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Session Laws, 1836
Volume 537, Page 15   View pdf image
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CHAP. 23.

at five per cent per annum, agreeably to the existing
provisions of the charter of said bank, or become such
depositors at four per cent, per annum, in which latter
case the said bank, shall, upon demand, pay over to such
four per cent, depositors the amount by them respective-
ly deposited and demanded, with interest thereon at the

Restriction on
the use.

rate of four per cent, per annum; And provided further,
that it shall uot be lawful for the President and Di-
rectors of said bank to employ the money received from'
such weekly depositors, in ordinary bank discounts,
or in the purchase of notes of hand, bonds or bills of


exchange, but that they shall invest from time to time
such money either temporarily or perm anently, in their
discretion, in loans secured by judgment, mortgage or
deed of trust upon unincumbercd real estate, or in stocks,
of the United States, of the State of Maryland, or of
the city of Baltimore, or of some of the banks or bodies
corporate, created under the authority of the United,
States, or of the State of Maryland, except the stock of
this bank, to an amount not exceeding the whole sum
received from said weekly depositors.

Interest of depo-
sitors secured
in case of fail

SEC. 8. And be it enacted, that in case of the failure,
of said bank, the fund so invested, or as much thereof
as may be necessary, shall be applicable to the pay-
ment of the money received from said weekly deposi-
tors, and shall not be considered a part of the assets of
said bank for any other purpose, until said weekly de-



posites shall have been paid.
SEC. 4. And be it enacted, That so much of the act,
entitled, an act to incorporate the Patapsco Bank of
Maryland, or of any- other act or acts, as may be in-
consistent with the provisions of this supplement, be,
and the same are hereby repealed and that the remain-
der of said act, entitled, an act to incorporate the Pa-


tapsco Bank of Maryland and this supplement, shall
continue and be in force until the year eighteen hun-
dred and fifty-five, and to the end of the, session of the
next General Assembly thereafter.

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Session Laws, 1836
Volume 537, Page 15   View pdf image
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