| CHARLES GOLDSBOROUGH, ESQUIRE, GOVERNOR.
to be chosen annually by the stockholders, and the president
chosen by the directors at their first meeting after their annual
election, two of which said directors shall go out annually, and
two more be chosen to supply their places; and all elections shall
be
by ballot; Provided always, that the president shall be re-eligible,
and if chosen out of the number of directors, his place shall be
supplied by the directors from among the stockholders. |
1818.
CHAP. 171.
Proviso. |
2. AND BE IT ENACTED, That the president and
directors, or a
majority of them, may purchase or lease real property, and cause
to be erected all necessary buildings, conveniencies and securities,
for said bank, and may sell the property so purchased, when the
interest of said bank may in their view require it. |
Authorised to purchase
or lease real
property. |
3. AND BE IT ENACTED, That the said bank may
be concerned
in bullion, specie, United States Stock, stock of the state of Maryland,
mortgages, bills of exchange, and notes, or any collateral or
other securities that may appear expedient to the president and directors. |
Articles in which
bank may be concerned. |
4. AND BE IT ENACTED, That when any note or
bill discounted,
or any note or bill deposited in the said bank of collection, shall
on its face be negotiable and payable at the Planters Bank of Prince-George's
County, or payable at some house or office in the town of
Upper Marlborough, notice given on the last day of grace at the
bank, or house or office, where it may be made payable, by any
officer of the bank, or by a notary public, that such note or bill
hath become due, and that it is unpaid, shall be to all intents and
purposes as effectual to bind the drawer, acceptor and endorsors,
or other securities, of such note or bill, as if notice had been personally
served on each of them. |
Notes made payable
at bank, what
shall be deemed
sufficient notice. |
5. 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 other
property of the bank, shall be liable to be prosecuted in the name
of the state, by the 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 Planters Bank of Prince
George's County for the fraud aforesaid, forfeit all his share of
stock in the said bank to the company. |
Fraud or embezzlement. |
6. AND BE IT ENACTED, That the president and
directors may
discount notes, bills or acceptances, for any length of time not exceeding
six months, and renew the same from time to time at pleasure,
at a rate of interest not exceeding six per centum per annum,
and may lend money on mortgages of land, or other property, for
any length of time not exceeding twelve months, and renew the
same from time to time at pleasure, at a rate of interest not exceeding
six per centum per annum, and may sue for them in the same
manner as is provided by the twenty-fourth section of the act to
which this is a supplement. |
Notes may be discounted
for six
months. |
7. AND BE IT ENACTED, That the fifth, sixteenth,
seventeenth,
twenty-second, twenty-third and thirty-first sections of the act to
which this is a supplement, be and the same are hereby repealed. |
Parts of original
act repealed. |
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