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LEVIN WINDER, ESQUIRE, GOVERNOR.
27. AND BE IT ENACTED, That the president and
directors shall
have power to make and alter at pleasure all rules and by-laws
deemed necessary for conducting the affairs of the bank. |
DEC. 1813.
CHAP. 32.
Rules and by-laws. |
28. AND BE IT ENACTED, That upon the payment
of the second
instalment the president and directors may commence the operations
of the bank. |
Operations, when
to commence. |
29. AND BE IT ENACTED, That the Bank of Somerset
shall at
no time be indebted by bond, bill, note, or other contract, for an
amount exceeding double the capital actually paid in; and in case
of excess, all directors under whose administration it shall happen,
consenting thereto, shall be liable in their individual capacities, it
being understood, that property deposited for safe-keeping in the
said bank shall not be considered as debts within the provision of
this clause. |
Debts not to exceed
double the
capital paid in. |
30. AND BE IT ENACTED, That the president
and directors
may discount notes, bills or acceptances, for sixty days, and renew
the same from time to time, at pleasure, at a rate of interest not
exceeding six per centum per annum.
By 1814, ch. 72, they may discount for any length of time
not exceeding six months. |
Notes may be discounted
for sixty days. |
31. 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, papers, &c.
to be open for inspection
of directors. |
32. AND BE IT ENACTED, That all that part
of the act*, entitled,
An act to incorporate a bank, to be called by the name of The
Farmers Bank of Somerset and Worcester, which authorises the
stockholders of Somerset to elect eight directors in said bank in
Somerset county, shall be and is hereby repealed, and the stockholders
of said bank shall be entitled to elect sixteen directors,
eight of whom to be resident in Worcester county, and the remainder
to be elected from the stockholders at large. |
Part of an act repealed.
* 1811, ch. 193. |
33. AND BE IT ENACTED, That this act shall
continue in force
until the expiration of the year eighteen hundred and fifteen, and
to the end of the next session of assembly thereafter.
Further continued and extended by 1815,
ch. 167, to 1st January 1835, &c. |
Duration. |
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CHAP. XXXIII.
An Act to establish a Bank, and incorporate a Company, under the
name of The Conococheague Bank, in Williamsport, in
Washington
County. Lib. TH. No. 4, fol. 32.
A Supplement, 1814, ch. 21. |
Passed Jan. 7, 1814. |
1. BE IT ENACTED, by the General Assembly
of Maryland, That
a bank to be called and known by the name of The Concocheague
Bank, shall be established in Williamsport, in Washington
county.
By 1814, ch. 21, the stockholders incorporated
under the name and style of
The Conococheague Bank, &c. |
Bank established. |
2. AND BE IT ENACTED, That the capital stock
of this bank
shall consist of two hundred and fifty thousand thousand dollars, money
of |
Capital stock. |
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