1835.

LAWS 0F MARYLAND.

and be in the possession of the president and directors

CHAP. 320

of said bank, as a part of its capital stock, and the

same shall have been certified to the treasurer of the

Western Shore of Maryland, by such persons as he shall

appoint to ascertain said facts, it shall not be lawful

for the said president and directors to make any dis-

counts, nor to issue any note of said corporation, nor

shall the president and directors of said bank make any

loans on a pledge of the stock of said bank, nor in their

corporate capacity have the power to hold any part of

the capital stock thereof, except for the purpose of se-

curing bad or doubtful debts previously contracted,

and they shall not pay interest upon any deposite there-

in.

Pay 20 cts. on $100

SEC. 13. And be it enacted, That on the first Mon-

School tax

day of January, subsequent to the organization of said

bank, and on the same day annually thereafter, the

said bank shall pay or cause to be paid to the treasur-

er of the Western Shore of the State of Maryland, the

sum of twenty cents on every hundred dollars of the

capital stock of said hank, then actually paid in, to be

applied by said treasurer in augmentation of the Free

School Fund of the State, in the same manner the si-

milar tax paid by the incorporated banks in the city of

Baltimore is applied, and in case of the failure of the

said bank to make such payment for the space of six

months after the same shall have become payable, this

charter shall be forfeited, and shall be deemed null and

void.

Bonus

SEC. 14. And be it enacted, That the said corpo-

ration, or the president and directors thereof, shall in

consideration of the corporate privileges hereby grant-

ed, pay to the State of Maryland, in addition to the

twenty cents in the hundred dollars as provided for in

the proceeding section, a bonus of five thousand six

hundred and twenty-five dollars, the said payment to

be made to the Treasurer of the Western Shore in three

equal annual instalments, commencing for the first

payment with the thirtieth day after the said bank

shall have gone into operation, and a further bonus at

and after the same rate on any augmentation of the