THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1839.

ed the cash value of the leasehold property, such pro-

CHAP. 317.

perty shall be inadmissable into the capital of the

bank.

SEC. 11. And be if enacted, That as soon as practi-

Subscribers to con-

cable, after the distribution and allotment of the stock

vey property

shall be made, each subscriber shall by a good and

sufficient deed, convey to the Real Estate Bank of Bal-

timore, and their successors, the property mentioned

and described in his subscription to the stock of the

bank, to hold the same to the said Real Estate Bank of

Baltimore, their successors and assigns in absolute

right and for the uses and purposes made and declared

by this act, and upon the execution and delivery of the

At expense of stockholders

said deed, which together with the cost of recording

the same, shall be at the expense of the stockholder,

and upon the full payment of the said three instalments

Pay instalment:

of five dollars each, the said president and directors

shall issue a certificate or certificates of stock in such

President und di-rectors to issue

form as they may prescribe, and such stock shall be

certificates

held and bo considered as personal estate.

SEC. 12. And be it enacted, That at the time of sub-

Stock to be per-

scribing for stock in the said bank, where the property

sonal estate

offered is improved by buildings of any kind, the per-

son offering to subscribe shall deliver to the commis-

Policy of insur-

sioners, a policy of insurance against fire and other

ance

casualties which the fire insurance companies in the

city of Baltimore usually insure against, and if the

property so offered shall be admitted into the capital of

the bank, it shall be in the power and duty of the pre-

Power to renew

sidcnt and directors to keep the said policy renewed,

policy

or to cause a new policy to be effected, and to increase

Or effect new

the amount insured, if in their judgment it shall be

policy

necessary for the security of the bank.

Sec. 13. And be it enacted, That the president and

Power to borrow

directors of the said bank shall have the power to bor-

row a sum of money not exceeding four millions of

Limits

dollars, by a sale or negotiation of the bonds or scrip

of the bank, bearing such interest, not exceeding six

per cent, as they may contract for, redeemable at such

periods of time within the limits of the charter, as may

be agreed upon between the bank and the lenders of

64