748

LAWS OF MARYLAND.

for the said corporation to hold, shall be only such

as shall be requisite for its immediate accommoda-

tion in relation to the convenient transaction of

its business, or such as shall have been bona fide

mortgaged or conveyed to it by way of security,

or in satisfaction of debts contracted in the course

of its dealings, or purchased at sales upon judg-

ments or decrees, which shall have been obtained

for such debts or foreclosures of mortgages, or at

mortgagees sales, in case where mortgages con-

ferring power on the mortgagee to sell the real

estate mentioned therein have been executed or

assigned to such bank to secure such debts.

SEC. 21. And be it enacted, That all bills or notes

that may be issued by order of said corporation,

signed by the president, and countersigned by the

cashier 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 cor-

Binding and
obligatory.

poration, shall be binding and obligatory upon the
same in the like manner, and with the like force

and effect as upon any private person or persons,

if issued by him, her, or them, in his, her, or their

private or natural capacity or capacities, and shall

How assign-
able.

be assignable and negotiable in like manner 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 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 negotiable or assignable by delivery only.

SEC. 22. And be it enacted, That the shares of the-

How trans-
ferable.

capital stock of the said corporation shall be trans-
ferable on the books 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 corporation by a stock-

holder requesting a transfer of shares, must be-

satisfied before such a transfer shall be made, un-

less the president and directors shall direct to the

contrary.

Loans — how

SEC. 23. And be it enacted, That no loan shall be

made.

made by the corporation for the use of, on account