1835.

LAWS OP MARYLAND

SEC. 3. And, be it enacted, That the president and

CHAP. 277

Pay to treasurer

directors of said bank, shall on the first Monday of Ja-

nuary in each year, pay or cause to be paid to the

treasurer of the Western Shore, of the State of Mary-

land, the sum of twenty cents on every one hundred

dollars of the capital stock, which the said bank shall

have actually received, under and by virtue of this act,

to be applied by said treasurer in augmentation of the

Free School Fund of the State, in the same manner as

the similar tax is now applied, to which the said bank

is and will continue to be subject on its present capital

Forfeit on failure

stock, and in case of the failure of the president and

directors of the said bank to make such payment for

the space of six months after the same shall have be-

come payable, the charter of the said corporation shall

be forfeited, and shall be deemed null and void.

Bonus on capital augmented

SEC. 4. And be it enacted, That the president and

directors of said bank in consideration of the privile-

ges granted by this act, shall pay to the State of Ma-

ryland a bonus on the capital stock, which the said

bank shall at any time have or receive over and above

six hundred thousand dollars, or the sum of its origin-

al capital, at and after the rate of three dollars and

seventy-five cents on each hundred dollars thereof,

which bonus shall be paid on the first day of January

next, after such augmented capital shall have been re-

ceived by the said bank.

Qualification of

SEC. 5. And be it enacted, That of the sixteen per-

directors

sens, who being stockholders shall be hereafter chosen

Directors of the said bank, six shall be practical me-

chanics or manufacturers, that is to say, persons actual-

ly working at or immediately carrying on a mechani-

cal or manufacturing business, and six others shall be

persons who have served an apprenticeship to a mecha-

nical or manufacturing business, and the rest may be

elected from amongst the stockholders generally.

Rules

SEC. 6. And be it enacted, That the following rules

shall constitute a part of the fundamental articles of the

said bank, viz:

Oath

ARTICLE 1. That the oath or affirmation, which

the President and each Director of the said bank shall

take before he enters upon the duties of his office, shall