JOSEPH KENT, ESQUIRE, GOVERNOR

1826

2d. The proportion of the capital to be employed by the
bank at Frederick shall be two third parts, and the proportion of
the branch bank at Westminster one third part, but if it shall
happen that the directors at Frederick or at Westminster shall
find that they have a surplus of capital which they cannot ad-
vantageously employ, it shall be the duty of such board of di-
rectors to give to the other information of such surplus capital,
and if the other can find advantageous use for said surplus, it
shall be remitted to the bank which can advantageously employ
it

CHAP. 107,

Proportions there-
of to be employed
by mother bank
and branch

3d. Books shall be kept at Frederick, on which shall fairly be
entered the names of the stockholders, and the amount of stock
belonging to each, and transfers from A to B shall be made on
Ike books of the bank on proper application by the stockholders

Stockholders'
names to tie enter-
ed in books

4th. As the Farmers and Mechanics Bank of Frederick coun-
ty consists of a bank and branch bank, the general accounts
shall be kept at the bank at Frederick; and the directors of the
bank at Frederick shall furnish the branch bank at Westminster
with a proportionate amount of notes, sighed by the president
of the bank at Frederick, and countersigned by the cashier,
made payable at the branch bank, and each note shall, on the
face of it have a blank to be filled up by the president of the
branch bank, with his name in his own hand writing; and the
branch bank shall stand charged on the books of the bank at
Frederick with the amount of the said notes; and it shall be the
duty of the directors of the branch bank, semi-annually, to ren-
der to the directors of the bank at Frederick, a clear account of
all expenses attending the conducting of the said bank, together
with an account of the nett profits resulting therefrom, in order
to the striking a dividend, which shall be done at Frederick,
and such dividend shall be paid to the stockholders at the bank,
or at the branch bank. The total amount of the debts which
the said corporation shall at any time owe, whether by bond,
bill, note or other contract, shall not exceed double the amount

General accounts
to be kept at
bank in Frede-
rick

of the capital actually paid into the said bank; Provided, thai
the money deposited in said bank for safe keeping, shall not be
considered as the debts of the bank, within the provisions of
this clause, (unless the contracting of any greater debt shall have

Proviso

been previously authorised by a law of the state. ) In case of
excess the directors, under whose administration it shall hap-
pen shall be liable for the same in their natural and private ca-
pacities, and an action of debt may in such case be brought a
gainst them, or any of them, their heirs, executors or admini-
strators, in any court of record in this state, by any creditor or
creditors of said corporation, and may be prosecuted to judg-
ment and execution, any condition, covenant or agreement, to
the contrary notwithstanding; but nothing herein contained shall
be construed to exempt the said corporation, or the lands, tene-
ments, goods and chattels, of the same, from being also liable
for, and chargeable with, said excess; and such of the directors
who may have been absent when the said excess was created,
or may have dissented from the resolution or act whereby the
same was created, may respectively exonerate themselves from
being so liable, by forthwith giving notice of the fact, and of

Excess