E. LOUIS LOWE ESQUIRE, GOVERNOR.
641
might or could be claimed or exercised by the said
parent
bank under the provisions of this act, and subject
to all the duties and disabilities thereby prescribed, and
the capital stock of the said distinct bank shall be fixed
at a sum not exceeding three hundred thousand dollars,
nor less than one hundred and fifty thousand dollars to
be composed of the capital stock of the said parent bank
and branches as now organised, which is now inscribed
on the stock or dividend book of said branch and of the
capital stock thereof held by stockholders residing on the
Eastern Shore, or by other stockholders who may elect
to subscribe their capital stock thereof held by or on
account of the several counties on the Eastern Shore,
and of so much of the capital stock thereof held by this
State as shall or may be requisite with the stocks hereinbefore
enumerated so as to make up the capital stock
of the said bank as may be fixed upon by this section.
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SEC. 12. And be it enacted,
That the said branch
bank at Frederick shall be, and the same is hereby established
as a distinct and independent bank by the
name of the Central Bank of Frederick, with all the
powers and privileges for the purpose of continuing the
succession of the said bank, and managing the business
thereof as might or could be claimed or exercised at this
time by the said parent bank under the provisions of
this act, and subject to all the duties and disabilities
thereby prescribed, and the capital of said bank shall be
fixed at the sum of not exceeding three hundred thousand
dollars, nor less than one hundred and fifty thousand
dollars, which shall consist of the capital stock of the
said parent bank and branches as now organised, held or
owned by the stockholders in Allegany, Washington,
Frederick and Carroll counties, and the capital stock
thereof held by or on account of the said named counties,
and the capital stock thereof held by other stockholders,
who may elect to subscribe their capital stock
into the said bank, and of so much of the capital stock
thereof held by this State, as shall or may be requisite,
with the stocks hereinbefore enumerated, so as to make
up the capital stock of said bank as may be fixed by
this section; that the said parent bank, by its present
corporate name of the president, directors and company
of the Farmers Bank of Maryland, shall be continued
and the residue of the capital stock of the said bank,
excluding the portions thereof to be assigned as aforesaid,
shall constitute the capital stock of the said bank.
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Branch Bank
at Frederick
established as
an independent
Bank.
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SEC. 13. And be it enacted,
That the section last
aforesaid shall go into effect on and after the first day of
January, eighteen hundred and fifty-four, and that the
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To take effect.
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