| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
paid into the 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 the state. In case of excess, the directors under whose administration
it shall happen, shall be liable for the same in their
personal 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 the 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. |
1817.
CHAP. 21. |
5th. The president and directors may discount
notes or bills at
any length of time, but may renew the same from time to time at
pleasure, and shall not receive on loans or discounts more than at
the rate of six per centum per annum. |
Notes may be discounted
any
length of time. |
6th. 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, her, or their private capacity or capacities,
and 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. |
Notes issued by
corporation to the
binding on them. |
27. AND BE IT ENACTED, That so soon as forty
thousand dollars
shall be actually paid to the commissioners aforesaid, and at
least four thousand shares being subscribed for, it shall be the duty
of the said commissioners, or any five or more them, to appoint
a day and place for the election of the directors, which shall be
thirty days thereafter, and notice shall be given at least ten days
before such election; and the said directors shall be and they are
hereby authorised, immediately after such election, to commence
the operations of the said bank. |
Election of directors. |
28. AND BE IT ENACTED, That the cashier, directors
and company,
of said bank, shall pay to the treasurer of the western shore,
annually, the sum of twenty cents on every hundred dollars actually
paid in, otherwise the charter of said bank shall become forfeited
and rendered null and void, which sum shall be and hereby is pledged |
State tax. |
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