ART. 12.] BANKS.

25

ART. 15. All bills or notes which may be issued by
order of the said corporation, signed by the president,
and countersigned by the principal cashier or treasurer
thereof, promising the payment of money to any person
or persons, his, her or their order, or bearer, though
not under the seal of the corporation shall be binding
and obligatory upon the same, in the like manner, and
with the like force and effect, as upon any private per-
son 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 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, her or their order, shall be

Bll!s.&c.,signed
by president,
&c , binding
without seal.

assignable by endorsement in like manner and with
the like effect as foreign bills of exchange now are,
and those which are payable to bearer, shall be nego-
tiable, or assignable by delivery only.

Negotiable and
assignable.

ART. 16. The shares of capital stock of the corpora-
tion shall be transferrable on the books of the corpora-
tion only, according to such rules as shall be established
by the president and directors, but all debts actually
due and payable to the corporation by a stockholder
requesting a transfer, must be satisfied before such a
transfer shall be made, unless the president and direc-
tors shall direct to the contrary.

Shares trans-
ferable.

ART. 17. No loan shall be made by the said cor-
poration for the use or on account of this state, or the
United States, to an amount exceeding fifty thousand
dollars, or to any other state of this union, or to any
foreign prince or state, to any amount whatever,
without the previous consent of the legislature; and

To whom loans
shall not be
made.

the capital stock and funds of the corporation shall
be deemed and taken to be personal and not real
estate.

Capital stock
deemed per-
sonal estate.

ART. 18. The president and directors, for the time
being, shall give three weeks public notice, in at least
two daily newspapers published in the city of Balti-
more, of the time and place of holding the annual
election of directors, if the corporation be located in

Public notice
of annual elec-
tion.