118

LAWS OF MARYLAND.

and negotiable, in like manner, as if they were so is-

sued by such private person or persons ; that is to say,

those which shall be payable to any person or persons
his, her or their order shall be assignable by endorse-

ment in like manner, and with the like effect, as for-

eign bills of exchange now are, and those which are

payable to bearer, shall be negotiable or assignable

by delivery only.

SEC. 22. And be it enacted, That the shares of the

capital stock of the said corporation, shall be trans-

Shares of the

ferable on the books of the corporation, only accord-

capital stock

ing to such rules as shall be established by the

President and Directors, but all debts actually due

and payable to the corporation, by a stockholder,
requesting a transfer of shares must be satisfied

before such a transfer shall be made, unless the

President and Directors shall direct to the contrary.

SEC. 23. And be it enacted, That no loan shall be

made by the corporation, for the use of, or on account

Loans limited

of this State, or the United States, to an amount ex-

ceeding ten thousand dollars, or to any other State

of this Union or to any foreign Prince or State, to

any amount whatsoever, without the previous con-

sent of the Legislature, nor to any one corporation

or person an amount exceeding, at any one time,

ten per cent, of the capital stock actually paid in,

and the capital stock and funds of said corporation

shall be deemed and taken to be personal, and not

real estale.

Not lawful.

SEC. 24. And be it enacted, That it shall not be law-

ful for the said corporation to make discounts in, or

pay out auy funds, or money, other than gold or

silver coin, the lawful currency of the United States,

notes issued by the authority of this charter, and

notes of other banking institutions received at their

par value by the banks so paying them out.

SEC. 25. And be it enacted, That if at any time the

Neglect or re-
fusal.

said corporation shall neglect or refuse to pay in gold

or silver, or lawful money of the United States, any

of its notes, bills, or obligations or money received

on deposit, in violation of the promise, contract, or

undertaking of the said corporation, the person or

persons entitled to demand and receive such pay-

ment shall respectively receive and recover interest