THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

the president and directors for the time being may

deem safe and beneficial.

CHAP. 341,

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

Notes not under

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

seal vald

dent and countersigned by a cashier or treasurer there-

of, promising the payment of money to any person or

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

under the seal of the said corporation, shall be bind-

ing and obligatory upon the same, and 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, her

or their private or natural capacity or capacities, and

shall be assignable and negotiable in like manner,

Assignable

as if they were so issued by such private person or per-

sons, that is to say, those which shall be payable to

any person or persons, his, her, or their order, shall

be assignable by endorsemet in like manner and with

the like effect as foreign bills of exchange now are,

and those which are payable to bearer, shall be negotia-

ble and assignable by delivery only.

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

Transfers

the said bank shall be transferable on the books of the

said bank only, according to such rules as shall be es-

tablished, 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 stock-

Debts must be sat-isfied before

holder, requiring a transfer, must be satisfied before

transfer

such a transfer shall be made, unless the president and

directors shall otherwise order.

ART. 16. No loan shall he made by the said corpora-

Limit of loans

tion 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 dollars,

nor to any foreign Prince or State, to any amount

whatever, without the previous consent of the Legisla-

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

shall be deemed and taken to be personal and not real

estate.

ART. 17. The president and directors for the time

Notice of annual

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

election of direc-tors

al newspapers published in the city and county of

Frederick, of the time and place, and place of holding