| CHARLES GOLDSBOROUGH, ESQUIRE, GOVERNOR.
effect, as upon any private person or persons, if issued by him or
them, in his, her, or their private 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. |
1818.
CHAP. 186. |
Article 6. The notes or bills obligatory,
which it shall be lawful
for the said corporation to issue, shall not be for a less sum than
five dollars. |
Notes issued not
to be for a less sum
than five dollars. |
25. AND BE IT ENACTED, That an election for
directors shall
take place on the first Monday in August next, and shall be so made
on the first Monday in August 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 those 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 August next ensuing the time of such election, and
no longer, except in case of failure of election on the day appointed,
and in that event, 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 lawful, on any other day,
within ten days thereafter, to hold and make 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. |
Election of directors,
how and
when to be made. |
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. |
Bank to pay twenty
cents upon
every 100 dollars
actually paid in. |
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, or shall neglect or refuse to report to the general
assembly of Maryland when required, such information of the
state and condition of the said bank as either branch of the legislature
may desire to have, the charter shall be and is hereby declared
null and void, and a scire facias may be issued thereon from
the county court of Allegany at the complaint of any person interested
therein, and upon the fact being found that the said bank refused
to pay specie, then they shall decree that the said charter be
forfeited; 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. |
In case of refusal
to pay specie for
their noted, charter
to be void.
Proviso. |
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