T. WATKINS LIGON, ESQUIRE, GOVERNOR.

525

CHAPTER 340.

AN ACT to alter and amend the charter of the Frost-
burg Savings Bank.

Passed Mar.
10, 1856.

SECTION. 1. Be it enacted by the General Assem-
bly of Maryland, That so much of the first section
of the act passed in eighteen hundred and fifty four,
chapter one hundred and thirty three, as requires the
Frostburg Savings Bank to be known and called by
the name and style of the "Frostburg Savings Bank,"
be and the same is hereby repealed, and that said cor-
poration shall hereafter be known and called by the
name and style of the "Frostburg Bank," with power
and authority by that name to have, exercise, hold,
enjoy, use and possess, all the rights, privileges and
immunities that are prescribed and granted by the
said act incorporating the Frostburg Savings Bank,
passed January session eighteen hundred and fifty
four, chapter one hundred and thirty three.

Sections re-
pealed.

SEC. 2. And be it enacted, That so much of the
sixth section of the said act of incorporation, passed
January session eighteen hundred and fifty four,
chapter one hundred and thirty three, as aforesaid,
as prohibits the said Institution from issuing any bill,
note or device, in the nature of a bank note, be and
the same is hereby repealed, and that the said institu-
tion, under the name and title of the Frostburg Bank,
as aforesaid, shall have power to issue notes of the
nature, and in the usual form of bank notes, of a de-
nomination not less than five dollars; Provided, that
the whole amount of such issue shall not at any time
exceed double the amount of the capital stock actu-

May issue
bank notes.

ally paid in; and provided further, that the stock to
the amount of twenty five thousand dollars shall have
been subscribed and paid for in gold or silver coin,
before said bank shall be permitted to issue notes of
the nature of bank notes.

Proviso.

SEC. 3. And be it enacted, That the said stock
shall consist of shares of the value of twenty dollars each,
which may be subscribed for, the subscribers paying
at the time of subscription the full amount of stock ta-
ken; and that the weekly depositors, or those who may
hereafter become such, shall, when their weekly de-
posits amount to the sum of twenty dollars, have the
right to convert their deposits into the stock of the
said Frostburg Bank.

May convert
deposites into
capital stock.