|
ROBERT BOWIE, ESQUIRE, GOVERNOR.
to supply such vacancy by the appointment of another person. |
1804.
CHAP. 47. |
_____
|
|
CHAP. XLVIII.
An Act to incorporate the Stockholders in the Union Bank of Maryland.
Lib. JG. No. 4, fol. 578.
Supplements 1806, ch. 17; November 1809, ch. 53. |
Passed Jan. 12, 1805. |
WHEREAS the president and directors of the Union
Bank of
Maryland, on behalf of themselves and other proprietors of stock
in said bank, have petitioned this general assembly, setting forth,
that sundry persons, by articles of voluntary association, have contracted
and agreed each with the other, to conduct and carry on
the usual operations of the banking system at the city of Baltimore,
under the name and style of The President and Directors of the
Union Bank of Maryland, and praying that an act may pass to incorporate
the stockholders in the said bank; and the same being
reasonable, therefore, |
Preamble. |
2. BE IT ENACTED, by the General Assembly
of Maryland, That
the said bank shall be and the same is hereby established at the city
or precincts of Baltimore, at the discretion of the president and directors,
and the capital stock of the said bank shall consist of three
millions of dollars, money of the United States, divided into shares
of one hundred dollars each, and that five thousand shares be reserved
for the use and benefit of the state of Maryland, to be subscribed
for by the said state when desired by the legislature thereof. |
Bank established
—capital stock. |
3. AND, whereas three hundred shares of stock
in said bank
were returned from Worcester county, and twenty-three shares
from Cecil county, unsubscribed; therefore, BE IT ENACTED, That
the president and directors of said bank shall cause subscriptions
to be opened in said counties respectively for those shares so remaining
unsubscribed, and the receiving of the subscriptions shall
be under the same rules and regulations as were prescribed for receiving
subscriptions under the articles of association, and that the
said subscriptions shall be opened at the court-house of the counties
respectively, on the first Monday in May next, of which four weeks
notice shall be given, by advertisement in the most public places of
said counties; Provided, that the persons who may be empowered
to receive subscriptions shall in all cases give the preference to such
subscribers as are citizens of the counties respectively; Provided also,
that no subscriber shall be entitled to receive any dividend on any
such share subscribed, until fifty dollars shall have been paid upon
such share, agreeably to the terms of subscription aforesaid. |
Subscriptions to
be opened.
Provisos. |
4. AND, whereas the sum of fifty dollars has
been already paid
on each share of stock subscribed for, BE IT ENACTED, that the
further sum of fifty dollars shall be paid on each share of stock in
said bank, by the proprietor thereof, to the resent president and
directors of the Union Bank of Maryland, or their successors, as
the case may be, in instalments not exceeding one-fifth part of said
sum in each year, and at such times as the said president and directors,
or their successors, may appoint and require; but the instalments
aforesaid, or any of them, shall not be required without
first giving four months notice in two of the news-papers printed in
the city of Baltimore, and in one of the news-papers of the following
places, to wit: Annapolis, Frederick-town, Hager's-town and |
Further
$50 per share to
be paid. |
|
 |
