| 1817.
CHAP. 38. |
LAWS OF MARYLAND.
or by a notary public, that such note hath become due, or that it is
unpaid, shall be to all intents and purposes held and considered as
sufficient to bind the drawer, acceptor and endorsers, of such note
or bill, as if notice had been personally served on each of them. |
| Fraud or embezzlement. |
24. AND BE IT ENACTED, That any director,
officer, or other
person, having any share or capital of the said bank, 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
Farmers Bank of Leonard-town, for the fraud aforesaid, forfeit
all his share or stock in the said bank to the company. |
| Stockholders incorporated. |
25. AND BE IT ENACTED, That all persons who
become stockholders
to the said bank are hereby made a corporation and body
politic under the name and style of The Farmers Bank of Leonard-Town,
and by that name shall be and are hereby made capable in
law to sue and be sued, plead and impleaded, answer and be answered,
defend and be defended, in any court of record, or any other
place whatever; and also to make, have and use, a common seal,
and the same to break, alter and renew, at pleasure. Any bill or
note
which may be issued by order of said corporation, signed by the
president, and countersigned by the principal cashier, or treasurer
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, her or them, in his, her,
or their private or natural capacity or capacities, and shall be assignable
and negotiable 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 like effect as foreign bills
of exchange now are, and those which are payable to bearer shall
be negotiable or assignable by delivery only. |
| Salaries of officers. |
26. AND BE IT ENACTED, That the salaries of
the president and
other officers of the bank, shall be fixed by a majority of the board
of directors, but that no director shall receive any emolument for
extraordinary services, unless agreed to by a majority of all the directors,
with the concurrence of the president. |
Unsubscribed
shares. |
27. AND BE IT ENACTED, That if any of the
shares shall remain
unsubscribed for, the president and directors shall dispose of them
in such manner as they shall deem beneficial for the bank. |
State may become
a stockholder. |
28. AND BE IT ENACTED, That the state of Maryland
may at
any time become a stockholder in the Farmers Bank of Leonard-Town,
by augmenting its capital, and subscribing to an amount
not exceeding twenty thousand dollars, and when the state shall
have become a stockholder to the amount of twenty thousand dollars,
it shall be the duty of the president and directors, upon the
requisition of the senate or house of delegates, to lay before them
a statement of the affairs of the bank. |
| Rules, by-laws, &c. |
29. AND BE IT ENACTED, That the president
and directors shall
have power to make and alter at pleasure all rules and by-laws
not inconsistent with the provisions of this act, and which may be
deemed necessary for conducting the affairs of the bank. |
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