78

LAWS OF MARYLAND.

Dec. Sess.

1813.

excess was created, or may have dissented from the re-
solution or act whereby the same was created, may res-
pectively exonerate themselves from bring so liable, by
forthwith giving notice of the fact, and of their absence
or dissent to the stockholders, at a general meeting,
which they shall have power to call for that purpose.
5. The president and directors may discount notes or
bills at any length of time not exceding four months,
but may renew the same from time to time at pleasure,
and shall not receive on loans or discounts more than at
the rate of six per centum per annum.
6. All bills and notes which may be issued by order
of the said corporation, signed by the president and coun-
tersigned by the cashier thereof, promising the payment
of money to any person or persons, his, her or their or-
der, or to bearer, though not under the seal of the said
corporation, shall be binding and obligatory upon the
same, in the like manner, and with the like force and ef-
fect, as upon any private person or persons, if issued by
him or them in his, her or their private or natural capa-
city or capacities, and shall be assignable and negotiable
in like manner, as if they were so issued by such private
person or persons, that is to say: those which shall be
payable to any person or persons, his, her or their order,
shall be assignable by endorsement in like manner and
with the like effect, as foreign bills of exchange now are,
and those which are payable to bearer, shall be negotia-
ble or assignable by delivery only.

Election of
directors. —
Commence-
ment of ope-

rations.

25. AND BE IT ENACTED, That so soon as for-
ty thousand dollars shall be actually paid to the commis-
sioners aforesaid, and at least four thousand shares being
subscribed for, it shall be the duty of the said commis-
sioners, or any five or more of them, to appoint a day and
place for the election of directors, which day shall he
thirty days thereafter, and notice shall be given at least
ten days before such election; and the said directors
shall be, and they are hereby authorised, immediately
after such election, to commence the operations of the
said bank.

Term of in-
corporation.

26. AND BE IT ENACTED, That this act shall
continue in force until the expiration of the year eigh-
teen hundred and fifteen, and until the end of the next
session of assembly thereafter.

CHAPTER 82.

Passed Jan.
21, 1814.

An act to revive an act entitled, an act to incorporate a
company for making an artificial road from French-
town on Elk-River, in Cecil county, in the state of
Maryland, to the Delaware line, in a direction towards
the town of New-Castle, except such part thereof as
is altered and changed by this act.

Former act re-
vived.

Section 1. BE IT ENACTED by the General Assem-
bly of Maryland, That an act passed at November ses-