| 1804. |
LAWS OF MARYLAND.
satisfaction of debts contracted in the course of its dealings, or
purchased at sales upon judgments, which shall have been obtained
for such debts. |
Articles in which
corporation may
deal. |
16. That the corporation shall not deal or
trade in any thing
except bills of exchange, promissory notes and bullion, or in the
sale of goods which shall be the produce of their lands, or of such
goods and effects as shall have been bona fide pledged or mortgaged
to it by way of security, or conveyed to it in satisfaction of debts
contracted in the course of its dealings, or purchased at sales upon
judgments which shall have been obtained for such debts, (a) neither
shall the said corporation take more than at the rate of six per
centum per annum for or upon its loans or discounts; all bills or
notes which may be issued by order of the said corporation, signed
by the president, and countersigned by the principal cashier or
treasurer 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.
(a) By November 1809, ch. 53,
they may lay out any portion of the capital in the
purchase of the public debt of the United States, or stock of any chartered
bank. |
| Transfers of stock. |
17th. The shares of stock shall be transferrable
on the books of
the bank only, according to such rules as shall be established by the
president and directors, but all debts actually due and payable to
the bank by a stockholder requesting a transfer, must be satisfied
before such a transfer shall be made, unless the president and directors
shall direct to the contrary. |
No loan exceeding
$50,000 to be
made without consent
of the legislature. |
18th. No loan shall be made by the said corporation
for the use
or on account of this state, or the United States, or of any particular
state, to an amount exceeding fifty thousand dollars, or to any
foreign prince or state whatever, without the previous consent of the
legislature; that the capital stock and funds of the bank shall be
deemed and taken to be personal and not real estate. |
Notice of the election
of directors
to be given annually. |
19th. The president and directors for the
time being shall give
six weeks public notice in the several news-papers of the city of
Baltimore, in one news-paper at Easton, in one at Frederick-town
and in one at Elizabeth-town, of the time and place of holding the
election of directors annually. |
| Duration. |
11. AND BE IT ENACTED, That this act shall
continue in force
until the expiration of the year eighteen hundred and fifteen, and
until the end of the next session of assembly thereafter.
Further continued and extended to 1st
January 1835, &c. by 1815, ch. 167. |
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