SAMUEL SPRIGG, ESQ. GOVERNOR.

113

which this is a supplement, pay the further sum of thirty-seven
dollars and fifty cents, and shall thereupon be entitled to a certifi-
cate of full paid shares.
3. And be it enacted, That the said president and direc-
tors shall or may, as often as any money or property may be reco-
vered or received for or on account of the debts, dues and de-
mands included in the estimate of those losses by which the
capital stock of the said bank has been reduced, cause a dividend
thereof to be made among the stock-holders entitled to the same.

Dec. Ses. 1821.

Assent of
stock-holders
required.

4. And be it enacted, That this act shall be, by the said presi-
dent and directors, laid before a general meeting of the stock-hold-
ers of the said Union Bank of Maryland, convened for that pur-
pose, upon such notice as the original act requires, in cases in which
the said president and directors may call a general meeting; and if
such a majority of the stock-holders as is required by the original
act in the election of directors, shall assent to and accept this act,
then the president of the said Union Bank of Maryland, shall
transmit a copy, under his hand, and the common seal of said bank,
of the proceedings of said general meeting, shewing the assent and
acceptance, to the governor of this state, whereupon this act shall
be considered and be in full force and virtue.

May reduce
. capital.

i
i

1

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5. And be it enacted, That it shall and may be lawful for
the said president and directors, from time to time, to reduce
the capital stock of the said bank, by purchasing the stock there-
of, and deducting the same from the whole number of shares which
may at the time of such purchase constitute the said capital.

Repeal.

6. And be it enacted, That the act passed at December ses-
sion eighteen hundred and nineteen, chapter one hundred and
forty-one, entitled, An act relating to the Union Bank of Mary-
land, be, and the same is hereby repealed.
7. And be it enacted, That nothing herein contained shall
exempt the aforesaid bank from the payment of any part of the
school tax that they now pay, during the existence of the charter of
said bank.

Not exempt
from school
tax.

CHAPTER 167.

A further supplement to an act entitled, An act to incorporate the
Stock-holders of the Mechanics' Bank of Baltimore.
Whereas, The president and directors of the Mechanics' Bank
of Baltimore, have represented to this general assembly, that owing
to various losses which have been sustained by the said bank, the
capital stock thereof has become considerably impaired; and that
to reinstate it out of the future earnings of the bank would be ex-
tremely burthensome and oppressive to many of the stock-holders;
and that it would be advantageous to the said bank to reduce the
amount of each share of its capital stock from twenty-five dollars
to fifteen dollars, and have prayed that a law might be passed ac-
cordingly, subject nevertheless to the approbation of a general
meeting of the stock-holders of the said bank; and the prayer of
the said petitioners appearing to this general assembly to be reason-
able and just—Therefore,

Passed Feb. 16

1822.

Preamble.

Sec. 1. Be it enacted By the General Assembly of Maryland,
That from and after the passage of this act, and the assent of the
stock-holders thereto as herein after provided, the capital stock of

Capital.