1842

FRANCIS THOMAS, ESQUIRE, GOVERNOR.

CHAP. 268.

Merchant's Bank of Baltimore shall be reduced to the num-
ber of shares actually subscribed and paid in at the rate of
forty dollars, as the par value of each share.

May reduce
its capital
stock, &c.

SEC. 2. Be it enacted, That it shall and may be law-
ful for said bank further to reduce from time to time its
capital stock by extinguishing any shares to which it now

Provisoes.

is, or may hereafter become entitled as proprietor, provided
nevertheless, that such extinguishment shall only be made
by the resolution to that effect of the board of directors
for the time being; and provided further, that such extin-
guishment when made, shall be irrevocable.

Not to be re-
leased from
school fund.

SEC. 3. Be it enacted, That nothing in this act con-
tained, shall release said bank from its obligation in re-
lation to the school fund tax imposed upon it by existing
laws.

President and
Directors to
specify num-
ber of shares,
&c.

SEC. 4. Be it enacted, That in all future annual state-
ments in case this act be accepted as hereinafter provided,
it shall be the duty of the president and directors to specify
particularly, the number of shares of its capital stock
at the time of such statement, and the number, if any,
which may have been extinguished since the last preceding
statement.

To he accept-
ed by bank at
general meet-
ing.

SEC. 5. Be it enacted, That this act shall not be valid
and effectual for any purpose unless the same shall be ac-
cepted by said bank at a general meeting of its stockhold-
ers, and unless such acceptance be certified to the treasu-
rer of the western shore before the first day of June next.

CHAPTER 268.

Passed March
9, 1843.

An act for the benefit of the Sisterhood of Mount St.
Josephs.

Preamble.

WHEREAS it is represented to this legislature, that the
objects of the society of the Sisterhood of Mount St. Jo-
sephs are those of general charity and aid to the distressed,
and that the practice of this institution is not merely through
the agency of its individual members to minister to human
ills in their most terrific form, wherever through this union
their services may be most regarded, but by the general
society to extend to the pauper and orphan eleemosynary
bounties of maintenance and instruction; and whereas the
institution itself is principally supported by private munifi-
cence, and to tax the same would be measurably to limit