1847.

LAWS OF MARYLAND.

CHAP. 30

of the said corporation, signed by the president ana
countersigned by the cashier thereof, promising the
payment of money to any person or persons, his, her or
their order, or to bearer, though not under seal of the said
corporation, shall be binding and obligatory upon the
same, in like manner and with the like force and effect
as upon any private person or persons if issued by him or
them in his or their private capacity or capacities, and
shall be assignable and negotiable in like manner as if
they were so issued by such private person or persons,
that is to say: those which shall be payable to any person
or persons, his, her or their order, shall be assignable by
an endorsement in like manner and with like effect as
foreign bills of exchange now are, and those which are
payable to bearer shall be negotiable or assignable by
delivery only; provided, that it shall not be lawful for
said bank to issue notes of a less denomination than one
dollar.

Pay to the

treasurer an-

ualy 20 cents
on each hun-
dred dollars of
capital stock
actually paid.

SEC. 14. And be it enacted, That on the first Monday
of January subsequent to the organization of the said
bank, and on the same day annually thereafter, the said
bank shall pay or cause to be paid to the Treasurer of
the State the sum of twenty cents on every hundred dol-
lars of the capital of the said bank then actually paid in,
to be applied by said treasurer in augmentation of the free
school fund of this State, to be equally divided among the
several counties of this State, and paid over in equal pro-
portions and in such manner as the legislature may di-
rect, and in case of the failure of said bank to make such
payment for the space of six months after the same shall
have become payable, this charter shall be forfeited and
shall be deemed null and void.

To pay bonus
to the State.

SEC. 15. And be it enacted, That the said corpora-
tion or the president and directors thereof, shall in con-
sideration of the corporate privileges hereby granted, pay
to the State of Maryland, in addition to the twenty cents
on each hundred dollars as provided for in the preced-
ing section, a bonus of two thousand dollars in three
equal annual payments, the first of said payments to be
made within sixty days after the said bank shall have
gone into operation.

Not to receive
its own shares
in payment of

debts.

SEC. 16. And be it enacted, That it shall not be law-
for the corporation aforesaid to receive or accept of any
of its own shares of stock in payment of any debt or
debts, and if any share or shares are so accepted, then
and in such case the charter hereby granted shall imme-
diately thereupon be forfeited and annulled, and each and

every director consenting to such acceptance shall forfeit