T. WATKINS LIGON, ESQUIRE, GOVERNOR

73

SEC. 17. And be it enacted, That a majority of said
directors shall be competent, to transact all the business
and discharge all the duties authorised and directed by
this act.

Transaction
of business.

SEC. 18. And be it enacted, That if subscriptions
shall not be received by said commissioners to the
amount of one-fourth of the capital as aforesaid, in that
case the said commissioners, or a majority of them, shall
be, and ate hereby authorised, to open the books of sub-
scription from time to time, until one-fourth of said cap-

Books to be
opened from
time to time.

ital is subscribed; Provided, that the some notice be
be given of such re-opening, as directed in the first in-
stance.

Proviso.

SEC. 19. And be it enacted, That nothing in this
act shall be so taken or construed, as to allow the said
corporation to issue any token, scrip or device, to be
used as a currency, and the Legislature hereby reserves
to itself the right to alter or amend this act of incorpora-
tion at pleasure.

Banking for-
bid.

SEC. 20. And be it enacted, That this act shall be
subject to any general law regulating water companies
now existing, or that may hereafter be enacted.

CHAPTER 71.

Subject to
general law.

AN ACT to regulate the amount of capital upon which
the Annual School Tax shall be paid by the President
and Directors of the Union Bank of Maryland.

Passed
Feb. 24, 1854.

WHEREAS, The capital stock of the Union Bank of
Maryland has been reduced from time to time, by the
president and directors purchasing the stock of said
bank and deducting the same from the whole num-
ber of shares at the time of the purchase constituting
the capital, under and by virtue of the authority of
the act of eighteen hundred and twenty-one, chapter
one hundred and sixty-six, section five; and whereas,
it is just and reasonable that the stockholders in said
bank should only pay a tax upon the actual amount
of their capital so reduced:

Preamble.

SECTION 1. Be it enacted by the General Assembly
of Maryland, That the president and directors of the

Annual school
tax.