1849.

LAWS OF MARYLAND.

CHAP. 268.

How transfered.

SEC. 11. And be it enacted, Thai the stock of the
Farmers and Mechanics Bank of Carroll county, may
be transferred by the holder in person or by power of
attorney.

Dividends, &c.

SEC 12. And be it enacted, That dividends of the
profits of the company shall be made at the end of one
year after the bank is in operation, and half yearly, there-
after, of which due notice shall be given in the papers
aforesaid.

Oath and bonds

required.

SEC. 13. And be it enacted, That before the presi-
dent, and directors shall act as such, they shall take an
oath or affirmation, that they will faithfully, diligently
and honestly perform the duties of their station, and the
other officers of the bank shall take a similar oath or affir-
mation, and shall give bond with security to the satis-
faction of the Board of Directors for the faithful dis-
charge of their duties in their several stations, which
said bond shall be renewed annually, and placed in the
hands of the president for safe keeping.

Notes to be
made negotia-
ble at the bank.

SEC. 14. And be it enacted, That all notes offered
for discount in said bank by any person or persons, shall
on the face thereof be made negotiable and payable at
the Fanners and Mechanics Bank of Carroll county.

Not individu-
ally liable.

Sec. 15. And be it enacted, That no subscriber or
stockholder or member of said company, shall be
answerable in his person or individual property for any
contract or engagement of said company, or for any
losses, deficiencies or failures of the capital stock of said
company, but the whole of said capital stock, together
with all properly, rights and credits belonging to the
said institution, and nothing more, shall at the time be
answerable for demands against said company.

Corporate
name and pow-
ers.

SEC. 16. And be it enacted, That all persons who
shall become subscribers to the said Bank, their suc-
cessors and assigns, shall be and they are hereby made
a corporation and body politic, by the name and style
of the Farmers and Mechanics Bank of Carroll 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, defend and be de-
fended, in any court of record or any other place what-
soever, 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.

Liabilities not
to exceed dou-
ble capital.

SEC. 17. And be it enacted, That the total amount
of the debts which the said corporation shall at any time