1829.
LAWS OF MARYLAND.
CHAP. 84.
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made able and capable in law to sue and be sued, plead
and
be impleaded, answer and be answered, defend and be defended,
in any court of record, or any other place whatever; and
also to make, have and use a common seal, and the same to
break, alter and renew at pleasure; and to make, issue and
negotiate notes, and generally to do and execute all such acts,
matters and things, as to them shall appertain, under the clauses
of this act; Provided always, that they shall issue no note
under five dollars.
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Responsibility for
obligations.
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Sec. 15. And be it enacted,
That no subscriber or stockholder,
or member of the said company, shall be answerable
in his person or individual property for any contract or engagement
of said company, or for any losses, deficiencies or
failures of the capital stock of said company, except Directors,
according to the provisions of the sixteenth and twenty-sixth
sections of this act, but the whole of the said capital stock,
together with all property, rights and credits, belonging to
the said institution, and nothing more, shall at all times be answerable
for demands against the said company.
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Amount of debt
&c. limited.
Directors personally
responsible for
debts of the Bank.
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Sec. 16. And be it enacted,
That the total amount of the
debts which the said corporation shall at any time owe, whether
by bond, bill, note or other contract, shall not exceed
double the amount of capital actually paid into the said Bank;
Provided, that the money deposited in the said Bank for safe-keeping
shall not be considered as the debts of the Bank within
the provisions of this clause; and in case of excess, the
Directors, under whose administration it shall happen, shall be
liable for the same in their natural and private capacities, and
an action of debt may, in such case be brought against them,
or any of them, or their heirs, executors or administrators, in
any court of record of this state, by any creditor or creditors
of the said corporation, and may be prosecuted to judgment
and execution, any condition, covenant or agreement to the
contrary notwithstanding; but nothing herein contained shall
be construed to exempt the said corporation, or the lands, tenements,
goods and chattels of the same, from being also liable
for and chargeable with the said excess; and such of the said
Directors, who may have been absent when the said excess
was created, or may have dissented from the resolution or act
whereby the same was created, may respectively exonerate
himself or themselves from being so liable, by forthwith giving
notice of the fact, and of their absence or dissent, to the
stockholders at a general meeting, which they shall have power
to call for that purpose.
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Stockholders or
officers committing
fraud on the
bank, &c.—remedy.
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Sec. 17. And be it enacted,
That any Director, officer or
other person, holding any share or capital of the said Bank
stock, who shall commit any fraud or embezzlement, touching
the money or property of the Bank, shall be liable to be prosecuted
in the name of the state, by indictment for the same,
in any court of law in this state, having jurisdiction thereof,
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