1836.

LAWS OF MARYLAND.

CHAP. 159

Proviso

capital stock of said bank shall not at any time exceed
one hundred thousand dollars, and that the same shall
be divided into shares of twenty-five dollars each, and
that no part of said stock sliaJl be originally disposed
of by the. president and directors of -aid bank, a-t a

School tax paya-

ble.

SEC. 3. And be it enacted. That tlic president and
directors of said bank shall, on the first day of Janu-
ary in each and every year, pay, or cause to be paid,
to the. Treasurer of the Western Shore of Maryland,
the, sum of twenty cents on every hundred dollars of

by said Treasurer in augmentation of the free school
fund of the State, in the same manner as the similar
tax is now applied, to which the said bank is and will

Forfeit charter
on failure

continue to be subject on its present capital stock, and
in case of the failure of the president and directors of
said bank to make such payment for the space of six
months after the same shall have become payable, the
charter of the said corporation shall be forfeited and
shall be deemed null and void.

Bonus

SEC. 4. And be it enacted, That the president and
directors of said bank, in consideration of the privi-
leges granted by this act. shall pay to the State of
Maryland, a bonus on the capital stock which the said
bank shall at any time have or receive over and above
fifty thousand dollars, or the sum of its original capi-
tal, at and after the rate of three dollars and seventy-
shall be paid on the first day of January next after
such augmented capital shall have been received by the
said bank.

May negotiate
notes not
drawn payable
in Salisbury

SEC. 5. And be it enacted, That it shall be lawful
for the president and directors of said bank, for the
time being, to discount promissory notes which shall
be offered for discount, although the same shall not on
the face thereof be made negotiable at the Bank of Sa-
lisbury, nor made payable at the house of any person
in the town of Salisbury; and the money to be due on
said notes shall be recoverable by the said bank in any
court of law or equity; and said notes shall be good
and valid to all intents and purposes whatsoever.