THOMAS KING CARROLL,
ESQ. GOVERNOR.
1829.
and upon conviction thereof, shall, besides the remedy
that
may be had by actions in the name of the President and Directors
of the Bank of Salisbury, for the fraud aforesaid, forfeit
all his or her share of stock in the said Bank, to the company.
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CHAP. 84.
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Sec. 18. And be it enacted,
That the several provisions of
an act of Assembly, passed on the thirteenth day of February,
eighteen hundred and twenty-one, entitled an act to punish
certain breaches of trust, be extended to, and the same is
hereby declared to extend to, and be in full force against the
President, Directors, Cashier and other officers, servants and
agents of this Bank in the same manner and to the same extent
as if this Bank had been chartered prior to the passage
of the said act.
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Act to punish
breaches of trust
extended to.
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Sec. 19. And be it enacted,
That in case of the absence of
the President at any meeting of the Board of Directors, he
shall designate in writing, some Director to act as President
pro tem.
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President pro
tempore.
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Sec. 20. And be it enacted,
That the stock in the Bank of
Salisbury may be transferred by the holder in person or by
power of attorney, at the said Bank: but all debts actually
due to the company by a stockholder offering to transfer,
must be discharged before such transfer shall be made.
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Method of transfer.
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Sec. 21. And be it enacted,
That the dividend of the profits
of the company shall be made at the end of the first year,
and half yearly thereafter, and at the end of every three
years a dividend shall be made of the surplus profits; which
dividends shall be payable to the stockholders at the Bank.
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Dividends.
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Sec. 22. And be it enacted,
That the operations of the Bank
shall commence as soon as thirty five thousand dollars of the
capital stock shall be paid in, and such shares as remain unsubscribed
for, the President and Directors shall dispose of
in such manner as they shall deem most beneficial to the Bank.
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Operations commenced.
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Sec. 23. And be it enacted,
That the President and Directors
may discount notes or bills at any length of time, not exceeding
six months, but may renew the same from time to
time at pleasure, and shall not receive on loans or discounts,
more than at the rate of six per centum per annum.
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Discounts—interest.
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Sec. 24. And be it enacted,
That all bills and notes which
may be issued by order of the said corporation, signed by the
President and countersigned by the Cashier thereof, to order
or to bearer, though not under the seal of the corporation,
shall be payable in specie, on demand, at the said Bank, and
shall be binding and obligatory upon the same, in the like
manner, and with the like force and effect, as upon any private
person or persons, if issued by him 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 payable to any person or persons, his, her or
their order, shall be assignable by endorsement, in like manner
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Notes payable in
specie—how assignable.
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