E. LOUIS LOWE, ESQUIRE, GOVERNOR.
637
do not exceed three hundred thousand dollars, with
a
condition for the faithful discharge of their duties.
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ART. 13. The lands, tenements
and hereditaments
which it shall be lawful for the said corporation to hold
shall be only such as shall be requisite for its immediate
accommodation, in relation to the convenient
transaction of its business, and 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 judgments
which shall have been obtained for such debts; Provided,
however, that it shall not be lawful for any such
corporation to hold any real estate purchased at sales
upon judgments as aforesaid, for more than three years
from and after the time of such purchase.
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Lands and
tenements.
Proviso.
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ART 14. That the corporation
shall not deal or
trade in any thing except bills of exchange, promissory
notes and bullion, or in the produce of their lands or
of such goods and effects, as shall shall have been bona
fide pledged or mortgaged to it by way of security or
coveyed to it in satisfaction of debts contracted in the
course of its dealings, or purchased at sales upon judgments,
which shall have been obtained for such debts;
Provided, however, that nothing herein contained, shall
be construed to prevent the said corporation from making
temporary 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.
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Dealings of
corporation.
Proviso.
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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 payment or 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 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 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 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.
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Bills binding.
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