1849.

LAWS OP MARYLAND.

CHAP. 506.

thereto, shall be liable, in their individual capacities
and property, to the corporation for the amount or pro-
portion of the said capital stock so divided by the di-
rectors, and each director who shall be present at the
making or declaring such dividend, shall be deemed
to have consented thereto, unless he shall immediate-
ly enter his dissent, in writing, on the minutes of the
proceedings of the board.

Fundamental
articles.

Fifteenth. The shares of stock shall be transferra-
ble on the books of the bank only, in person or by
power of attorney, but all debts actually due and
payable to the said bank by the stockholder requiring
a transfer, must be satisfied before such transfer shall
be made, unless the president and directors shall di-
rect otherwise.
Sixteenth. The lands, tenements, hereditaments,
which it shall be lawful for the corporation to hold,
shall be only such as shall be requisite for their im-
mediate accommodation in relation to the convenient
transaction of their business, and such as shall have
been bona fide mortgaged or conveyed to them by
way of security, or in satisfaction of debts contracted
in the course of their dealings, or purchase at sales
upon judgments, which shall have been obtained for
such debts, and the tola! amount of debts which the
said corporation shall at any time owe, whether by
bond, bill, note or contract, shall not exceed double
the amount of the capital stock actually paid into the

Proviso.

bank; provided, that the money deposited in the said
bank for safe keeping, shall not be considered as the
debts of the bank, within the provisions of this clause,
unless the contracting of any greater debt shall have
been previously authorised by law of this State.
Seventeenth. All bills and notes which may be is-
sued by order of the said corporation, signed by the
president, and countersigned by the cashier thereof,
promising the payment of money to any person or
persons, his, her or their order, or to bearer, though
not under seal of the said corporation, shall be bind-
ing and obligatory upon the same, in like manner, and
with the like force and effect as upon any private per-
son or persons, if issued by him or them, in his or
their private capacity or capacities, and shall be as-
signable and negotiable in like mariner, as if they
were so issued by such private person or persons,
that is to say, those which shall be payable to any
person or persons, his, her or their order, shall be as-
signable by an endorsement in like manner and with
like effect as foreign bills of exchange now are, and