PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

owe, whether by bond, bill, note or other contract, shall
not exceed double the amount of the capital actually
paid into said bank; provided, that the money deposited
in the said bank for safe keeping, shall not be consider-
ed as the debts of the bank within the provisions of this
clause.

CHAP. 268.

Proviso.

SEC. 18. And be it enacted, That upon the payment,
as hereinbefore provided, of the first and second instal-
ments in gold and silver coin, the president and direc-
tors may commence the operations of the bank, the facts
of such payments having been so made in gold and sil-
vei coin, haying been first certified to the treasurer of
the State, by such person or persons as he may, upon
the request of the said president and directors appoint to
examine into, ascertain and report the said facts, but
said bank shall not go into operation until said payments
in gold and silver coin shall amount to thirty thousand
dollars, and such shares as remain unsubscribed for, the
president and directors shall dispose of in such manner
as they may deem most beneficial for the bank.

When to be
operative.

SEC. 19. And be it enacted, That the taxes levied
by the State, and due on the capital stock of said bank,
shall be paid before any payment or dividend of profits
shall be made to the stockholders.

To pay taxes
to State before
declaring divi-
dends.

SEC. 20 And be it enacted, That on the first Mon-
day of January subsequent, to the organization of 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 of Maryland, the sum of twenty cents on eve-
ry hundred dollars of the capital of said stock then ac-
tually paid in, to be applied by the said treasurer in
augmentation of the free school fund of the State, in the
same manner as the similar tax paid by other incorpo-
rated banks is now applied.

State tax for
benefit of pub-
lic schools.

SEC. 21. And be it enacted, That at any time the
said bank shall neglect or refuse to pay in gold or silver
any of its notes, bills or obligations, or any money re-
ceived on deposit, the person or persons entitled to de-
mand or receive such payment, shall respectively
receive and recover interest on said bills, notes,
obligations and deposites until the same shall be paid
and satisfied, at the rate of twelve per centum per an-
num from the time of such demand.

Penalty for
neglecting to
redeem notes.

SEC. 22 And be it enacted, That the said corpora-
tion, the president, and directors thereof, shall in consid-
eration of the corporate privileges hereby granted, pay to
the State of Maryland, in addition to the twenty cents
in the hundred dollars, provided in the preceding sec-
tion, an amount equal to one per centum on the amount

Additional tax.