| 1814.
CHAP. 66. |
LAWS OF MARYLAND.
the same to break, alter and renew at pleasure, and to make, use
and negotiate notes, generally to do and execute all such acts,
matters and things, as to them shall appertain under the clauses of
this act, and the act to which this is a supplement. |
| Fundamental articles. |
5. AND BE IT ENACTED, That the following rules
and provisions
shall form and be fundamental articles of the constitution of said
corporation. |
Capital to be managed
for benefit
of stockholders—
Debts.
Proviso. |
That the capital stock of the Susquehanna Bridge
and Bank
Company shall be managed by the directors for the benefit of the
stockholders. The total amount of 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 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
this state. |
| Excess. |
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 in this state, by any creditor or creditors
of said corporation, and may be prosecuted to judgment and execution,
any condition, covenant or agreement, to the contrary
notwithstanding; but nothing herein contained shall be construed
to exempt the said corporation, or the lands, tenements, goods and
chattels, of the same, from being also liable for, and chargeable
with the said excess; and such of the said directors who may have
been absent when the said excess was created, or may have dissented
from the resolution or act whereby the same was created,
may respectively exonerate themselves from being so liable, by
forthwith giving notice of the fact, and of their absence or dissent,
to the stockholders at a general meeting, which they shall have
power to call for that purpose. |
Notes may be discounted
for six
months. |
The president and directors may discount notes or
bills at any
length of time not exceeding six months, but may renew the same,
from time to time, at pleasure, and shall not receive on loans or
discount more than at the rate of six per centum per annum.
See 1816, ch. 175. |
Notes issued by
corporation to be
binding upon the
same. |
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 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. |
|
 |
