26

LAWS OF MARYLAND.

DEC. SESS.
1813.

Proviso.

generally to do and execute all such matters and things,

as to them shall appertain under the clauses of this act;

Provided always, That it shall not be lawful for said Bank

to issue notes of a less denomination than five dollars.

Salaries of offi-

cers.

24. AND BE IT ENACTED, That the salaries of the
President and other officers of the Bank, shall be fixed
by a majority of the board of directors; but that no di-
rector shall receive any emolument, unless agreed to, for
extraordinary services, by a majority of all the Directors,
with the concurrence of the President.

Shares that
may remain
unsubscribed
for.

25. AND BE IT ENACTED, That if any of the
shares shall remain unsubscribed for, the President and

Directors shall dispose of them in such manner as they
shall deem most beneficial for the Bank.

The state may
become stock-
holder, and ap-
point directors.

26. AND BE IT ENACTED, That the State of Ma-

ryland, may, at any time, become a stockholder in the

Bank of Somerset, by augmenting its capital, and sub-

scribing to an amount not exceeding thirty thousand dol-

lars; and when the state shall have become a stock holder
to the amount of twenty thousand dollars, it shall be en-

titled to appoint two of the directors, one to be chosen by

the Senate, and the other by the House of Delegates; and

at all subsequent elections, the residue only shall be elect-

ed by the stock holders, as before is herein provided.

Ruled and bye-
laws.

President and

27. AND BE IT ENACTED, That the President and
Directors shall have power to make and alter at pleasure,
all rules and bye-laws deemed necessary for conducting
the affairs of the Bank.

directors com-
mence operati-

on.

28. AND BE IT ENACTED, That upon the pay-
ment of the second instalment, the President and Direct-
ors may commence the operations of the Bank.

Debts at no
time to exceed
double the ca-
pital.
Case of excess.
Directors indi-
vidually ac-
countable.

29 AND BE IT ENACTED, That the Bank of So-
merset, shall at no time be indebted by bond, bill, note,
or other contract, for an amount exceeding double the

capital actually paid in; and in case of excess, all direct-

ors under whose administration it shall happen, consent-
ing thereto, shall be liable in their individual capacities;
it being understood, that property deposited for safe
keeping, in the said Bank, shall not be considered safe-
within the provision of this clause.

Period of dis-
count. Rate
of interest.

30. AND BE IT ENACTED, That the President and
Directors may discount notes, bills, or acceptances, for
sixty days, and renew the same from time to time at
pleasure, at a rate of interest not exceeding six per cen-
tum, per annum.

Books &c. open
to inspection of

directors. Ge-

neral meeting
of stock-hold-
ers.

31. AND BE IT ENACTED, That the books, pa-

pers, correspondence, funds, and every transaction of

the company, shall at all times be freely open to the in-
spection of the Directors; a majority of whom, or any

number of stock holders, not less than thirty, and hold-

ing no less than three hundred shares , may at any time

call a general meeting of the stock holders, for objects

relative to the interest of the company, and giving not less