SAMUEL SPRIGG, ESQUIRE, GOVERNOR.

1890;

1. Be it enacted by the General Assembly of Maryland, That the
said deed shall have full force and effect, according to the provisi-
ons of the act of assembly aforesaid, in as full and ample a manner
an if the date of the deed had been truly recited in the said act.

CHAP. 115.

Deed to have full
force and effect.

CHAP. CXVI.

An Act tor the benefit of The Farmers Bank or Somerset and Worcester, and
The Salisbury Branch Bank.

WHEREAS it has been deemed advantageous by the stockhold-
ers of the Farmers Bank of Somerset and Worcester, and the
Salisbury Branch Bank, that the affairs of the banks should be
settled, and the corporation dissolved, and to that end hath peti-
tioned the legislature of Maryland; Therefore,

Passed Feb. 3, 1821.

Preamble.

1. Be it enacted by the General Assembly of Maryland, That the
said Farmers Bank of Somerset and Worcester, and the Salisbu-
ry Branch Bank, shall, after the passage of this act, have no
power or authority to discount any new paper, hut may take, re-
newals of paper already discounted from time to time, and shall
have power and authority to take bunds or bills, single or penal,
tor any sums now due to the banks.

To have no power
to discount any
new paper, &c.

2. And be it enacted, That so much of the several acts of assem-
bly which requires the Farmers Bank of Somerset and Worces-
ter, and the Salisbury branch Bank, to pay the sum of twenty
cents upon every hundred dollars of the, capital stock actually
paid, or which may hereafter be paid in, is hereby repealed, and
that the said banks shall be released from the payment of the said
tax since, the first day of January eighteen hundred and twenty,
and ever thereafter, and that the said charter shall remain and bo
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.

Tax on capital re-

leased.

3. And be it enacted, That at each and every election for the
directors of said banks, 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 banks, who shall be eli-
gible as directors at all succeeding elections, and all vacancies
that may hereafter occur, shall be filled up in the same manner as
provided by said act of incorporation, which said seven directors
shall have all the rights, power, authority and privileges, which
the present directors had or might lawfully exercise, under 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 the
same manner as the present directors might have done, nor shall
the reduction of the said directors from their present number to
seven, be so construed as to impair the right of the said President,
Directors and Company, of the Bank of Somerset and Worces-
ter, and the Salisbury Branch Bank, to prosecute any suit now
pending in the courts aforesaid, in the same manner as if the said
number had not been diminished; and the president and three di-
rectors shall constitute a board for the transaction of business,
but the ordinary renewals of paper already discounted may he
dame by the president and two directors.

Not more than se-
ven directors to
be elected.