| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
30. AND BE IT ENACTED, That when four thousand
shares of
the capital stock of this bank shall have been subscribed, and twenty-four
thousand dollars actually paid to the commissioners aforesaid,
the president and directors may commence the operations of
the bank. |
1817.
CHAP. 38.
Operations, when
to commence. |
31. AND BE IT ENACTED, That the Farmers Bank
of Leonard-Town
shall at no time be indebted by bond, bill, note, or other
contract, for an amount exceeding double the capital actually paid
in; and in case of excess, all directors under whose administration
it shall happen, consenting thereto, shall be liable in their individual
capacities, it being understood that property deposited for
safe keeping in the said bank shall not be considered as debts within
the provisions of this clause. |
Debts not to exceed
double the
amount of capital
paid in. |
32. AND BE IT ENACTED, That the president
and directors may
discount notes, bills or acceptances, for any length of time, and
renew the same from time to time, at pleasure, at a rate of interest
not exceeding six per centum per annum. |
Notes may be discounted
for any
length of time. |
33. 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 thirty, and
holding not less than three 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 three months notice
thereof in some one of the public prints in the cities of Baltimore
and Annapolis. |
Books, &c. to be
open to inspection
of directors. |
34. AND BE IT ENACTED, That the said bank
shall pay to the
treasurer of the western shore the sum of twenty cents upon the
amount of every hundred dollars subscribed and actually paid in,
for each and every year during the continuance of its charter,
which sum shall be, and the same is hereby pledged by the state as
a fund for the purpose of supporting county schools, to be equally
divided among the several counties of this state, and paid over in
equal portions to such persons in each county as the legislature may
hereafter appoint. |
State tax. |
35. AND BE IT ENACTED, That if the president
and directors of
said bank shall at any time refuse to pay specie for their notes, when
called on, the charter shall be and is hereby declared null and void;
Provided, in case of such forfeiture the said bank shall be
authorised
to recover, and liable to pay all debts actually due at the
time of said forfeiture, as if no forfeiture had happened. |
Refusing to pay
specie for their
notes, charter declared
void.
Proviso. |
36. AND BE IT ENACTED, That if the president
or any directors,
the cashier, or any other officer of the said bank, shall be concerned,
directly or indirectly, in purchasing any note or notes, bill
or bills, at more than lawful discount or interest, and information
thereof be given, and supported to the satisfaction of a majority of
the board or quorum of directors, his or their seat or seats of office
shall be vacated, and the directors shall fill up such vacancy or vacancies. |
Officers not to be
connected in purchasing
notes. |
37. AND BE IT ENACTED, That this act shall
continue and be in
force until the first day of November eighteen hundred and thirty
five, and until the end of the next session happening thereafter. |
Continuance. |
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