ROBERT BOWIE, ESQUIRE, GOVERNOR. NOVEMBER.

1804.

XII. AND BE IT ENACTED, That in case of sickness, or necessary absence, of the president, he
shall, in writing, appoint one of the board of directors to act as president pro tempore.

XIII. AND BE IT ENACTED, That the board of directors for the bank and branch bank shall
respectively have power to appoint a cashier, and other officers and servants, for executing the
business of the company, and to allow such compensation for their services respectively as shail
be reasonable; no director shall be entitled to any emolument, unless the same shall have been
allowed by the stockholders at a general meeting; the stockholders shall make such compensa-
tion to the presidents for their extraordinary attendance at the bank as shall appear to them rea-
sonable.

CHAP,
LXI.

President may
appoint, &c.

Directors to
appoint a
cashier, &c.

XIV. AND BE IT ENACTED, That the board of directors shall have power to purchase, rent or
lease, proper buildings for the bank and branch bank, and to have such houses fitted up and secured
with vaults, &c. at the expence of the company.

Purchase a
house, &c.

XV. AND BE IT ENACTED, That the board of directors at Annapolis and Easton, jointly, shall
have power to make, revise, alter or annul, rules, orders, by-laws and regulations, for the govern-
ment of the company, and that of their officers, servants and affairs, as a majority of them shall
deem expedient, provided they are not contrary to law or the constitution; provided always, that
no rule or regulation shall entitle a director to obtain discounts on terms different from those pre-
scribed for other persons; and provided also, that no director shall be indulged with discounts be-
yond one thousand dollars per week.

And make
rules, &c.

XVI. AND BE IT ENACTED, That the company shall in no case be concerned in any article but
notes, bills of exchange, mortgages, stock of the United States, or bullion, except in the case of debts
due to the bank, then they shall be fully justifiable in taking any kind of security which they can
obtain.

In what to be
concerned, &c.

XVII. AND, whereas it would greatly tend to promote the agricultural and manufacturing inte-
rests, if this bank should be authorised to make loans on more extended principles than have here-
tofore been adopted by similar institutions in this state, BE IT ENACTED, That the directors at the
bank at Annapolis, and the directors of the branch bank at Easton, shail, and they are hereby em-
powered and directed, on the application of any farmer, mechanic or manufacturer of this state, to open
a cash account with such applicant for any sum not less than one hundred dollars, and not exceeding
one thousand dollars, whereon the party obtaining such cash account may draw or pay in any sum not
less than fifty dollars at any one time, and whereon a settlement shall take place semi-annually, the
party thus drawing the cash paying an interest for what he may owe at the rate of six per cent, per
annum, to be deducted on opening the account, add to be allowed interest on all sums returned
from the time of payment; provided however, that no person shall obtain the benefit of any such
cash account until he shall give such reasonable personal or landed security as the directors of the
bank and branch bank respectively may require; provided also, that the directors of the bank at
Annapolis, and the directors of the branch bank at Easton, shall not be obliged to lend money on
such cash accounts to a greater amount, at any one time, than one fiith part of their capital stock
respectively.

Directors may
open cash ac-
counts, &c.

XVIII. AND BE IT ENACTED, That ordinary discounts may be made by the president and any four
directors, but the president and six directors shall be necessary for the purpose of transacting the
general business of the company.

President, &c.
may make dis-
counts, &c.

XIX. AND BE IT ENACTED, That the directors of the bank and branch bank are hereby autho-
rised to receive deposites of money, and if such deposites shall be for six months certain, they are
authorised to pay an interest of four per cent, per annum, or three per cent, if to be drawn on demand,
and the directors are authorised to issue their notes on such deposites in such reasonable proportion
as they may judge prudent and expedient, not exceeding the sums so deposited.

Directors may
receive deptf-

sites, Stc.

XX. AND BE IT ENACTED, That the stock in the Farmers Bank of Maryland may be trans-
ferred by the holder, in person or by power of attorney, at said bank, or at the branch bank at
Easton, but all debts actually due to the company by a stockholder offering to transfer, must be
discharged before such transfer shall be made.

Stock may «??
transferred, &e.

_r*

XXI, AND BE IT ENACTED, That dividends 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

Dividends, to
be made, Jkc.