234

LAWS OF MARYLAND.

18122.

fitted up and secured with vaults, &c. at the expense
of the company.

Rules, regula-
tions, &c.

14. AND BE IT ENACTED, That the board of
directors and president shall have power to make, re-
vise, alter or annul rules, orders, by-laws and regula-
tions for the government of the company, and that of
their officers, servants and affairs, as a majority of
them shall deem expedient, provided they are not

Proviso.

contrary to law or the constitution; Provided always,
that no rule or regulation shall entitle the president, or
any director to obtain discounts on terms different
from those prescribed for other purposes; And pro-
vided also, that neither of them shall be indulged with
discounts or accommodation--paper beyond one thou-
sand dollars per week, and that not to exceed in the
whole, at any one time, more than five thousand dol-
lars.

In what articles
the company
may be con-
cerned.

15. AND BE IT ENACTED, That the company
shall in no case be concerned in any article but notes,
bills of exchange, mortgages, stock of the United
States, specie or bullion, except in the case of debts
due to the bank; then they shall be fully justifiable in
taking any kind of security which they can obtain.

Ordinary dis-
counts and gen-
eral business.

16. AND BE IT ENACTED, That ordinary dis-
counts maybe made by the president and three direc-
tors; but the president and five directors shall be ne-
cessary for the purpose of transacting the general busi-
ness of the company.

Stock may be
transferred.

17. AND BE IT ENACTED, That the stock in
The Cumberland Bank of Allegany may be transfer-
red by the holder, in person, or by power of attorney,
at said bank; but all debts actually due to the com-
pany by a stock-holder offering to transfer, must be
discharged before such transfer shall be made.

Dividends —
when to be
made.

18. AND BE IT ENACTED, That dividends of
the profits of the company shall be made at the end
of the first year, and half yearly thereafter; and at
the end of every three years, a dividend shall be made
of surplus profits; which dividend shall be payable
to the stock-holders at the bank.

Books, papers,
&c.. shall be
open to the ins-
pection of the
directors,; who
may call meet-
ings.

19. AND BE IT ENACTED, That the books,
papers, correspondence, funds, and every transaction
of the company, shall at all times be freely open to the
inspection of the directors; a majority of whom, or
any number of stock-holders not less than thirty, and
holding not less than three hundred shares, may at
any time call a general meeting of the stockholders
for objects relative to the interest of the company, and