1836.

LAWS OF MARYLAND.

CHAT. 425.
Bills and notes
payable

structing a rail road or rail roads in Allegany county.
ART. 17. That all bills or notes, which may be is-
sued by order of the said corporation, signed by the
president, and countersigned by the cashier or treasu-
rer thereof, promising the paymentof money, to any per-
son or persons, his, her, or their order or bearer, though
not under the seal of the said corporation, shall be binding
and obligatory upon the same in like manner and with
the force and effect, as upon any private person or per-
sons if issued by him, her, or them, in his, her or their
private or natural capacity or capacities, and shall
be assignable 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 pay-
able to any person or persons, his, her, or their or-
der, shall be assignable by endorsement in like man-
ner, and with the like effect, as foreign bills of ex-
change now are, and those which are payable to bear-
er, shall be negotiable and assignable by delivery only.

Transfers

ART. 18. The shares of the capital stock of said
bank shall be transferable on the books of said bank
only according to such rules as shall be established,
and at such places as may for this purpose be designa-
ted by the president and directors; but all debts ac-
tually due, and payable to the bank, by a stockholder
requesting a transfer, must be satisfied before such
transfers shall be made, unless the president and direc-
tors shall otherwise order.

Loans restrict-

ed

ART. 19. No loan shall be made by the said corpo-
ration for the use or on account of this State, to an
amount exceeding twenty thousand dollars, nor to any
other State of this Union nor to the United States, nor
to any foreign Prince or State, to any amount whatev-
er, without the previous consent of the Legislature,

Personal estate

an:l the capital stock and funds of said bank, shall be
deemed and taken to be personal, and not real estate.

Notice to be gi-
ven of annaul
elections

ART. 20. The president and directors for the time
being shall give four weeks public notice in the news-
papers to be published as aforesaid of the time and
place of holding the annual elections of directors, and
may Appoint the judges of such elections.

School tax

SEC. 8. And be it enacted, That on the first Monday
of January subsequent to the organization of the said
bank, and on the same day annually thereafter the