FRANK BROWN, ESQUIRE, GOVERNOR.

sale in case when mortgages conferring power on the mortga-
gee to sell real estate mentioned therein have been executed or
assigned to such bank to secure such debts.

1033

SEC. 20. And be it enacted, That all bills or notes that may
be issued by order of said corporation, signed by the president
and countersigned by the cashier thereof, promising the pay-
ment of money to any person or persons, his, her or their
order, or bearer, though not under seal of the corporation, shall
be binding and obligatory upon the same, in the like manner
and with the like force and effect as upon any private person
or persons, if issued by him, her or them in his, her or their
private or natural capacity or capacities, and shall be assign-
able and negotiable in like manner as if they were so issued
by such private person or persons; that, is to say, those which
shall be payable to any person pr persons, his, her or their
order, shall be assignable by indorsement in like manner 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.

Liability
upon bills
and notes.

SEC. 21. 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 rules as shall be
established by the president and directors; but all debts
actually due and payable to the corporation 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.

Transfer of

shares.

SEC. 22. 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 exceeding five thousand
dollars, or to any other State of this Union, or to any foreign
prince or State, to any amount whatsoever, without the
previous consent of the Legislature; and the capital stock and
funds of said corporation shall be deemed and taken to be
personal, not real estate.

SEC. 23. And be it enacted, That it shall not be lawful for

Restrictions
upon loans.

the said corporation to make discounts in or pay out any funds
or money other than gold or silver 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.

Legal
currency.