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CHAPTER 185,
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Passed March 13,
1828.
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An act to authorise the sale of a portion of the unsubscribed
shares of stock reserved for the state in the Union Bank of
Maryland.
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Treasurer anthor-
ised to sell
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SECTION 1. Be it enacted by the General Assembly of Mary-
land. That the treasurer of the Western Shore be, and he is
hereby authorised and required to sell and transfer to the
purchaser thereof the right of the state to subscribe for one
thousand shares in the capital stock of the Union bank of
Maryland, the same being a portion of the shares reserved for
the use and benefit of the state, by the original charter of said
bank: Provided, He can obtain for said right ten dollars per
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Union bank au-
thorised to pur-
chase
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share.
SEC. 2. And be it enacted, That the president and directors
of the Union bank of Maryland be, and they are hereby au-
thorised and empowered to purchase from the said treasurer
the right of the state to subscribe for one thousand shares in-
the capital stock of said bank, and the same to hold, use and
dispose of as the said president and directors may deem most
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Srate relinquish
right to appoint
directors
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advantageous to the stockholders in the said bank generally
Provided, That if the said president and directors shall purchase
the right of the state to subscribe for one thousand shares as
aforesaid, the right of the state to appoint a director or direc-
tors in the said bank after the first day of January, in the
year eighteen hundred and twenty nine, shall be, and the same,
is hereby declared to be, in that case, relinquished.
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Invest proceeds of
sale in Union bank
stock
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SEC. 3. And be it enacted^ That the treasurer of the West-
ern Shore be, and he is hereby authorised and required to in-
vest the sum which he may receive from the purchaser of the
right of the state to subscribe for one thousand shares of the
capital stock of the Union Bank of Maryland, by subscribing
for one hundred and thirty four shares of the stock of said
bank on account of the state; and the said treasurer is hereby
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Additional pay-
ment therein au-
thorised
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authorised to pay, in addition to the sum which he may re-
ceive as aforesaid, the further sum of fifty dollars, out of any
unappropriated money that may remain in the treasury, in
order to complete the subscription and obtain certificates for
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State right to vote
for directors reser-
ved
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the said one hundred and thirty four shares; Provided,
That the state reserve to htrself the privilege of voting in
the general election of directors in tfte proportion that the
other stockholders are no\v authorised to vote for directors,
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Stockholders to
assent to this law
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agreably to the amount of shares she now holds or may here-
atttr hold in the said bank: And provided moreover, That on
or before the first day of January nest, the individual stock-
holder in the said bank shall, at a general meeting called
agreeably to the provisions of the charter thereof, declare
their assent to the exercise of the power hereby given or in-
terned to be given to the state,
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