1820.

LAWS OF MARYLAND.

CHAP. 189.

Released from
payment of tax.

2. And be it enacted, That so much of the several acts of as-
sembly which require the Havre-de-Grace Bank to pay the sum of
twenty cents upon every hundred dollars of the capital stock ac-
tually paid, or which may hereafter be paid in, is hereby repealed,
and that the said bank shall he released from the payment of the
said tax since the first day of January eighteen hundred and
twenty-one, and ever thereafter, and that the said charier shall
remain and be in force as if the said tax had been regularly paid
according to the provisions of said charter, any thing therein
contained to the contrary notwithstanding.

Not more than
seven directors to
be elected.

3. And be it enacted, That at each and every election for the
directors of said bank, which shall take place after the passage
of this act, no more than seven directors shall be elected for the
management of the concerns of the said bank, who shall be eligible
as directors at all succeeding elections, and that all vacancies that
may hereafter occur, shall be, filled up in the same manner as pro-
vided by said act of incorporation, which said seven directors
shall have all the rights, power, authority and privileges, which
the said eleven directors had or might lawfully exercise, tinder
and in virtue of the aforesaid act of incorporation, and shall have
all the powers to sue or prosecute any cause of action in any
court of law or equity in this state, or any of the United States,
in fie same manner which the said eleven directors might have
done, nor shall the reduction of the said directors from eleven to
seven be so construed as to impair the right of the said president,
directors and company, of the bank of Havre-de-Grace, to pro-
secute any suit now pending in the courts as aforesaid, in the
same manner as if the said number had not been diminish-
ed; that the president and three directors shall constitute a
board for the transaction of business, but that the ordinary re-
newals of paper already discounted may be made by the presi-
dent and two directors.

May dispose of
real and personal
estate.

When debts due
from bank are
paid, dividends to
be made.

4. And be it enacted, That the president and directors shall
hereafter have power to sell and dispose of, either at public or
private sale, all the real and personal estate of said bank.
5. And be it enacted, That when the debts due from the said
bank are paid and discharged, it shall be the duty of the presi-
dent and directors to make dividends of the funds of the bank
which they may have received, among the stockholders, every
four months.

May dismiss
cashier, &c.

6. And be it enacted. That the president and directors aforesaid
shall have power to dismiss the cashier, and such other officers as
they shall deem unnecessary, and may appoint an agent for the
collection of the debts due to the said bank, and may take a bond
in such sum as they shall deem necessary, with one or more suf-
ficient securities, conditioned for the faithful performance of the
duties imposed on him as collector; and the president and direc-
tors shall have power to remove all the bonks and papers of the
said bank from the town of Havre-de-Grace, to any other place
which they may deem proper.

Act not to have
effect unless ac-
cepted by stock-
holders.

7. And be it enacted, That this act shall not take effect and be
in force unless the same shall be accepted at a meeting of the
stork holders to be held on the eighth day of March next, or at
some other time, after notice of such meeting shall have been