PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

Sec. 5. And be it enacted, That after the election
and qualification of the board of commissioners as
provided for by this act, then the present board of
commissioners, shall and is hereby declared to be
abolished.

CHAP. 466.

Abolished.

SEC. 6. And he it enacted, That all acts or parts of
acts, inconsistent with or repugnant in the provisions
of this act, be and the same are hereby repealed.

CHAPTER 456.

Inconsistent
acts repealed.

A supplement to an act entitled, an act to Incorporate
the Howard Street Savings Bank, of Baltimore.

Passed March
9, 1850.

SECTION 1. Be it enacted by the General Assembly
of Maryland; That the ninth section of the act to
which this is a supplement, be and is hereby repealed.

Repealed.

SEC. 2. Be it enacted, That the Howard Street
Savings Bank of Baltimore, shall have the power to

issue notes of the nature and in the usual form of bank
notes, of any denomination, not less than one dollar;
provided, that the whole amount of such issue shall
not exceed at any tine, one fourth of the amount of
money deposited by and standing to the credit of the
members of said corporation on the books of said bank;
and provided, that the one fourth of such deposits shall
not be subject to withdrawal from said bank, but shall
remain and be a fund, pledged and liable for the redemp-
tion of the issue above authorised to be made.

Authority to is-
sue notes paya-
ble to bearer.

Proviso.

SEC. 3. And be it enacted, That the stockholders

in said bank, shall be individually responsible to the
amount, of their respective shares of stock in said bank,
for all its debts and liabilities of every kind.

Responsibility
or members.

SEC. 4. And be it enacted, That in case of the insol-
vency of the said Howard Street Savings Bank, the
bill holders of said bank shall be entitled to preference
in payment over all other creditors.

Bill-holders to
be preferred.

SEC. 5. And be it enacted, That, the said Savings
Institution shall pay to the Treasurer of Maryland,
the sum of twenty cents on every hundred dollars of
its capital stock, in augmentation of the free school
fund, in the same manner as a similar tax is paid by
other incorporated banks; and shall also pay the Trea-
surer of Mary land, one percent upon the amount of notes

State tax for
benefit of pub-
lic schools.