| 1814.
CHAP. 66.
Provisos. |
LAWS OF MARYLAND.
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 persons; 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, five thousand dollars. |
Articles in which
company 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.
See 1816, ch. 175. |
| Quorum for discounts. |
16. AND BE IT ENACTED, That ordinary discounts
may be made
by the president and five directors, but the president and seven directors
shall be necessary for the purpose of transacting the general
business of the company. |
| Transfers. |
17. AND BE IT ENACTED, That the stock in the
Susquehanna
bridge and bank may be transferred by the holder in person, or by
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. |
18. AND BE IT ENACTED, That dividends of the
profits of the
company shall be made at the end of the first year after the bridge
shall be finished, 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 inspectors
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 twenty, and holding
not less than two 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 or more of the public prints in Baltimore. |
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 clerks,
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 several duties.
21. This section repealed by
1816, ch. 175. |
| Frauds or embezzlements. |
22. AND BE IT ENACTED, That any director,
officer, or other
person, holding any share or capital of the said bank stock, 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 Susquehanna bridge and bank company for the fraud
aforesaid, forfeit all his share or stock in the said bridge and bank
to the company. |
| Election of directors. |
23. AND BE IT ENACTED, That so soon as five
thousand shares
shall be subscribed for, it shall be the duty of the said commissioners, |
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