| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
5th. All bills and notes which may be issued
by order of the said
corporation, signed by the president, and countersigned by the
cashier 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 or
them in his, her, or their private or natural capacity or capacities,
and shall be assignable and negotiable in like manner 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 the like effect, as foreign bills of exchange now are, and
those which are payable to bearer shall be negotiable or assignable
by delivery only. |
1817.
CHAP. 93.
Bills issued by corporation
to be
binding on them. |
6th. The notes or bills obligatory which it
shall be lawful for the
said corporation to issue shall not be for a less sum than one dollar. |
Notes not to be issued
for less than
five dollars. |
25. AND BE IT ENACTED, That an election for
directors shall
take place on the first Monday in June next, and shall be so made
on the first Monday in June in each and every year thereafter, by
the stockholders, by ballot, and by plurality of votes, in such place
as the president and directors shall appoint, and whose who shall be
chosen at any election shall be capable of serving as directors by
virtue of such choice, until the end or expiration of the first Monday
in June next ensuing the time of such election, and no longer,
except in case of failure of election on the day appointed, and in
that until such election takes place; and the said directors at the
first meeting after each election, shall choose a president; and in
case it should happen that an election of directors should not be
made upon the day when pursuant to this act it ought to have been
made, the said corporation shall not for that cause be deemed to
be dissolved, but it shall be lawful, on any other day, within ten
days thereafter, to hold and make an election in such manner as
shall have been regulated by the laws and ordinances of the said
corporation; and in case of the death, resignation, disqualification,
or removal out of the state, of a director, or his being appointed
president of the bank, his place may be filled by the other directors
for the remainder of the year. |
Notes not to be issued
for less than
five dollars.
Election of directors. |
26. 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. |
27. 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. |
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