156

LAWS OF MARYLAND.

dent and Directors, in a sum not less than twenty-

five thousand dollars, with a condition for the faith-

ful discharge of hie duties.

L. The lands, tenaments and hereditaments, which

Lauds, tene-
ments, &c.

it shall be lawful for this 'corporation to hold, shall

be only such as shall be requisite for its immediate

accommodation in relation to the convenient trans-

action of its business, or such as shall have been

bona-fide mortgaged or conveyed to it by way of

security, or in the satisfaction of debts contracted in

the course of its dealing, or purchased at sales upon

judgments, which shall have been obtained for such

debts or at foreclosure of mortgages.

M. That all bills or notes which may be issued by-

Bills and notes

order of the corporation, signed by the President

Issued.

and counter-signed by the Cashier thereof, promising

the payment of money to any person or persons, his,

her or their orders, or bearer, though not under the

seal of the corporation, shall be binding and obli-

gatory upon the same, in the like manner and with

like force and effect as upon any private person or

persons, if issued by him or them in his, her or their

private or natural capacity or capacities, and shall

be assignable and negotiable in like manner as if

they were so issued by such private person or per-

sons, that is to say, those which shall be payable to

any person or persons, his, her or their order, shall

be assignable by endorsement, in like manner and

with the like effect as foreign bills of exchange now

are, and those which are payable to bearer, shall be

negotiable or assignable by delivery only.

N. That the shares of the capital stock of the cor-

Capital stock
transferable

poration shall be transferable on the books of the

corporation only according 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.

O. No loan shall be made by this corporation for

Loans limited.

the use of, or an account of this State, or the United

States, to an amount exceeding fifty thousand dol-