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Proceedings and Acts of the General Assembly, 1874
Volume 211, Page 3294   View pdf image (33K)
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JAS. BLACK GROOME, ESQUIRE, GOVERNOR. 435

SEC. 13. And be it enacted, That once in each year

Statement.

the directors shall lay before the stockholders at the

 

general meeting, an exact and particular statement of

 

the amount of the capital stock, of the debt due to

 

and from the same, of the moneys deposited therein,

 

of the cash on hand specifying the amount of coin

 

and the assets of other banks, of the value of the real

 

estate held by the bank, and of the amount and

 

value of public or other stocks owned by the corpo-

 

ration, of the amount of the losses, dividends and

 

discounts; and said bank shall publish said state-

 

ments, verified by the oath or affirmation of the Pres-

 

ident and Cashier, in at least one of the daily news-

 

papers published in the City of Baltimore, and shall

To be published

show the condition of the corporation in the said

 

particulars as they may appear at the close of the

 

business transactions on the first Monday in January

 

in each and every year.

 

SEC. 14. And be it enacted, That the total amount

Debts limited.

of the debts which any of the said corporations shall at

 

any time owe, whether by bond, bill, note, or other

 

contract, shall not exceed the amount of capital actu-

 

ally paid into the said bank; provided, that the

 

money deposited in the said bank for safe keeping

 

shall not be considered as thedebtsof the bank, within

 

the provisions of this clause, unless the contracting of a

 

greater debt shall have been previously authorized

 

by a law of this State ; and in case of excess the di-

Excess

rectors, under whose administration it shall happen,

 

shall be liable for the same in their natural and pri-

 

vate capacities, and an action may in such cases be

 

brought against them or any of them, or their heirs,

 

executors or administrators, in any court of record in

 

this State; by any creditor or creditors of said corpo-

 

ration, and may be prosecuted to judgment and exe-

 

cution, any condition, covenant, or agreement to

 

the contrary notwithstanding; but nothing herein

 

contained shall be construed to exempt the said cor-

 

poration, or the lands, tenements, goods and chattels

Construed.

of the same from being also liable for and charge-

 

able with the said excess; and such of the said direc-

 

tors who may have been absent when the said excess

 

was created, or who may have dissented from the

 

resolution or act whereby the same was created, may

 

respectively exonerate themselves from being so

 

liable, by forthwith giving notice of the fact and of

 


 

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Proceedings and Acts of the General Assembly, 1874
Volume 211, Page 3294   View pdf image (33K)
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