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26. AND BE IT ENACTED, That the following
rules and provisions shall form and be fundamental ar-
ticles of the constitution of the said corporation
That the capital stock of the Havre-de Grace bank
shall be managed by the directors for the joint benefit of
the stockholders, and the benefit of the state of Mary-
land, if the state shall become interested.
No director of any other bank shall be a director of
this bank, nor shall any two persons, co-partners in any
kind of business, be directors in this institution at the
same time. Three at least of the directors elected by the
stockholders shall go out annually.
The president and directors, for the time being, shall
give one mouth's notice in the most public places in the
counties aforesaid, and in some public print in the city
of Baltimore, of the time and place of holding the election
of directors annually.
The total amount of the debts which the said corpo-
ration shall at any time owe, whether by bond, bill,
note or other contract, shall not exceed double the
amount, of the capital actually paid into the said bank
Provided, that the money deposited in the said bank for
safe keeping shall not be considered as the debts of the
bank, within the provision of this clause, unless the con-
tracting of any greater debts shall have been previously
authorised by a law of the state. In case of excess, the
directors under whose administration it shall happen,
shall be liable for the same in their natural and private
capacities, and an action of debt may in such case be
brought against them, or any of them, or their heirs,
executors or administrators, in any court of record of
this state, by any creditor or creditors of the said cor-
poration, and may be prosecuted to judgment and ex-
ecution, any condition, covenant or agreement to the
contrary notwithstanding; but nothing herein contained
shall be construed to exempt the aid corporation, or the
lands, tenements, goods and chattels of the same, from
being also, liable for, and chargeable with the said ex-
cess; and such of the said directors who may have been
absent when the said excess was created, or may have
dissented from the resolution or act whereby the same
was created, may respectively exonerate themselves
from being so liable, by forthwith giving notice of the
fact, and of their absence or dissent, to the governor of
the state, and to the stockholders of a general meeting,
which they shall have power to call for that purpose.
The president and directors may discount notes or
bills at any length of time not exceeding six 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.
All bills and notes which may be issued by order of
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DEC. SESS.
1814.
Fundamental
articles.
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