THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1845.

CHAPTER 115.

A supplement to an act entitled, an act to extend the char-
ters of the several Banks in the City of Baltimore,
passed at December session eighteen hundred and thir-
ty four, chapter two hundred and seventy-four.

CHAP. 115.

Passed Feb.
7, 1840.

WHEREAS, the act to which this is a supplement,
passed at December session eighteen hundred and thirty-
lour, chapter two hundred and seventy-four, extending
the charter of the President and Directors of the Union
Bank of Maryland, until the end of the year eighteen hun-
dred and fifty-nine, and the charters of the several other
hanks in the city of Baltimore, during the several periods
of time therein respectively mentioned, does by the pro-
visions of the first section thereof, subject the said cor-
porations from and after the first day of January, eigh-
teen hundred and forty-five, to all the rules, restrictions,
limitations and provisions declared to be fundamental ar-
ticles of the constitution of the corporation called the
Merchants' Bank of Baltimore; and whereas, certain of
the said fundamental articles are inconvenient or inappli-
cable to the Union Bank of Maryland, and the president
and directors of the said Union Bank of Maryland, desire
the repeal thereof, so far as the said bank is thereby ef-
fected, and the substitution of other articles in place of
those to be repealed — therefore,

Preamble.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That from and after the passage of this act,
the President and Directors of the Union Bank of Mary-
land, shall not be subject to the operation of the second,
ninth and nineteenth fundamental articles of the constitu-
tion of the corporation, called the Merchants' Bank of Bal-
timore; that the same as far as respects the said Union
Bank of Maryland, are hereby repealed, and the follow-
ing articles substituted in place thereof:

Articles re-
pealed.

ART. 1. None but a stockholder, being a citizen of
this State, shall be eligible as a director or president, and
every director or president as the case may be, shall
cease to be a director or president, upon his ceasing to
be a citizen of this State or stockholder; and not more
than eleven directors in office, shall be eligible for the
next succeeding year.

Must be citi-
zen of the
State to be
eligible as di-
rector or pre-
dent.

ART. 2. The president and directors of said bank, in
their corporate capacity, shall have no power to hold
any part of the capital stock thereof, nor to make any
loans on a pledge of said stock, or receive the same as

No power to
hold any part
of the capital
stock.