| 1817.
CHAP. 93. |
LAWS OF MARYLAND.
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 Frederick County Bank, for the fraud aforesaid, forfeit all his
share or stock in the said bank to the company. |
| Subscribers incorporated. |
23. AND BE IT ENACTED, That all persons who
shall become subscribers
to the said bank, their successors and assigns, shall be
and they are hereby made a corporation and body politic, by the
name and style of The President and Directors of the Frederick
County Bank, and by that name shall be and are hereby made able
and capable in law to sue and be sued, plead and be impleaded, answer
and be answered, defend and be defended, in any court of record,
or any other place whatsoever, and also to make, have and
use, a common seal, and the same to break, alter and renew, at
pleasure, and to make, issue and negotiate notes, and generally to
do and execute all such acts, matters and things, as to them shall
appertain under the clauses of this act. |
| Rules and articles. |
24. AND BE IT ENACTED, That the following
rules and provisions
shall form and be fundamental articles of the constitution of
the said corporation. |
Capital to be managed
for benefit
of stockholder. |
Article 1st. That the capital stock of the
Frederick County Bank
shall be managed by the directors for the benefit of the stockholders. |
No director of
any other bank to
be a director in
this bank. |
2d. No director of any other bank shall be
a director in this
bank, nor shall any two persons, copartners in any kind of business,
be directors of this institution at the same time; two of the
directors elected by the stockholders shall go out annually. |
Debts not to exceed
double the
amount of capital
paid in. Excess. |
3d. The total amount of the debts which the
said corporation
shall at any time owe, whether by bond, bill, note or other contract,
shall not exceed double the amount of the capital actually
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 provision of this clause. In case of excess,
the
directors under whose administration it shall happen, shall be liable
for the same in their natural and private capacities, and an action
of debt may in such case be brought against them, or any of them,
or their heirs, executors and administrators, in any court of record
of 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 governor of the state, and to the stockholders,
at a general meeting which they shall have power to call
for that purpose. |
Notes may be discounted
for six
months. |
4th. The president and directors may discount
notes or bills at
any length of time, not exceeding six months, 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. |
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