PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

by other incorporated banks in the city of Baltimore
is now applied, and in case of failure of the said bank
to make such payment for the space of six months
after the same shall have become payable, this char-
ter shall be forfeited, and shall be deemed null and
void.

CHAP. 246.

SEC. 27. And be it enacted, That the said corpo-
ration, or the president and directors thereof, shall,

in consideration of the corporate privileges hereby
granted, pay to the State of Maryland, in addition to
the twenty cents in the hundred dollars, as provided
in the preceding section, an amount equal to one per
centum on the amount of their capital stock actually
paid in, or which may, from time to time, be paid in,
and in case any such payment shall not be made
within six months after the said bank shall go into
operation, or after any additional payment shall be
made on its said capital stock, then the charter shall
he deemed and taken to be absolutely forfeited and
void.

Additional
State tax.

SEC. 28. And be it enacted, That at anytime the
said bank shall neglect or refuse to pay, in gold and
silver, any of its notes, bills, obligation, or any money
received on deposit, in violation of the contract, pro-
mise, or undertaking of the said bank, the person or
persons entitled to demand or receive such payment,
shall respectively receive and recover interest on said
bills, notes, obligations, and deposits, until the same
shall be paid and satisfied, at the rate of twelve per
centum per annum, from the time of such demand ;

Refusal to pay
specie, penalty.

provided however, the power is reserved to the Legis-
lature to revoke this charter, if at any time the said
hank refuses or fails to pay specie for any of its
notes.

Proviso.

SEC. 29. And be it enacted, That the following rules
and provisions shall form and be fundamental articles
of the constitution of the said corporation; that the
capital stock of the Farmers and Mechanics Bank of
Kent county shall be managed by the directors, for
the joint benefit of the stockholders; no two persons,
co-partners in any kind of business, shall be directors
in this institution at the same time; the president, and
directors, for the time being, shall give one months
notice, in the newspapers published in Kent county,
of the time and place of holding the elections of di-
rectors annually; the total amount of the debts which
the said corporation shall at any time owe, whether
by bill, bond, note, or other contract, shall not exceed
double the amount of the capital actually paid into

Fundamental
articles.