E. LOUIS LOWE, ESQUIRE, GOVERNOR.
639
of stock in the corporations aforesaid, as shall appear
to
have been transferred upon the books of the corporation,
within one year next preceding the meeting at
which it is offered to vote upon them.
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ART. 20. It shall not be
lawful for any of the banking
institutions, by this act incorporated, to make discounts
in, or pay out any funds or money other than the legal
currency of the United States, notes issued by authority
of their charter, and notes of other banking corporations,
received at their par value by the banks so paying them
out.
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Funds paid
out to be legal
currency.
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SEC. 5. And be it enacted,
That on the first
Monday of January, annually, each of the said corporations
shall pay, or cause to be paid to the treasurer of
the State of Maryland the sum of twenty cents on
every hundred dollars of the capital stock of said corporation
then actually paid in, to be applied by the
said treasurer in augmentation of the free school fund
of the State, and in case of the failure of any of the
corporations to make such payment for the space of six
months after the same shall have become payable, this
charter shall be forfeited, and shall deemed null and
void as to such corporation.
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Sum to
be
given Treasurer.
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SEC. 6. And
be it enacted, That if at any time any
of the said corporations shall neglect or refuse to pay,
in gold and silver, any of its notes, bills, obligations,
or any money received on deposite, 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 deposites
until the same shall be fully paid and satisfied, at the
rate of six per centum per annum from the time of such
demand.
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Neglect to
pay in gold
and silver.
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SEC. 7. And be it enacted,
That if the said corporation
shall neglect or refuse to pay, as aforesaid, any
of its notes, bills, obligations or money received on deposite,
the holder of such note, bill, or obligation, or
the person or persons entitled to demand and receive
such money, shall be respectively entitled only to demand
and receive, as creditor, or as debtor, to claim
and set off such part of the sum of its assets as shall
be actually distributable and payable to such creditor or
debtor, at the time when such claim or demand may be
made.
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Neglect to
pay.
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SEC. 8. And be it enacted,
That if the said corporation
shall, at any time suspend its payments, the
assets which said corporation may hold, or be in any
wise entitled to at the time of such suspension of payment,
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Suspension of
payment.
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