PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

CHAPTER 290.

CHAP. 290.

A supplement to the act entitled, an act to Incorporate
the Fredericktown Savings Institution.

Passed Feb. 25,
1850.

SECTION 1. Be it enacted by the General Assembly
of Maryland, That the Fredericktown Savings Institu-

tion, shall be and are hereby authorised to issue promis-
sory notes to an amount not exceeding thirty thousand
dollars, in sums not less than five dollars, which notes

Authority to is-
sue notes paya-
ble to bearer

shall be signed by the president and secretary, and
made payable to bearer, provided; that no note or notes
shall be issued until the said institution shall have pur-
chased and have in possession, not less than fifteen
thousand dollars of certificates of stock of the State of
Maryland, Baltimore city stock, stock of the United
States, or bonds of the Chesapeake and Ohio Canal
company guaranteed by the State of Virginia, which
stock shall constitute a fund for the redemption of the is-
sues of said institution, and shall be pledged to redeem
the same.

Proviso.

SEC. 2. And be it further enacted, That the president
or secretary of such institution, shall annually on the
first Monday in January in each and every year, return
to the treasurer of this State a statement, under oath, of
the amount, of notes in circulation, and on hand, and the
amount and description of stock held as a redeeming
fund, and in case such officer shall wilfully make a false
return, he shall upon conviction be subject to the liabil-
ities of wilful and corrupt perjury.

Annual state-
ment, &c.

SEC. 3. And be it further enacted, That the officers.
and directors of said Savings Institution, shall be enti-

tied to obtain a discount, on the pledge of their weekly
deposits, on the same terms now or usually granted to
other weekly depositors; provided, that such discount or
loan shall at no time exceed two-thirds of the weekly de-
posits of such director or officer.

Officers may
have discounts
on pledge of
their deposits.

Proviso.

SEC 4. And be it further enacted, That all acts or
parts of acts of Assembly, inconsistent herewith, be and
the same are hereby repealed.

Inconsistent
acts repealed.

SEC. 5. And be it further enacted, That this act

shall take effect from the passage thereof.

In force.

SEC. 6. And be it enacted, That any time the said
Savings Institution shall neglect or refuse to pay in gold
or silver any of its notes that may be issued under the
provisions of this act, that then the charter shall be
deemed and taken to be absolutely forfeited and void.

Penalty for
neglecting to
redeem notes.

SEC. 7. And be it enacted, That the said Savings
institution shall pay to the treasurer of Maryland, twenty

State tax for
benefit of pub-
lic schools.