination than five dollars.
By 1814, ch. 72, certain notes made valid. |
Officers salaries to
be fixed by directors. |
24. AND BE IT ENACTED, That the salaries of
the president,
and other officers of the bank, shall be fixed by a majority of the
board of directors, but that no director shall receive any emolument,
unless agreed to, for extraordinary services, by a majority
of all the directors, with the concurrence of the president. |
Unsubscribed
shares. |
25. AND BE IT ENACTED, That if any of the
shares shall remain
unsubscribed for, the president and directors shall dispose of
them in such manner as they shall deem most beneficial for the
bank. |
State may become
a stockholder and
appoint directors. |
26. AND BE IT ENACTED, That the state of Maryland
may at
any time become a stockholder in the Bank of Somerset, by augmenting
its capital, and subscribing to an amount not exceeding
thirty thousand dollars; and when the state shall have become a
stockholder to the amount of twenty thousand dollars, it shall be
entitled to appoint two of the directors, one to be chosen by the
senate, and the other by the house of delegates; and at all subsequent
elections the residue only shall be elected by the stockholder,
as before is herein provided. |
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