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LAWS OF MARYLAND.

Incorporated.

SEC. 23. And be it enacted, That all persons who
shall become subscribers to the stork of said bank,
their successors and assigns shall be, and they are
hereby, made a corporation and body politic by the
name and stile of the President and Directors of
Queen Anne's County Bank, and by that name are
hereby declared capable in law to sue and be sued,
plead and be impleaded, answer and be answered
unto, defend and be defended, in any court of record,
or in any other place whatsoever; and also to make,
have and use a common seal, and the same to break,
alter and renew at pleasure, and to make, issue and
negotiate notes and generally to do all such other acts
and things as are pursuant to the purposes of this
act.

Debt not to

exceed double
amount of cap-
ital paid in.

SEC. 24. And be it enacted, That the total amount
of debt which the said corporation shall at any time
own, shall not exceed double the amount of capital
stock actually paid in; Provided, that money deposi-
ted in said bank for safe keeping, shall not be deemed
a debt or debts of the bank within the provisions of
this section.

Not to dis-
count paper of
a longer time
than 6 months
to run.

SEC. 25. And be it enacted, That the president and
directors shall not discount any promissory note or
other negotiable paper having longer than six months
to run, 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;
and that all bills and notes issued by said corporation,
signed by the president and countersigned by the
cashier, with or without seal, promising to pay money
to any person or order, shall be obligatory upon said
corporation, and shall be transferable by endorsement;
and those which are payable to bearer shall have the
like force and effect, and shall be transferable by de-
livery only.

Issue not to
exceed capital
paid in.

SEC. 26. And be it enacted, That the amount of
notes given out for circulation shall at no time exceed
double the amount of the capital actually paid in.

To continue
in force.

SEC. 27. And be it enacted, That this act shall con-
tinue in force until the year eighteen hundred and
eighty-five, and to the end of the next session of the
General Assembly thereafter.

To take effect.

SEC. 28. And be it enacted, That this act shall
take effect and go into operation from the day on
which it may be passed.