T. WATKINS LIGON, ESQUIRE, GOVERNOR.

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poses, unless the same shall be taken to secure a debt
due to the bank or bought under execution at the
suit of the bank.

SEC. 17. And be it enacted, That ordinary dis-
counts may be made by the president and three direc-
tors, but the president and five directors shall be
necessary to transact the general business of the com-
pany.

Discounts.

SEC. 18. And be it enacted, That the stock of
said bank shall be transferred only by the holder
in person, or by power of attorney, on the books of
the bank, but all debts due to the bank by any stock-
holder offering to transfer must be paid before such
transfer shall be made.

Transfer of

stock.

SEC. 19. And be it enacted, That no director of
any other bank, nor more than one member of any
mercantile firm shall be eligible as a director of the
Queen Anne's County Bank, and that the president
and directors, before he or they shall act as such,
shall take the following oath or affirmation: I, —— ,
do solemnly swear or affirm, that I will faithfully,
diligently and honestly discharge the duties of presi-
dent, or director, as the case may be, of the Queen
Anne's County Bank, to the best of my skill and
judgment; and all other officers and servants, besides
taking a similar oath, shall give bond with satisfacto-
ty security to the president and directors for the faith-
ful performance of their duties.

Eligibility
of Directors.

SEC. 20. And be it enacted, That the stockholders
of said bank be and they are hereby authorised, at a
general meeting, to make such compensation to the
directors as they may deem just and proper.

Stockholders
authorised.

SEC. 21. And be it enacted, That the first dividend
of the profits of the bank shall be made at the end of
the first year after it goes into operation, and half-
yearly thereafter, and at the end of every three years
a dividend shall be made of surplus profits; all which
dividends shall be payable to the stockholders or their
order at the bank.

Dividends.

SEC. 22. And be it enacted, That when any per-
son shall die, possessed of any stock in said bank,
his administrator, executor, or other persons, holding
the same in trust, shall be entitled to vote on all ques-
tions according to the number of shares of said stock,
and the guardian of any minor, committee of any lu-
natic, or non compos mentis, or other trustee, shall be
allowed the like privilege.

Stock held in
trust.