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ROBERT BOWIE, ESQUIRE, GOVERNOR.
Bank of Maryland, and by that name shall be and are hereby
made able and capable in law to sue and be sued, plead and be
impleaded, answer and be answered, defend and be defended, in
any courts of record, or any other place whatsoever, and also to
make, have and use, a common seal, and the same to break, alter
and renew, at pleasure, and to make, issue and negotiate notes, and
generally to do and execute all such acts, matters and things, as to
them shall appertain under the clauses of this act. |
1804.
CHAP. 61. |
29. AND BE IT ENACTED, That the following
rules and provisions
shall form and be fundamental articles of the constitution of
the said corporation, viz. |
Fundamental articles. |
1. The capital stock of the Farmers Banks
shall be a joint stock,
and shall be managed by the directors of the bank at Annapolis,
and by the directors of the branch bank at Easton, for the joint
benefit of the stockholders of the western and eastern shores, and
for the benefit of the state of Maryland, when the state shall become
interested. |
Capital to be a
joint stock. |
2. The proportion of the said capital to be
employed by the bank
at Annapolis shall be three fifth parts, and the proportion of the
branch bank at Easton shall be two fifth parts, but if it shall happen
that the directors at Annapolis, or at Easton, shall find that
they have a surplus of money which they cannot advantageously
employ, it shall be the duty of such board of directors to give to
the other information of such surplus capital, and if the other can
find advantageous use for said surplus, it shall be remitted to the
bank which can advantageously employ it. |
Proportion of
capital allotted to
each bank. |
3. Books shall be kept at Annapolis and at
Easton, in which
shall be fairly entered the stock subscribed and paid for by the
stockholders of such shore, and transfers from A. to B. shall be
made on the books of the branch bank, on proper
application by the stockholders. |
Stock subscribed,
and transfers
made, to be entered
in books. |
4. As the Farmers Bank consists of a bank
and a branch bank,
the general accounts shall be kept at the Bank at Annapolis, and
the course of operations shall be as follows: The directors of the
bank at Annapolis shall furnish the directors of the branch bank
at Easton with the proportion of the capital stock allotted to said
branch, in specie, and shall, at the same time, supply a proportionate
amount of notes, signed by the president of the bank at
Annapolis, and countersigned by the cashier, made payable at the
branch bank, and each note shall, on the face of it, have a blank,
to be filled up by the president of the branch bank with his name,
in his own hand writing; and the branch bank shall stand charged
on the books of the bank at Annapolis with such remittance, and
it shall be the duty of the directors of the branch bank, at the end
of the first year of it operations, and half yearly thereafter, to
render to the directors of the bank at Annapolis a clear account of
all expenses attending the conducting of the said bank, together
with an account of the nett profits resulting therefrom, in order to
the striking of a dividend, which shall be done at Annapolis, but
such dividend shall be paid to the stockholders at the bank, or at
the branch bank; that is to say, the dividends on stock standing
on the books of the bank shall be paid at Annapolis, and the dividends
on stock standing on the books of the branch bank shall be
paid at Easton. The total amount of the debts which the said |
Operations, how
to be conducted. |
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