338

LAWS OF MARYLAND,

CHAPTER 211.

Passed Mar.
10, 1856.

Commission-
en appointed.

AN ACT to incorporate the American Bank.

SECTION 1. Be it enacted by the General Assem-
bly of Maryland, That James H. Browne, James
Jeffrey, Henry R. Reynolds, Philp Cover, Adam
Denmead, William Matthews, Chaney Hoskins, and
M. M. Ege, are hereby appointed commissioner with
power and authority to establish a bank in the city
of Baltimore by the name and style of the American
Bank, the capital of which shall be five hundred
thousand dollars divided into five thousand shares of
one hundred dollars each and that so soon as one
hundred thousand dollars in gold and silver coin
shall have been paid to the said commissioners
by the subscribers to the stock of said bank as
part of its capital and so certified by the com-
missioners to the Treasurer of the State of Mary-
land, then the said bank shall be fully incorpo-
rated, and by the name and style aforesaid, shall
have perpetual succession as a body politic or corpo-
rate, and shall be empowered to purchase, receive,
hold and enjoy such lot of land as may be necessary
for the transaction of the business of said bank, to
sell and dispose of the same, to sue and be sued,
plead and be impleaded in all courts of justice; to
have and use a common seal, and the same to alter
or change at pleasure.

Books to be

opened.

SEC. 2. And be it enacted, That the commission-
ers aforesaid, may cause books to be opened for re-
ceiving subscriptions to the stock of said bank at
such times and places as they may think proper and
that they, the said commissioners shall be the first
Directors of the Bank, and may on any day after one
hundred thousand dollars shall have been paid in, pro-
ceed to elect a President from amongst the stock-
holders, and they the said President and Directors
shall have the exclusive control and management of
the said corporation for one whole year after going
into operation, and until their successors shall have
been legally elected by the stockholders; eight Direc-
tors and a President constituting the board for the
management of the Bank.

Invested with
power.

SEC. 3. And be it enacted, That the said Presi-
dent and Directors shall have power to appoint all
officers and servants of the corporation, to take bonds
with security for the faithful performance of their du-