596

LAWS OF MARYLAND.

sales in cases where mortgages conferring power on the mort-
gagee to sell have been executed or assigned to said bank to
secure debts.

Transfer of
shares of
capital
stock.

SEC. 20. And be it enacted, That the shares of capital stock
of said bank shall be transferable on the books of the bank
only, according to such rules as shall be established by the
president and directors; but all debts actually due and payable
to the bank by a stockholder requesting a transfer of shares,
must be satisfied before such transfer shall be made.

Restrictions
upon loans.

SEC. 21. And be it enacted, That no loan shall be made by
the bank 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, or to any foreign prince or State, to any
amount whatsoever, without the previous consent of the
Legislature.

Legal
currency.

SEC. 22. And be it enacted, That it shall not be lawful for
the said bank to make discounts in, or pay out "any funds or
money other than gold or silver coin, the lawful currency of
the United States, and notes of other banking institutions
received at their par value by the banks paying them out.

Failure to
pay in
legal
currency.

SEC. 23. And be it enacted, That if at any time the said
bank shall neglect or refuse to pay in gold or silver or lawful
money of the United States, any of its notes, bills or obliga-
tions or money received on deposit, the person or persons
entitled to demand and receive such payment shall be entitled
to demand and recover interest on said notes, bills, obligations
and deposits, at the rate of six per cent, per annum from the
time of such demand until the same shall be fully paid and
satisfied.

May purchase
mortgages.

SEC. 24. And be it enacted, That the said bank may pur-
chase and take an assignment of any mortgage and hold the
same with all the rights, powers and privileges of any building
or land association or corporation or individual assigning the
same, and may enforce any covenant or stipulation in the same,
and foreclose, assign or release the same as fully and effectually
as the assignor could have done.

Liability of
stockholders.

SEC. 25. And Be it enacted, That the continuance of said
bank shall be on the condition that the stockholders thereof
shall be liable to the amount of their respective share or shares
of its capital stock for all its debts and liabilities, upon note,
bill or otherwise.