THOMAS H. HICKS, ESQUIRE, GOVERNOR.

597

CHAPTER 402.

AN ACT to alter and amend the charter of the
Somerset and Worcester Saving's Bank.

Passed March

8, 1858.

SECTION 1. Be it enacted by the General Assem-
bly of Maryland, That any seven of the persons
named in the act passed at the January session,
eighteen hundred and .fifty-six, chapter thirty-
three, be and are hereby constituted a quorum.,
for the purpose of organizing the Somerset and
Worcester Saving's Bank, at any time hereafter,
according to the manner and form prescribed in
the second section of said act, incorporating the
Somerset and Worcester Saving's Bank.

Seven persons
to constitute a
quorum.

SEC. 2. And be it enacted, That so much of the
fourth section of said act of incorporation, passed
January session, eighteen hundred and fifty-six,
chapter thirty-three, as aforesaid, as prohibits the
said institution from issuing any bill, note or de-
vice, in the nature of a bank note, be and the
same is hereby repealed, and that the said insti-
tution under the name of the Somerset and Wor-
cester Saving's Bank, as aforesaid, shall have
power to issue notes of the nature and in the
usual form of bank notes, of a denomination not

Repealed.

less than five dollars; Provided, that the whole
amount of such issue, shall not at any time ex-
ceed the amount of capital stock actually 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, be-
fore such bank shall be permitted to issue notes
of the nature of bank notes.

Provisos.

SEC. 3. And be it enacted, That the said stock
shall consist of shares of the value of twenty dol-
lars each, which may be subscribed for only by
citizens of Somerset and Worcester counties, and
paid in such manner as the directors of said insti-

tution may determine.

Stock to con-
sist of shares
valued at twen-
ty dollars each.

SEC. 4. And be it enacted, That none but stock-
holders shall be considered members of the Som-
erset and Worcester Saving's Bank; that none but
stockholders shall be eligible to the office of di-
rectors in said bank, and none but stockholders
shall have the right to vote; at any election for di-
rectors the stockholders shall be entitled to vote

None but
stockholders to
be considered
members.