1835.

LAWS OF MARYLAND.

teen thousand seven hundred and fifty dollars, in three

CHAP. 314.

equal annual instalments, commencing for the first pay-

ment on the thirtieth day after the said bank shall have

gone into operation.

failure to pay

SEC. 12. And be it enacted, That if at any time the

its notes, &c

said bank shall neglect or refuse to pay in gold and

silver, any of its notes, bills, obligations or any money

received on depositc, in violation of the contract, pro-

mise or undertaking of said bank; the person or persons

Interest

entitled to demand and receive such payment, shall re-

spectively receive and recover interest on said bills,

notes, obligations and deposites until the same shall be

fully paid and satisfied, at the rate of twelve per centum

per annum, from the time of such demand; Provided,

and so far as the assets of said bank shall be sufficient

to pay, over and above the sum of its debts and com-

mon interest thereon, the said extra rate of interest;

Provided however, the power is reserved to this State

to revoke this charter, if at any time the said bank re-

fuses or fails to pay specie for any of its notes.

At to rights of set

SEC. 13, And fee it enacted, That if the said bank shall

off

neglect or refuse to pay as aforesaid, any of its notes,

bills, obligations or money received on deposite, the

holder of such note, bill or obligation, or the person or

persons entitled to demand and receive such money,

shall be respectively entitled only to demand and re-

ceive as creditor, or as debtor to claim and set off such

part of the sum of its assets as shall be actually dis-

tributable and payable to such creditor or debtor, at

the time when such claim or demand may be made;

Proviso

Provided, the concerns of said bank shall be or become,

before any such demand is made, or set off attempted,

in process of being wound up for equitable distribution

of its assets amongst all its creditors.

Assets how dispos-

SEC. 14. And. be it enacted, That if the said bank

ed of

shall at any time suspend its payments, the assets

which the said bank may hold, or be in any wise enti-

tled to, at the time of such suspension of payment, shall

be rateably distributed to and amongst all the persons

who shall be its creditors at such time, and to their

assigns respectively.