SAMUEL SPRIGG, ESQUIRE, GOVERNOR.

1820.

given pursuant to their charter of incorporation, and the accept-
ance of the same shall be certified to the clerk of the court of ap-
peals for the western shore, under the seal of the corporation,
attested by the president or chairman, and secretary, of said
meeting.

CHAP. 189.

CHAP. CXC.

An Act for the benefit of The Bank of Somerset, in Somerset County.

WHEREAS it has been deemed advantageous by the stockhold-

ers of the Bank of Somerset, that the affairs of the bank should
be settled, and the corporation dissolved, and to that end hath pe-
titioned the legislature of Maryland; Therefore,

Passed Feb. 14, 1821.

Preamble.

1. Be it enacted by the General Assembly of Maryland, That the
said Bank of Somerset shall, after the passage of this act, have
no power or authority to discount any new paper, but may take
renewals of paper already discounted, from time to time, and shall
have power and authority to take bonds or bills, single or penal,
for any sums now due to the bank.

To have no power
to discount new
paper.

2. And be it enacted, That so much of the several arts of as-
sembly which requires the Bank of Somerset 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 repeal-
ed, and that the said hank shall he released from the payment of
the said tax since the firm day of January eighteen hundred and
twenty, and ever thereafter, and that the said charier shall remain
and be in force as if the said tax had been regularly paid, accord-
ing to the provisions of said charter, any thing herein contained
to the contrary notwithstanding.

Released from
payment of tax.

3. And be it enacted, That the president and directors shall here-
after have power to sell and dispose of, either at public or private
sale, all the real and personal estate of said bank.

May dispose of
real and personal
estate.

4. And be it enacted. That when the debts due from the said
bank are paid and discharged, it shall be the duty of the president
and directors to make dividends of the funds of the bank which
they may have received, among the stockholders, every four
months.

When debts are
paid, dividends to
be made.

5. 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 necessary, and may appoint an agent for the col-
lection 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 suffici-
ent securities, conditioned for the faithful performance of the du-
ties imposed on him as collector; and the president and directors
of the said bank respectively shall have power to remove all the
books and papers of the said bank to any place or places in So-
merset county which they may deem proper.

May dismiss
cashier, &c.

6. And be it enacted, That the president and directors of said
bank shall have no power or authority to make any dividend or
dividends of any of the funds or profits of said bank until all the
debts which may have been demanded of said bank shall be fully
paid and satisfied.

Not to make di-
vidend! until all
the debts are ful-
ly paid.

7. And be it enacted. That if the president and directors of said
bank shall not observe, the provisions of this act, then and in such

case all power and authority given to them by this act shall cease.

Act to cease if
provision, thereof
are not observed.