500

LAWS OF MARYLAND.

order, shall be assignable by indorsement in like man-

ner 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.

SEC. 22. And be it enacted, That the shares of the

capital stock of said corporation shall be transferable

on the books of the corporation only according to such

Shares — how

rules as shall be established by the president and direc-

transferred.

tors, but all debts actually due and payable to the cor-

poration by a stockholder requesting a transfer of

shares, must be satisfied before such a transfer shall be

made, unless the president and directors shall direct

to the contrary.

SEC. 23. And be it enacted, That no loan shall be

made by the corporation for the use of or on account

of this state or the United States to an amount ex-

ceeding five thousand dollars, or to any other State of

this Union, or to any foreign prince or state, to any

Limit of loans.

amount whatsoever without the previous consent of

the legislature, nor to any one corporation or person

an amount exceeding at any one time ten per cent, of

the capital stock actually paid in; and the capital

stock and funds of said corporation shall be deemed

and taken to be personal, not real estate.

SEC. 24. And be it enacted, That it shall not be

lawful for the said corporation to make discounts in or

pay out any funds or money other than gold or silver

Mot lawful.

coin, the lawful currency of the United States, notes

issued by the authority of this charter, and notes of

other banking institutions received at their par value

by the banks so paying them out.

SEC. 25. And be it enacted, That if at any time the

Failure to pay

said corporation shall neglect or refuse to pay in gold

note, &e.

or silver, or lawful money of the United States, any of

its notes, bills or obligations, or money received on de-

posit, in violation of the promise, contract or under-

taking of the said corporation, the person or persons

entitled to demand and receive such payment shall

Allow interest.

respectively receive and recover interest on said bills,

notes, obligations and deposits, until the same shall be

fully paid and satisfied, at the rate of six per centum

per annum, from the time of such demand.

SEC. 26. And be it enacted, That the said "Worcester

Citizens Bank " may purchase and take an assignment

Take assign-
ments of mort-

of any mortgage of any building or laud association,

gagee, &c.

or any corporation or individual, and hold the said