| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
them shall deem expedient, provided they are not contrary to law
or the constitution: Provided always, that no rule or
regulation
shall entitle the president, or any director, to obtain discount on
terms different from those prescribed for other persons: And provided
also, that neither of them shall be indulged with discounts,
or accommodation paper, beyond one thousand dollars per week,
and not to exceed in the whole, at any time, more than five thousand
dollars. |
1817.
CHAP. 93.
Provisos. |
15. AND BE IT ENACTED, That the company shall
in no case be
concerned in any articles but notes, bills of exchange, mortgages,
stock of the United States, specie or bullion, except in the case of
debts due to the bank, then they shall be fully justified in taking
any kind of security which they can obtain. |
Articles in which
company may be
concerned. |
16. AND BE IT ENACTED, That ordinary discounts
may be
made by the president and six directors, but the president and
eight directors shall be necessary for the purpose of transacting
any other business of the company. |
Ordinary discounts. |
17. AND BE IT ENACTED, That the stock in the
Frederick
County Bank may be transferred by the holder in person, or by
power by attorney, at said bank, but all debts actually due to the
company, by a stockholder offering to transfer, must be discharged
before such transfer shall be made. |
Transfers, how to
be made. |
18. AND BE IT ENACTED, That dividends of the
profits of the
company shall be made at the end of the first year, and half yearly
thereafter, and at the end of every three years a dividend shall
be made of surplus profits, which dividend shall be payable tot he
stockholders at the bank. |
Dividends. |
19. AND BE IT ENACTED, That the books, paper,
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 then 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 two months notice
thereof in some one of of the public prints of Frederick and the city
of Baltimore. |
Books, &c. to be
open to inspection
of directors. |
20. AND BE IT ENACTED, That before the president
and directors
shall act as such, they shall take an oath, or affirmation, that
they will faithfully, diligently and honestly, perform the duties of
their stations, and the cashier, book-keeper and clerks, shall also
take a similar oath, or affirmation, and shall besides give bonds
with security to the satisfaction of the board of directors, for the
faithful discharge of their duties in their several stations. |
President, &c. to
take an oath. |
21. AND BE IT ENACTED, That all notes offered
for discount by
any person or persons, shall on the face thereof be made negotiable
at the Frederick County Bank, and when the drawer shall not
reside in the town of Frederick, such note shall be made payable
at the house of some person in the town aforesaid, and notice given
by the proper servant of the bank at said house, that such note
hath become due, shall be to all intents and purposes held and considered
to be as completely binding on the drawer and endorsers as
if notice had been personally served on each of them. |
Notes offered to be
made negotiable at
bank. |
22. AND BE IT ENACTED, That any director,
officer, or other
person holding any share or capital of the said bank stock, who |
Fraud or embezzlement. |
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