1835.

LAWS OF MARYLAND.

CHAP. 317

ments of its funds, in purchase of the public debt of

the United States, or any one of the United States, or

of the city of Baltimore, as the president and directors

for the time being, may doom sale and beneficial;

Notes without seal valid

ART. 14. That all bills or notes, which may be is-

sued by order of the said corporation, signed by a pre-

sident and countersigned by a cashier or treasurer

thereof, promising the payment of money to any person

or persons, his, her or their order or beaver, though not

under the seal of the said corporation, shall be binding

and obligatory upon the same and in like manner,

and with the like force and elfect as upon any private

person or persons, if issued by him, her or them, in

his, her or their private or natural capacity or capa-

Assignable

cities; and shall be assignable and negotiable in like

manner as if they were so issued by such private per-

son 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.

Transferable

ART. 15. That the shares of the capital stock of the

said bank shall be transferable on the books of the said

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

blished, 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 of loans

ART. 16. No loan shall be made, by the said corpo-

ration 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 three hundred thousand dol-

lars, nor to any foreign Prince or State, to any amount

whatever, without the previous consent of the legisla-

To be personal estate.

ture; and the capital stock and funds of said bank,

shall be deemed and taken to be personal, and not real

estate.

Notice of election of Directors

ART. 17. The president and directors for the time

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