284

LAWS OF MARYLAND.

Proviso.

been obtained for such debts ; provided, however,

that nothing herein contained shall be construed

to prevent the said corporation from making tem-

porary investments of its funds in purchase of the

public debt of the United States, or any one of the

United States, or of the city of Baltimore, as the

president and directors for the time being may

deem safe and beneficial.

ART. 15. That 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 pay-

ment of money to any person or persons, his, her

or their order or bearer, though not under" the

Obligations

seal of the corporation, shall be binding and obli-

binding.

gatory 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 capaci-

ties; 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

Assignable
b y endorse-

their order, shall be assignable by endorsement in
like manner and with the like effect as foreign

ment.

bills of exchange now are, and those which are

payable to bearer shall be negotiable or assignable

by delivery only.

ART. 16. That the shares of the capital stock of

Shares — how

the corporation shall be transferable on the books

transferred.

of the corporation only, according to such rules as

shall be established by the president and directors,

but all debts actually due and payable to the cor-

poration by a stockholder requesting a transfer,

must be satisfied before such a transfer shall be

made, unless the president and directors shall

direct to the contrary.

ART. 17. No loan shall be made by the said cor-

poration for the use or on account of this State, or

Loans— how

the United States, to an amount exceeding fifty

made.

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