LAWS OF MARYLAND.

1843

government of the company and that of their officers,
servants and affairs, as a majority of them shall deem ex-
pedient, provided, they are not contrary to law or the con-
stitution; provided always, that no rule or regulation shall
entitle the president or any director to obtain discounts on

CHAP. 212

Provisoes.

terms different from those proscribed for other persons.
SEC. 15. And be it enacted, That the company shall in
no case be concerned in any articles, but notes, bills of
exchange, mortgages, stock of the United States, specie
or bullion, except in the case of debts due to the bank,
then they shall be fully justifiable in taking any kind of

Wot to be con-
cerned in any
thing but notes

security which they can obtain.
Sec. 16. And be it enacted, That ordinary discounts
may be made by the president and three directors, but the
president and five directors shall be necessary for the pur-
pose of transacting the general business of the company.
Sec. 17. And be it enacted, That the stock in the
Havre-de-Grace Bank may be transferred by the holder,
in person or by power of attorney at said bank, but all
debts actually due to the company by a stockholder offer-
ing to transfer, must be discharged before such transfer
shall be made.

President and
three directors
may act.

Sec. 18. And be it enacted, That the 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 shall be made of surplus profits,
which dividend shall be payable to the stockholders at the
bank.

Dividends, Sic

Sec. 19. And be it enacted, That the books, papers,
correspondence, funds and every transaction of the com-
pany shall at all times be freely open to the inspection of
the directors, a majority of whom, or any number of
stockholders not less than thirty and holding not less than
four hundred shares, may at any time call a general meet-
ing of the stockholders for objects relating to the gen-
eral interest of the company and giving not less than
two months notice thereof in some one of the public

Books, papers
&c. open to
inspection.

prints of the city of Baltimore.
Sec. 20. And be it enacted, That before the president
and directors shall act as such, they shall take an oath or
affirmation that they will faithfully, diligently and honest-
ly perform the duties of their station, and the cashier,
book-keeper and clerks, shall also take similar oaths or
affirmation, and shall besides, give bonds with security, to
the satisfaction of the board of directors, for the faithful
discharge of their duties in their several stations.

Oath or affir-
mation.

Sec. 21. And be it enacted, That all notes offered for
discount, by any person or persons shall, on the face there-

Notes to be
made negotia-
ble at the bank