220

LAWS OF MARYLAND;

1812.

and chattels of the same from being also liable for and
chargeable with the said expenses; and such of the
said directors who may have been absent when the
said excess was created, or may have dissented from
the resolution or act whereby the same was created,
may respectively exonerate himself or themselves
from being so liable, by forthwith giving notice of the
fact, and of their absence or dissent, to the governor of
the state, and to the stock-holders at a general meeting,
which they shall have power to call for that purpose.

Notes may be
discounted for
60 days Dis-
count six per
cent.

5th. The President and directors may discount
notes or bills at any length of time not exceeding six-
ty days, but may renew the same from time to time,
at pleasure; and shall not receive on loans or discounts,
more than at the rate of six per centum per annum.

Bills and notes
shall be obliga-
tory.

6th. All bills. and notes which may be issued by or-
der of the said corporation, signed by the president
and countersigned by the cashier thereof, to order or
to bearer, though not under the seal of the corporation,
shall be binding and obligatory upon the same in the
like manner and with the like force and effect as upon
any private person or persons, if issued by him or
them, in his, her or their private or natural capacity
or capacities; and shall be assignable and negotiable in
like manner 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 assignable by endorsment in like man-
ner and with the like effect as foreign bills of exchange
now are; and those which are payable to bearer, shall
be negotiable or assignable by delivery only.

Election of di-
rectors, and
commencing
the operations

of the bank.

7th. That as soon as the second instalment shall
have been paid by the stock-holders, to the commis-
sioners of the county in which it shall have been deter-
mined to fix the said bank, or any five or more of
them, it shall be the duty of the said commissioners
or any five or more of them to appoint a day and place
for the election of the directors; which day shall be
within thirty days thereafter; and notice thereof given
at least twenty -days before such election; and that
upon the payment of the third instalment, the said di-
rectors are hereby authorised to commence the opera-
tions of the bank.

The state of
Maryland may
become a stock-
holder and elect

directors..

25. AND BE IT ENACTED, That the state of
Maryland may at any time become a stock-holder in
said bank, by increasing the capital and subscribing
to an amount not exceeding thirty thousand dollars;
and when the state becomes a stock-holder to the
amount of fifteen thousand dollars, the house of dele-