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ROBERT BOWIE, ESQUIRE, GOVERNOR.
that no director shall be indulged with discounts beyond one thousand
dollars per week. |
1804.
CHAP. 61. |
16. AND BE IT ENACTED, That the company shall
in no case be
concerned in any article but notes, bills of exchange, mortgages,
stock of the United States, or buliion, except in the case of debts
due to the bank, then they shall be fully justifiable in taking any
kind of security which they can obtain. |
Articles in which
company may be
concerned. |
17. AND, whereas it would greatly tend to
promote the agricultural
and manufacturing interests, if this bank should be authorised
to make loans on more extended principles than have heretofore
been adopted by similar institutions in this state, BE IT ENACTED,
that the directors at the bank at Annapolis, and the directors of
the branch bank at Easton, shall, and they are hereby empowered
and directed, on the application of ant farmer, mechanic or manufacturer
of this state, to open a cas account with such applicant
for any sum not less than one hundred dollars, and not exceeding
one thousand dollars, whereon the party obtaining such cash account
may draw or pay in any sum not less than fifty dollars at
any one time, and whereon a settlement shall take place semi-annually,
the party thus drawing the cash paying an interest for what
he may owe at the rate of six per cent. per annum, to be deducted
on opening the account, and to be allowed interest on all sums returned
from the time of payment; Provided however, that no person
shall obtain the benefit of any such cash account until he shall
give such reasonable personal or landed security as the directors of
the bank and branch bank respectively may require; Provided also,
that the directors of the bank at Annapolis, and the directors of
the branch bank at Easton, shall not be obliged to lend money on
such cash accounts to a greater amount, at any one time, than one
fifth part of their capital stock respectively. |
Cash accounts
may be opened on
application of any
farmer, &c.
Provisos. |
18. AND BE IT ENACTED, That ordinary discounts
may be made
by the president and any four directors, but the president and six
directors shall be necessary for the purpose of transacting the general
business of the company. |
Ordinary discounts
may be
made by president
and four directors. |
19. AND BE IT ENACTED, That the directors
of the bank and
branch bank are hereby authorised to receive deposites of money,
and if such deposites shall be for six months certain, they are authorised
to pay an interest of four per cent. per annum, or three per
cent. if to be drawn on demand, and the directors are authorised to
issue their notes on such deposites in such reasonable proportion as
they may judge prudent and expedient, not exceeding the sums so
deposited. |
Authorised to pay
interest on money
deposited. |
20. AND BE IT ENACTED, That the stock in the
Farmers Bank
of Maryland may be transferred by the holder, in person or by
power of attorney, at said bank, or at the branch bank in Easton,
but all debts actually due to the company by a stockholder offering
to transfer, must be discharged before such transfer shall be made. |
Stock, how to be
transferred. |
21. AND BE IT ENACTED, That dividends of the
profits of the
company shall be made at the end of the first year, and half yearly
thereafter, and at the end of every three years a dividend shall
be made of surplus profits, which dividends shall be payable to the
stockholders on their respective shores at the bank and branch
bank. |
Dividends. |
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