1833.
LAWS OF MARYLAND.
CHAP. 256.
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laws of this state or of the United Slates, and from time
to time to alter and repeal the same, and to make, execute,
and perfect, each and so many contracts, bargains and agree-
ments, or other instruments as shall, or may be necessary,
or as the nature of the case shall or may require; Provi-
ded, that nothing in this act shall be construed to authorise
the said company to issue and put in circulation any nego-
tiable notes, or notes payable to bearer, or notes in the na-
ture of bank notes, or to authorise them to make any con-
tract which by the existing laws amounts to usury, or to
guaranty in any manner whatever the payment of any chose
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Estate limited
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in action; Provided, That the real estate which the corpo-
ration shall be entitled to hold, shall be only such as shall
be actually necessary for the convenient transaction of its
business.
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Contracts valid
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Sec. 5. And be it enacted, That all contracts and other
instruments of writing, not under seal by said President and
Directors shall be good and valid in law and equity.
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Liabilities
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Sec. 6. And be it enacted, That no stockholder indebt-
ed to said corporation shall be permitted to transfer his or
her stock, until the debts due by him or her to said corpo-
ration shall be fully paid and satisfied, but no stockholder
shall be liable for any debts, contracts or engagements of
said corporation, but that the money, rights, property and
credits of the corporation shall be liable for the same.
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Investment direct-
ed
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See. 7. And be it enacted, That in order to afford secu-
rity for the endowments in trust and other contracts made
with this corporation, under the provisions of this act, the
President and Directors shall invest at least one half of
their capital stock when paid, in the public securities of this
state, the United Stales or other states, in real estate or
such other securities as may be fully approved of by the
Chancellor of Maryland, and it shall be the duty of the said
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Dividends
Annual report
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President and Diicctors on the first Monday in May and
November, annually, to make and declare such dividends
of the profits of said corporation, as in their discretion
may be proper, and at the same time to send to the Chan-
cellor of this state under their seal a fair statement of their
transactions, and the Chancellor shall at all times have full
power, when the interest of the depositors, or others may
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Investigation
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require it, to order a full and fair investigation into the af-
fairs of the corporation, and if in the course of such inves-
tigation it should be made manifest that the interest of those
concerned require it, it shall- be his duty to demand from
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Security
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the President and Directors such security as will save the
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