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1812.
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purchase or sale of any goods, wares and merchan-
dize, lands and tenements whatsoever, except such
ships, vessels, goods, wares, merchandize lands or
tenements, as shall be pledged to them by way of
security, or for debts due, owing or growing due to
the said corporation, or purchased by them to secure
such debts due to the said corporation; neither shall
the said corporation take more than at the rate of six
per centum per annum, for or upon their loans or
discounts.
3. The president and directors may discount notes
or bills at any length of time, not exceeding six
months, and may loan money on property security
to the citizens of the State, but not exceeding an
eighth part of the stock actually paid into the Bank
at the time of making such loan or loans.
4. No loan shall be made by the said corporation
for the use or on account of this State, or the United
States, nor to any particular State, to an amount ex-
ceeding fifty thousand dollars; or to any foreign
prince or State whatever, without the previous con-
sent of the legislature.
5. The president and directors shall constitute a
board for the transaction of business, but ordinary
discounts may be made by the president or cashier,
and five directors.
6. In case of sickness or necessary absence of the
president, his place may be supplied by a director to
be appointed president pro-tempore, by a majority of
the board of directors.
7. In case of death, disqualification, resignation
or removal out of the State of the president, the
directors shall meet as soon as can be thereafter,
and elect another person for president for the residue
of the year.
8. No director shall be entitled to receive any
emolument for his services, unless the same shall
have been allowed at a general meeting of the stock-
holders.
9. The president and directors may call a general
meeting of the stock-holders for any purpose relative
to the institution, giving at least three weeks notice
in two or more news. papers printed in the city of
Baltimore, one in the city of Annapolis, one in
George-Town, one in Frederick-Town, one in Ha-
ger's-To\vn, and one in Easton; any number of stock-
holders not less than fifty, who, together, shall be pro-
prietors of not less than one thousand shares, may
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