| 1804. |
LAWS OF MARYLAND.
before the stockholders, at a general meeting, for their information,
an exact and particular statement of the debts which shall have remained
unpaid after the expiration of the original credit, and the
surplus profit, if any, after deducting losses and dividends. |
Treasurer of the
W. S. to be furnished
annually
with statements of
the amount of capital
stock, &c. |
4th. That the treasurer of the western shore
for the time being
shall be furnished, once every year, or oftener if required, with
statements of the amount of the capital stock of the said corporation,
and of the debts due to and from the same, of the monies deposited
therein, of the notes in circulation, of the cash in hand, and of the
profits made, and shall have a right to inspect such general accounts
in the books of the bank as shall relate to the said statement, but
nothing herein contained shall be construed to imply a right of inspecting
the account of any private individual or individuals with
the bank, nor shall such general statement and power of inspection
be used for any other purpose than to enable him to form a just opinion
of the state of the institution, relative to the public safety, and
of the profits thereof, over which he is hereby appointed guardian,
as far as the same relates to the state. |
No note to be issued
for a less sum
than $5. |
5th. 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. |
Whenever the
state subscribes
not less than
$40,000 to be entitled
to two directors. |
6th. And whenever the state shall become a
stockholder to an
amount less than forty thousand dollars, it shall be entitled to
appoint two directors, and when the state shall be a stockholder to
an amount of two hundred and fifty thousand dollars, it shall be entitled
to four directors, and the election of said directors shall be
annually made by joint ballot of both houses, either during the session
of the general assembly at which such investment shall be made,
or is directed to be made, or the first session after the state shall so
have become a stockholder to the respective amounts aforesaid. |
Oath of a director,
&c. |
7th. The president, each director, cashier
or treasurer, before
he enters upon the duties of his office, shall take the following oath,
or affirmation, as the case may be: " I _____ _____, do swear, or
affirm,
" that I will faithfully, impartially, diligently and honestly,
" execute the duties of _____ _____, agreeably to the provisions of
" law, and the trusts reposed in me, to the best of my skill and
" judgment." |
Amount of debts
not to exceed double
the amount of
capital paid in.
Proviso—excess. |
8th. The total amount f 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, unless the contracting
of any greater debt shall have been previously authorised by a
law of the state. 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
or administrators, in any court of record in 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 or chattels, of the same, from being also |
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