1849.

LAWS OF MARYLAND.

CHAP. 246.

aforesaid, forfeit all his or her shares of stock in the said
bank to the company.

Corporate
name and pow-
ers.

SEC. 23. And be it enacted, That all persons who
shall become subscribers to the said bank, their successors
and assigns, shall be and are hereby made a corporation
and body politic, by the name and style of the president
and directors of the Farmers and Mechanic's Bank of
Kent county, and by that name shall be and are hereby
made able and capable in law to sue and be sued, plead
and be impleaded, answer and be answered unto, defend,
and be defended in any court of record or any other
place whatsoever, and also to make, have and use a
common seal, and the same to break, alter and renew at
pleasure, and to make issue and negotiate notes, and
generally to do and execute all such acts, matters and
things, as to them shall appertain under the clauses of
this act.

Annual state
ment.

SEC. 24. And be it enacted, That the Treasurer of the
State for the time being, shall be furnished once every
year, or oftener, if required, with statements of the
amounts of the capital slock of the said corporation, and
of the debts due to and from the same, of the monies
deposited therein, of the notes in circulation, of the cash,
and property on hand, and of the profits made, and the
paid Treasurer, and the General Assembly, and both
Houses thereof, and committees appointed by either
house thereof, shall have a right to inspect all accounts
in the books of the bank, nor shall such power of in-
spection be used for any other purpose than to enable
turn or them to form, and when required, to communi-
cate to the Legislature a just opinion of the state of the
institution, with the grounds of said opinion.

To pay taxes
to State before
declaring divi-
dends.

Sec. 25. And be it enacted, That the taxes levied
by the State, and due on the capital stock of said
hank, shall be paid before any payment or dividend
of profits shall be made to the stockholders, and that
the shares of the capital stock of the bank shall be
deemed and taken to be personal estate in the hands
of the several stockholders, and of their representa-
tives.

State tax for
benefit of pub-
lic schools.

SEC. 26. And be it enacted, That on the first day
of January, subsequent to the organization of said
Bank, and on the same day annually thereafter, the
said hank shall pay, or cause to be paid, to the trea-
surer of the State of Maryland, the sum of twenty
cents on every hundred dollars of the capital stock of
said bank, then actually paid in, to be applied by said
treasurer in augmentation of the tree school fund of
the State, in the same manner as the similar tax paid