1833.

LAWS OF MARYLAND.

CHAP. 80.

power and authority to rebuild upon or improve any lots
situated in the Town of Cumberland, now owned by the
said bank.

Officers confirmed

See. 2. And be it enacted, That the President and Di-
rectors now in office, shall continue therein until the first
Monday of May next, with full power and authority to
transact and manage all the business of said Bank, as di-
rected by the original charter.

Election of officer

Sec. 3. And be it enacted, That an election shall take
place as directed by the twenty-seventh section of the ori-
ginal act, on the first Monday of May next, and upon the
first Monday of May, in each and every year thereafter, to
choose eight Directors, all of whom shall be residents of
the state of Maryland, and a majority of whom shall re-
side in Allegany county.

May discount, &c.

Sec. 4. And be it enacted, That it shall be lawful for the
President and Directors of said Bank, for the time being,
to discount promissory notes which shall be offered for dis-
count, although the same shall not on the face thereof, be
made negotiable at the Cumberland Bank of Allegany, nor
be made payable at the house of any person in Cumber-
land; and the money to be due on said notes, shall be re-
coverable by the said Bank in any court of law or equity,
and said notes shall be good and valid to all intents and pur-
poses whatsoever.

Quorum

Sec. 5. And be it enacted, That the President and two
Directors, all of whom shall reside in Allegany county,
shall be competent to make discounts and transact ordinary
business, but the President and four Directors shall be re-
quired to transact the general business of the said bank.

State right relin-
quished

Sec. 6. And be it enacted, That the right of subscrip-
tion to the amount of one thousand shares of the capital
stock of said Bank, reserved for the use and benefit of the
state, be, and the same is hereby relinquished, and the Pre-
sident and Directors of the said Bank for the time being,

Sale of stock autho-
rised

Repealing clause

are hereby authorised and empowered to sell and dispose
of the said stock for the use and benefit of the said Bank.
See. 7, And be it enacted, That every pan of the origi-
nal charter of the Cumberland Bank of Allegany, or sup-
plements thereto, that is inconsistent herewith, shall be and
the same is hereby repealed.