640
LAWS OF MARYLAND.
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shall be rateably distributed to, and amongst all
the persons who shall be its creditors at such time, and
to their assigns respectively.
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Condition of
continuance.
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SEC. 9. And be it enacted,
That 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 liabilities, upon note, bill or otherwise,
and upon the further condition, that no director or other
officer of said corporation shall borrow any monies from
said corporation; and if any director or other officer
shall be convicted upon indictment, of directly or indirectly
violating this section, he shall be punished by
fine or imprisonment, at the discretion of the court;
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part of it, may be altered from time to time, or repealed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.
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Further
condition.
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SEC. 10. And be it enacted,
That the continuance
of the said several corporations be on this further condition,
that the stockholders of each of said corporations
shall at a general meeting called by the directors on at
least sixty days notice, before the first day of January,
eighteen hundred and fifty-five, assent to and adopt this
act by the vote of a majority of the stock represented at
such meeting in person or by proxy, which assent and
adoption shall be certified by a majority of the directors
under the seal of the respective corporations, be transmitted
to the clerk of the court of appeals, and be by
him recorded among the records of his office.
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Branch Banks
at Easton and
Frederick.
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SEC. 11. And be it enacted,
That at the general
meeting of stockholders of the president, directors and
company of the Farmers Bank of Maryland, to be held
as aforesaid, on or before the first day of January, eighteen
hundred and fifty-four, the question shall be submitted,
whether the branches of the said bank now established
at Easton and Frederick shall be separated
from the parent bank of Annapolis, and from each other,
and be established and organised as distinct banks, and
if the said meeting shall resolve that the said branches
of the said bank, now established at Easton and Frederick,
shall be separated from the parent bank at Annapolis,
and from each other, and be established and organised
as distinct banks, then and in that case the said
bank at Easton shall be, and the same is hereby established
as a distinct and independent bank by the name
of the Easton Bank of Maryland, with all the powers
and privileges for that purpose of continuing the succession
of said bank, and managing the business thereof as
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