THOMAS W, VEAZEY, ESQUIRE, GOVERNOR.

1835.

exceeding six per cent, as they may contract for, re-

CHAP. 341

deemable at such periods of time, within the limits of

the charter, as may be agreed upon, between the bank

and the lenders of the money.

SEC. 14. And, be it enacted, That any stockholder

Stockholder may

may at any time pay up the estimated value of his

pay up

real estate in money, and require a reconveyance of

the same, and the said president and directors shall

also have power to permit any stockholder to withdraw

in whole or in part, the real estate which he shall have

conveyed to the bank, and take a reconveyance there-

Take reconvey-ance

for, upon his executing and delivering to the said bank,

a conveyance as hereinbefore directed of other real es-

Withdraw and con-

tate, within the city or county of Frederick, which the

vey other proper-

ty

president and directors shall be satisfied is of equal

value, with that held by the bank; Provided, however,

that it shall not be obligatory upon the bank to make

such change or substitution; and provided also, that in

all cases where it shall be remitted by the bank, or

where the stockholder shall elect to pay up his stock

in money, and withdraw his real estate, there shall be

paid one per cent upon the estimated value of the pro-

perty so withdrawn, to be set apart and constitute a

contingent fund, for the general purposes of the bank.

SEC. 15. And be it enacted, That in all cases where

Disposition of stock

a stockholder shall have elected to pay up his stock in

money, it shall be the duty of the president and direct-

ors to loan out all such money upon the security of real

estate, and within the city or county of Frederick, and

shall always keep the said money so employed.

SEC 16. And be it enacted, That at the expiration of

Governor to ap-

three years from the time the said bank shall commence

point persons to estimate

its operations, and at the end of every three years

thereafter, the Governor and Council shall appoint five

disinterested persons, two of whom shall be practical

Two to be median-

mechanics, to examine and estimate the real estate held

ics

by the bank, and make a report upon oath, showing

Report

the state and condition of such property, and their

opinion of its actual value at that time; and where it

shall be considered that any particular piece or parcel

of property has increased or diminished in value, the

77