1847.

LAWS OF MARYLAND.

CHAP. 308.

In case more
than nine thou-
sand share are
subscribed.

SEC. 9. And be it enacted, That if more than nine
thousand shares shall be subscribed to the capital stock
of said bank, the said commissioners, or a majority of
them, shall reduce the subscription to nine thousand
shares, and allot the shares among the subscribers in such
manner as they shall deem equitable, and in case any sub-
scriber shall have paid any sum of money at the time of
subscribing more than at the rate of two dollars and fifty
cents per share on the shares appointed and allotted to
him, the commissioners shall only retain the sum requir-
ed as the first payment on these shares, and forthwith re-
turn the surplus on application for the same to the persons
lawfully entitled thereto.

State directors.

SEC. 10. And be it enacted, That when the State
shall become a stockholder to the amount of five thou-
sand dollars it shall be entitled to appoint two directors,
to be chosen by joint ballot by the Senate and House of
Delegates, which State directors shall be only entitled
to hold their seats two years after their appointment un-
less re-elected.

Mode of dis-
counting.

SEC. 11. And be it enacted. That all notes offered
for discount in said bank shall on the face thereof be
made negotiable and payable at the Valley Bank of
Maryland at Hagerstown, and when the drawer shall not
reside in Hagerstown such note shall be made payable
at the house of some person in Hagerstown or at the
bank, and notice given by the proper officer of the
bank at such house that such note has become due
shall be to all intents and purposes held and considered
to be completely binding on the drawer and endorsers
as if notice had been served personally on each of them,
or notes discounted by the said bank may be made paya-
ble directly to the bank and signed by the parties as
principals, and in the calculations of interest on all
loans or discounts made by said bank, it shall and may
be lawful for said bank to make the same according to
Rowlett's tables of discount or interest, and it shall be
lawful for said bank to demand and receive the interest
on said loans or discounts in advance.

May make
bye-laws.

SEC. 12. And be it enacted, That the president and
directors for the time being may make all such rules,
orders, bye-laws and regulations for the government of
the said corporation, its officers and servants as they or
a majority of them from time to time shall think fit not
inconsistent with law or the provisions of this act, and
may at their pleasure revise, alter and annul the same,
and they may use, employ and dispose of the funds,
money credit of the said bank as they or a majority