380

BANKS, NATIONAL AND STATE. [ART. 43.

issued by authority of their charter, and notes issued by other bank-
ing incorporations, received at their par value by the banks so pay-
ing them out.

1874, c 406, s 2
Payment of a
percentage on
issue, to be ap-
plied to the free-
school fund.

ART. 21. — On the first Monday in January, annually, the president,
or other proper officer, of each bank or banking institution doing
business in this State, under charter from the General Assembly
thereof, or under the provisions of the act of 1870 (chapter 206,
herein contained), shall pay or cause to be paid to the treasurer of
the State of Maryland the sum of twenty cents on every one hun-
dred dollars of the issue of notes then in actual circulation, which
it shall be lawful for such banks or banking institutions to issue, to
be applied by the said treasurer in augmentation of the free-school

To what other
taxation capital
stock subject.

fund of this State. But the capital stock of every bank incorpor-
ated by this State shall remain subject to all other taxes imposed,
or to be imposed, for State or municipal purposes, upon the capital
stock of corporations incorporated under the laws of this State.

1870, c 206, s 8
In case of non-
payment of
notes, etc, by
bank, interest
may be recov-
ered.

13, If at any time any of the said corporations shall neglect or
refuse to pay in gold and silver, or lawful money of the United
States, any of its notes, bills, obligations, or money received on de-
posit, in violation of the contract, promise, or undertaking of said
corporation, the person or persons entitled to demand and receive
such payment, shall respectively receive and recover interest on said
bills, notes, obligations, and deposits, until the same shall be fully
paid and satisfied, at the rate of six per cent, per annum from the
time of such demand.

Id s 9
Rights of cred-
itors

14. If the said corporation shall neglect or refuse to pay as
aforesaid, any of its notes, bills, obligations, or money received on
deposit, the holder of such note, bill, or obligation, or the person or
persons entitled to demand and receive such money, shall be respec-
tively entitled only to demand and receive, as creditor or as debtor,
to claim and set off such part of its assets as shall be actually dis-
tributable and payable to such creditor or debtor, at the time when
such claim or demand may be made.

Id s 10
Distribution of
assets in case of
suspension

10. If the said corporation shall, at any time, suspend its pay-
ments, the assets which said corporation may hold or be in any
wise entitled to at the time of such suspension of payment, shall
be ratably distributed to and among all the persons who shall be its
creditors at such time, and to their assigns respectively.

Id s 11
Stockholders
liable to the
amount of their
stock

10. The continuance of the said several corporations shall be
on the condition that the stockholders and directors of each of said
corporations shall be liable to the amount of their respective share
or shares of stock in such corporation, for all its debts and liabili-
ties, upon note, bill, or otherwise; and upon this further condition,
that this act and every part of it may be altered from time to time,
or repealed, by the legislature.

Id s 12.
Existing banks
may avail them-

1 7. The provisions of tins act, so far as they may be applicable
in their privileges and restrictions to any and all banks now exist-