563

LAWS OF MARYLAND.

able in the months of June and December, in every
year, as shall from time to time be determined by a
majority of the directors, at a meeting to be held for
that purpose, and shall in no case exceed the net
profits actually acquired by the corporation, so that
the capital stock of the corporation shall never be im-
paired by dividends, and at the expiration of every
three years a dividend of surplus profits shall be made;
but the directors shall then be at liberty to retain at
least one per cent, for the time being, as a fund for
future contingencies; it shall be the duly of the Pres-
ident to cause a correct statement of all the surplus
profits remaining in the bank not divided among the
stockholders, antecedent to the annual election, to be
made out and kept in the bank for the inspection of
the stockholders between the time of such dividends
being declared and each annual election; Twelfth,
the shares of stock shall be transferable on the books
of the bank only, in person or by power of attorney;
but all debts actually due and payable to the said bank
by a stockholder requiring a transfer, must be satis-
fied before such transfer shall be made, unless the
president and directors shall direct otherwise; Thir-
teenth, all bills and notes which maybe issued by order
of the said corporation, signed by the president, and
countersigned by the cashier thereof, promising the
payment of money to any person or persons, his, her,
or their order or to bearer, though not under seal of
the said corporation, shall be binding and obligatory
upon the same in like manner, and with the like force
and effect as upon any private person or persons, if
issued by him or them, in his or their private capacity
or capacities, and shall be assignable and negotiable
in like manner, as if they were so issued by such pri-
vate person or persons, that is to say: those which
shall be payable to any person or persons, his, her,
or their order, shall be assignable by an endorsement
in like manner and with like effect as foreign bills of
exchange now are, and those which are payable to
bearer shall be negotiable or assignable by delivery

Proviso.

only; Provided, that it shall not be lawful for the said
bank to issue notes of a less denomination than five
dollars.

Legislature
may impose
tax.

SEC. 13. And be it enacted, That nothing con-
tained in this act shall be so construed to restrict the
right of the Legislature to impose, from time to time,
and at all times hereafter, such reasonable tax upon the