642
LAWS OF MARYLAND.
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president and directors of the branch bank at Easton,
being such on that day, shall be, and shall continue to
act as president and directors of the said Easton Bank
of Maryland, until they shall be superseded by their
successors, to be duly elected and qualified, and that
the president and directors of the Branch Bank at Frederick,
being such on said day, shall be, and shall continue
to act as president and directors of the said Central
Bank of Frederick, until they shall be superseded
by their successors, to be duly elected and qualified;
and that the president and directors of the said parent
bank, being such on said day shall be, and continue to
act as president and directors of the Farmers Bank of
Maryland, as hereby constituted, until they shall be superseded
by their successors, to be duly elected and
qualified.
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Effects of
parent Bank.
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SEC. 14. And be it enacted,
That such part of the
property and effects of the said parent bank and its branches
as now organised as on the said first day of January
next, shall be under control or in custody of the
Branch bank at Easton shall become the sole property
of and be fully vested in the said Easton Bank of Maryland,
and that such part thereof as on said day shall be in
the custody or under the control of the Branch Bank of
Frederick, shall become the sole property of, and be
fully vested in the said Central Bank of Frederick, and
that the residue of said property and effects shall become
the sole property of, and be fully vested the said
Farmers Bank of Maryland as hereby constituted.
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Apportionment
of capital
stock.
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SEC. 15. And be it enacted,
That for the purpose
of apportioning the capital stock, effects and liabilities
of the said bank and branches as now organised
to and amongst the several banks, to be established under
the provisions of this act, that on the said first day
of January next, the president and directors of the
Easton Bank of Maryland shall appoint one person,
and the president and directors of the Central Bank of
Frederick shall appoint one person, and the president
and directors of the Farmers Bank of Maryland, shall
appoint one person, and the said three persons with the
Treasurer of the State or a majority of them, after
reasonable notice given by them of the time and place
of meeting shall proceed with all convenient dispatch
to ascertain and apportion the capital stock, effects and
liabilities of the said bank and branches as now organised
to and amongst the banks to be established as
aforesaid, and to ascertain and determine the sum or
sums to be paid and received by said banks, the one
from the other in order to produce an equal partition of
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