116

LAWS OF MARYLAND.

Dec. Sess.

1813.

Charters of

banks accept-
ing continued.
Notice of ac-
ceptance to be
given to the
executive.

8. AND BE IT ENACTED, That the charters of
such of the banks of this state as comply with the provi-
sions and conditions of this act, shall be renewed and
continued until the year eighteen hundred and thirty
five, and the session of the General Assembly next
thereafter; and such of the said banks as agree to accept
of the renewal of their charters upon the terms and con-
ditions herein contained, are required to transmit to the
executive of this state a certificate of such their deter-
mination, on or before the first day of May next, except
the banks created Ibis session, which are hereby allowed
to the first of November next, to signify their acceptance
or rejection of the same.

Treasurer to
invest pro-
ceeds of said
tax, and report
annually.

9. AND BE IT ENACTED, That the treasurer of
the western shore be, and he if hereby directed, from
time to time, to invest in stock in the Commercial and
Farmers' Bank of Baltimore, and Mechanics Bank of
Baltimore, for which the state of Maryland is authoris-
ed to subscribe in those banks, all such sums of money
which he may receive in virtue of this act, together with
the dividends arising from such stock, and he is hereby
required to keep an account of such stock, which he shall
denominate a fund for the establishment of free schools,
separately from the rest of the funds of the state of
Maryland, and make a report thereof annually to the
General Assembly.

Fund pledg-
ed for the es-
tablishment of
free schools.

10. AND BE IT ENACTED, That the said stock
so accumulating is hereby inviolably pledged for the es-
tablishment of a general system of free schools through-
out the state of Maryland, and shall be used or appro-
priated for no other purpose whatsoever, and shall be
equally divided among the several counties of this state.

Faith of the

state pledged
to banks ac-
cepting.

11. AND BE IT ENACTED, That upon any of
the aforesaid banks accepting of, and complying with
the terms and conditions of this act, the faith of the state
is hereby, pledged not to impose any further tax or burth-
en upon them during the continuance of their charters
under this act; ana in case of the acceptance of, and
compliance with the provisions of this act, by the several
banks hereby required to make the aforementioned road,
the faith of the state is further solemnly pledged to the
several existing banks in the city of Baltimore, not to
grant a charier of incorporation to any other banking in-
stitution to be established in the city of Baltimore, before
the first day of January eighteen hundred and thirty five,
and the end of the session of the General Assembly next
thereafter.

Banks ex-
empt on pay-
ing $200,000.

12. AND BE IT ENACTED, That the said banks
specified in the seventh section of this act, should they
elect so to do, shall be, and they are hereby exempt from
the payment of the annual tax hereby imposed, upon con-
dition of their paying to the treasurer of the western
shore of the share of Maryland on or before the first day