298

LAWS OF MARYLAND.

WHEREAS, The business of the bank has grown to such an

Capital stock
an advantage.

extent that a capital stock, with all its incidents, will be a de-

cided advantage and an additional security to the depositors;

and an enlargement of the powers of the bank is necessary

to the proper conduct of its business ; and,

WHEREAS, The board of directors of said bank have recom-

Enlargement
of charter

mended, and the depositors, as members of the body corporate,

powers.

in general meeting duly called and held on the twentieth day

of January, A.D. 1904, have voted for the enlargement and

amendment of the charter powers of the bank as in this Act

hereinafter set forth.

SECTION 1. Be it enacted by the General Assembly of Mary-

Further rights,
privileges,

land, That the Talbot Savings Bank of Easton, Maryland,

etc.

a corporation duly formed under the provisions of the Code

of Public General Laws of Maryland, title "Corporations,"

in addition to the powers possessed by it under its certifi-

cate of incorporation, which are hereby ratified and confirmed

unless altered or restricted herein, shall have and possess the

further rights, privileges and franchises particularly mentioned

in this Act.

SEC. 2. And be it enacted, That the said bank shall have the

To create and
issue capital

power and is hereby authorized to create and issue capital

stock.

stock to the amount of twenty-five thousand dollars, divided

into one thousand shares of the par value of twenty-five

dollars each, and the issuance of said stock shall in no way

conflict with the banking powers and privileges contained in

or existing under the original certificate of incorporation of

said bank; all subscriptions to the capital stock of the bank

shall be made in cash, and when all of the one thousand

shares shall have been subscribed and paid for, the stockholders

shall have full control and ownership of said bank, its rights,

privileges and franchises, and shall be the only members of

Surplus fund

the body corporate, the present surplus fund of the bank being

reserved.

expressly reserved, however, from the ownership of the stock-

holders and held as a special fund for permanent security of

the depositors of the bank under the control of the directors

thereof as to its investment.

SEC. 3. And be it enacted. That the stockholders of the said

Stockholders
individually

bank shall be individually responsible, equally and ratably,

responsible.

for all contracts, debts and engagements of said bank, to the

extent of the amount of their shares therein, at the par value

thereof, in addition to the amount invested in said shares.

SEC. 4. And be it enacted, That the stockholders of the said

bank, when all of the stock shall have been subscribed and paid