1835.

LAWS OF MARYLAND.

CHAP. 289.

of such company or companies as may be incorporated

by this State, for the purpose, of establishing and em-

ploying a Hue or lines of ocean steam ships or other

vessels.

Notes not under seal, &c.

ART. 16. That all bills or notes, which may be is-

sued by order of the said corporation, signed by the

president and countersigned by the cashier or trea-

surer thereof, promising the payment of money to

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

bearer, though not under seal of the said corpora-

tion, shall be binding and obligatory upon the same in

the like, manner and with the 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 capaci-

ty or capacities; and shall he assignable and negotiable

in like manner as if they were so issued by such pri-

vate 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 endorsement in like

manner and with the like effect as foreign bills of ex-

change now are, and those which are payable to bearer

shall be negotiable and assignable by delivery only.

Transfer of stock

ART. 17. That the shares of capital stock of the

said bank shall be transferable on the books of the said

bank only, according to such rules as shall be estab-

lished, and at such places as may for this purpose be

designated by the president and directors; but all debts

actually due and payable to the bank by a stockholder

requesting a transfer, must be satisfied before, such a

transfer shall be made, unless the president and direc-

tors shall otherwise order

Limit as to loan

ART. 18. No loan shall be made by the said cor-

poration for the use or on account of this State, nor

to any other State of this Union, nor to the United

States, to an amount exceeding one hundred thousand

dollars, nor to any Foreign Prince or State, to any

amount whatever, without the previous consent of the

Capital is personal

estate

Legislature; and the capital stock and funds of the

said bank, shall be deemed and taken to be personal

and not real estate.

Notice of election of directors

AET. 19. The president and directors for the time

being, shall give four weeks public notice in the sever-