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foreign bills of exchange now are, and those which are payable to bearer, shall be negotiable or as-
signable by delivery only.
16. The shares of stock shall be transferable on the books of the bank only, according to such
rules as shall be established by the president and directors, but all debts actually due and payable to
the bank by a stockholder requesting a transfer, must be satisfied before such a transfer shall be
made, unless the president and directors shall direct to the contrary.
17. No loan shall be made by the said corporation for the use or on account of this state, or the
United States, or of any particular state, to an amount exceeding twenty thousand dollars, or to
any foreign prince or state whatever without the previous consent of the legislature; that the ca-
pital stock and funds of the bank shall be deemed and taken to be personal and not real estate.
18. The president and directors, for the time being, shall give six weeks public notice in the se-
veral news-papers of the city of Baltimore of the time and place of holding the election of direc-
tors annually.
19. The books, papers, correspondence and funds, of the company, shall at all times be subject
to the inspection of the directors.
20. If the said directors shall at any time wilfully and knowingly make or declare any dividend
which shall impair the said capital stock, all the directors present at the making or declaring of such
dividend, and consenting thereto, shall be liable in their individual capacities to the company for
the amount or proportion of the said capital stock so divided by the said directors, and each direc-
tor who shall be present at the making or declaring of such dividend, shall be deemed to have con-
sented thereto, unless he shall immediately enter, in writing, his dissent on the minutes of the pro-
ceedings of the board, and give public notice to the stockholders that such dividend has been de~
clared.
VII. AND BE IT ENACTED, That those persons who have heretofore entered into articles of as-
sociation as a banking company, and now carry on the usual operations of banking in the city of
Baltimore, under the name and title of The President, Directors and Company, of Farmers
and Merchants Bank of Baltimore, shall be and hereby are established as the bank or corporation be-
fore mentioned, according to the provisions and limitations herein contained, and the present pre-
sident and directors of the said banking association, to wit: William Grahame, George Repold,
Henry Messonnier, George F. Warfield, Peter Levering, Nicholas Brice, Jonathan Manro, Jesse
Tyson, Samuel Stump, Job Smith, Samuel M'Kim, Moses Sheppard and Justis Hopper, shall con-
tinue to act as such until the second Monday in April, eighteen hundred and eleven, and until a
new election of directors shall take place.
VIII. AND BE IT ENACTED, That so much of the several shares of the capital stock in the said
bank as remains due and unpaid at the time of the passage of this act, may be called for in such
proportions, and at such times, as the directors thereof shall appoint, but no further payment shall
be required without first giving two months notice at least in three news-papers printed in the city
of Baltimore; and if any stockholder shall fail to make regular payment of any instalment so called
for, such stockholder shall not be entitled to any dividend until such instalment shall be fully paid,
and the dividend thereafter to be paid to such stockholder, as well upon the money by him regularly
paid, as upon the money paid after default, shall be calculated only from the time when said last
instalment was fully paid.
IX. AND BE IT ENACTED, That this act shall continue in force until the expiration of the year
eighteen hundred and fifteen, and until the end of the next session of the general assembly there-
after.
CHAP. LXXVIII.
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CHAP.
LXXVII.
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An ACT to confirm an Act passed at November Session, eighteen;
hundred and nine, entitled, An Act to repeal and abolish the forty-
fifth Article of the Constitution and form of Government.
BE IT ENACTED, by the General Assembly of Maryland, That an act passed at November session,
eighteen hundred and nine, entitled, An act to repeal and abolish the forty-fifth article of the
constitution and form of government, shall be and the same is hereby confirmed,
CHAP. LXXIX.
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Passed Decem-
ber 24, 1810.
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