| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
thereafter to be made to such stockholder, as well upon the monies
regularly paid, as upon those paid after default, shall be computed
only from the time that such instalment was made good. |
1817.
CHAP. 38. |
14. AND BE IT ENACTED, That no member of the
said company
shall be answerable in his person or individual property for any
contract or engagement of the said bank; or for any losses, deficiencies
or failures, of the capital stock thereof, but all the said capital
stock, together with all property, rights and credits, of the said institution,
shall at all times be answerable for demands against the
said bank. |
Capital stock only
answerable for
losses, &c. |
15. AND BE IT ENACTED, That the president
and directors shall
determine the manner of conducting the concerns of the said bank,
and the rules and forms to be pursued therein; they shall appoint
and pay all subordinate agents by them deemed necessary, and dispose
of the funds and credits of the said bank, in the common course
of banking, for the use and benefit of the said stockholders, and
make a dividend of profits after the end of the first year, and semi-annually
thereafter. |
Powers of president
and directors. |
16. AND BE IT ENACTED, That the president
and directors of
the said bank may hold an annual election at the banking house, after
notice as aforesaid, and in the mean time should a vacancy happen
the president and directors may supply the same from among
the stockholders. |
Elections—vacancies. |
17. AND BE IT ENACTED, That in case of sickness
or absence
of the president, the board of directors shall choose one of their
body to act as president pro tem. |
President pro tem. |
18. AND BE IT ENACTED, That the president
and directors may
purchase or lease real property, and cause to be erected all necessary
buildings, conveniencies and securities, for said bank. |
Buildings to be
erected. |
19. AND BE IT ENACTED, That the said bank
may be concerned
in bullion, gold and silver coin of the United States, mortgages,
bills of exchange, and notes, or any collateral securities, that may
appear expedient to the president and directors. |
Articles in which
bank may be concerned. |
20. AND BE IT ENACTED, That ordinary discounts
may be done
by the president and two directors, but the president and three directors
shall be a board necessary for transacting the general business
of the bank. |
Ordinary discount. |
21. AND BE IT ENACTED, That the stock of the
said bank may
be transferred by the holder in person or by power of attorney, but
all debts actually due to the said bank, by a stockholder offering to
transfer, must be first discharged. |
Stock, how to be
transferred. |
22. AND BE IT ENACTED, That the president
and directors, and
subordinate agents of the said bank, shall severally swear, or affirm,
that they will faithfully and diligently perform the duties of their
respective stations; and the said subordinate agents shall moreover
give satisfactory security to the president and directors of the said
bank before they shall be permitted to act as such. |
President, &c. to
take an oath. |
23. AND BE IT ENACTED, That when any note
or bill of exchange,
which shall be discounted by the president and directors of the
Farmers Bank of Leonard-Town, or deposited in said bank for
collection, shall on its face be negotiable at said bank, and payable
either at the banking house, or any other house or officer in Leonard-Town,
notice given at the bank, or house, or office, where it may
be made payable, as the case may be, by any officer of said bank, |
Notes, how payable. |
VOL. III.
77
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