1826,

LAWS OF MARYLAND.

CHAP. 107.

Primary dis-
counts

7. And be it enacted, That ordinary discounts may he made
by the president and any four directors, but the president and
six directors shall be necessary for the purpose of transacting
the general business of the company.

Transfers

8. And be it enacted, That the stock in the Farmers and
Mechanics Bank of Frederick county may be transferred by
the holder, in person, or by power of attorney, at said bank,
but no stockholder, who is debtor to the company, shall be per-
mitted to transfer his stock, until such debt be paid, or secured
to the satisfaction of the board of directors.

Dividend

9. And be it enacted, That dividends of the profits of the
company shall continue tp be made semi-annually, which divi-
dends shall be payable to the stockholders, of which due notice
shall be given in the papers aforesaid.

President and di-
rectors to take an

oath

10. And be it enacted, That before the president and direct-
ors shall act as such, they shall take an oath, or affirmation, that
they will faithfully, diligently and honestly perform the duties of
their station; and that the other officers of the bank, shall take a
similar oath, or affirmation, and shall give bond, with security, to
the satisfaction of the board of directors, for the faithful discharge
of their duties in their several stations,

Notes offered for
discount how to
be made payable

11. And be it enacted, That .all notes offered for discount in
said bank by any person or persons; shall on the face thereof be
made negotiable at the Farmers and Mechanics Bank of Fre-
derick county, and when the drawer shall not reside in Frede-
rick or Westminster, such note shall be made payable at the house
of some person in Frederick or Westminster, or at the bank,
and notice given by the proper servapt of the bank, at said house
or bank, that such note has become due, shall be, to all intents
and purposes, held and considered to be as completely binding
on the drawer and endorsers as if notice had been personally
served on each of them.

Stockholders in-

corporated

12. And be it enacted, That all persons who now are stock-
holders in the Bank of Westminster, their successors and assigns,
shall be and they are hereby made a corporation and body poli-
tic, by the name and style of The Farmers and Mechanics
Bank of Frederick county, and by that name shall be and are
hereby made able and capable in law to sue and be sued, plead
and be impleaded, answer and be answered, defend and be de-
fended, in any court of record, or any other place whatsoever;
and also to make, have and use, a common seal, and the same
to break, alter and renew, at pleasure; and to make, issue and
negotiate notes; and generally to do and execute all such acts,
matters and things, as to them.shall appertain under the clauses
of this act

Rules and proiv-

sions

13. And be it enacted, That the following rules and provi-
sions shall form and be fundamental articles of the constitution
of the said corporation, viz.

Capital stock how
to be managed

1st. The capital stock of the Farmers and Mechanics Bank of
Frederick county shall be a joint stock, and shall be managed
by the directors of the bank at Frederick, and by the directors
of the branch bank at Westminster, for the joint benefit of the
stockholders.