| 1814.
CHAP. 67.
Persons paying
shall receive dividends. |
LAWS OF MARYLAND.
20. AND BE IT ENACTED, That any person who
may find it convenient
may, at the time of paying his second instalment, pay up his
shares to the amount of twenty-five dollars on each share, and
shall receive a dividend accordingly. |
To be entitled to
dividends in proportion
to their capital
paid in. |
21. AND BE IT ENACTED, That the new stockholders
who shall
pay up their instalments regularly shall be entitled to a dividend
in proportion to their capital paid in. |
Additional fundamental
articles. |
22. AND BE IT ENACTED, That the following
rules and provisions
shall form and be additional fundamental articles of the constitution
of the said corporation, viz: |
Capital to be a
joint stock, &c. |
1st. The capital stock of the Farmers Bank
of Somerset and
Worcester shall be a joint stock, and shall be managed by the directors
of the bank at Snow Hill, and by the directors of the Salisbury
Branch Bank, for the joint benefit of the stockholders in each,
and for the benefit of the state of Maryland when the state shall become
interested. |
Books to be kept
at Salisbury Bank,
&c. |
2d. Books shall be kept at the Salisbury branch,
on which shall
be entered the stock purchased and paid for by the purchasers of
stock as aforesaid, according to the list to be furnished by the
cashier of the mother bank, and transfers from A. to B. shall be
made on the books of the Branch Bank, on proper application by
the stockholders, under a provision to be made by a by-law to be
made and ratified as aforesaid. |
When second instalment
is paid in
at mother bank,
cashier thereof to
pay over to branch
30,000 dollars. |
3d. As soon as the second instalment on each
share of stock sold
shall have been paid in at the mother bank, the cashier thereof
shall pay over to the cashier of the Branch Bank, thirty thousand
dollars, together with all sums which may have been paid in by
those who have paid to the amount of twenty-five dollars on their
stock for each share, and the Branch Bank at Salisbury shall stand
charged on the books of the mother bank at Snow Hill with such
remittance; and from time to time when any and every future instalment
of stock shall be called and paid in on stock in the said
Branch Bank, the cashier of the said Branch Bank shall forward
a certificate stating the amount so paid in, and also the time when
each stockholder paid in his instalment; and the said Branch Bank
shall stand charged as aforesaid with each and every such instalment
so paid in. |
Directors of
branch to render
to mother bank account
of expenses,
&c. |
4th. It shall be the duty of the directors
of the Branch Bank, at
the end of six months from the commencement of its operation, and
at the end of every six months thereafter, or at other times to be
fixed on by the mother bank so as to suit the declaration of dividends,
to render to the directors of the bank at Snow Hill a clear
account of all expenses attending the conducting of the said Branch
bank, together with an account of the net profits resulting therefrom,
in order to the striking of a dividend. |
Notes may be discounted
for six
months. |
5th. The mother bank, and the branch aforesaid,
may discount
notes or bills at any length of time not exceeding six months, and
may renew the same from time to time at pleasure. |
Shares not being
sold on day appointed,
may be
disposed of. |
23. AND BE IT ENACTED, That if the whole two
thousand shares
of stock shall not be sold by the directors of the mother bank on
the day of sale to be appointed as is before prescribed, that the said
directors, or any six of them, shall be and are hereby empowered
from time to time, as they may see proper, to sell the same to any
person or persons who may apply and contract for the same, or any
part thereof. |
