| DEC. 1813.
CHAP. 81.
Provisos. |
LAWS OF MARYLAND.
by-laws and regulations, for the government of the company,
and that of their officers, servants and affairs, as a majority of
them shall deem expedient, provided they are not contrary to law
or the constitution; Provided always, that no rule or regulation
shall entitle the president or any director to obtain discounts on
terms different from those prescribed for other purposes; And provided
also, that neither of them shall be indulged with discounts or
accommodation paper beyond one thousand dollars per week, and
that not to exceed in the whole at any one time more than five thousand
dollars. |
In what articles
bank may be concerned. |
15. AND BE IT ENACTED, That the company shall
in no case be
concerned in any article but notes, bills of exchange, mortgages,
stock of the United States, specie or bullion, except in the case of
debts due to the bank, then they shall be fully justifiable in taking
any kind of security which they can obtain. |
| Ordinary discounts. |
16. AND BE IT ENACTED, That ordinary discounts
shall be made
by the president and three (a) directors, but the president and
five
directors shall be necessary for the purpose of transacting the general
business of the company.
(a) By 1817, ch. 68, the president
and two directors may make ordinary discounts. |
Transfers, how to
be made. |
17. AND BE IT ENACTED, That the stock in the
Bank of Caroline
may be transferred by the holder in person, or by the 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. |
Dividends to be
made half-yearly. |
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. |
Books, &c. to be
open to inspection
of directors. |
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 interests
of the company, and giving not less than two months notice
thereof in some one or more of the public prints in Easton. |
President, directors,
&c. to take
an oath.. |
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 station, and the cashier and book-keeper, or clerk, 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. |
Notes offered to be
made negotiable
at bank. |
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 Bank of Caroline, and when the drawer shall not reside in
the village of Denton, such note shall be made payable at the house
of some person in the village 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 |
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