THOMAS W. VEAZEY, ESQUIRE, GOVERNOR,

1835.

mortgaged or conveyed to them by way of security or

CHAP. 320.

in satisfaction of debts contracted in the course of their

dealings, or purchased at sales upon judgments or de-

crees which shall have been obtained for such debts, or

against their debtors, and the total amount of debts,

which the said corporation shall at any time owe, whe-

ther by bond, bill, note or contract, shall not exceed

double the amount of the capital stock, actually paid

into the bank by the stockholders; Provided, that the

Proviso

money deposited in the said bunk shall not he consider-

ed as the debts of the bank, within the provisions of

this clause, unless the contracting of any greater debts

shall have been previously authorised by law of the

State.

ART. 18. All bills and notes which may be issued

Notes not under

by order of the said corporation, signed by the presi-

seal

dent, and countersigned by the cashier thereof, promi-

sing tiie payment of money to any person or persons,

his, her or their order, or to bearer, though not under

seal of the said corporation, shall be binding and obli-

gatory upon the same, in like manner, and with the like.

force and effect as upon any private person or persons,

if issued by him or them, in his or their private capa-

city or capacities; and shall be assignable and negotia-

Assignable

ble in like manner, as if they were so issued by such

private person or persons; that is to say, those which

shall be payable to any person or persons, his, or her

or their order, shall be assignable by an endorsement

in like manner, and with like effect as Foreign bills of

exchange now are, and those which are payable to

bearer shall be negotiable or assignable by delivery

only; Provided, that it shall not be lawful for the said

proviso

batik to issue notes of a less denomination than five

dollars; and provided also, that at any time hereafter

Restriction of is-

the General Assembly may in their discretion, restrict

sues

by law the notes of said bank, to a denomination not

less than that of the notes or issues of any other incor-

porated bank within this State, the lowest denomina-

tion of whose notes or issues shall be above five dol-

lars.

ART. 19. But until the sum of thirty thousand dol-

Requisite to com-

lars in gold and silver coins shall have been paid to,

mence operation