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Dec. Sess.
1815.
Subscriptions
—by whom to
be made.
Directors.
President.
Plates, &c.
Money re-
ceived.
Capital to be
paid in Balti-
more notes.
Members
not answera-
ble for con-
tracts.
Concerns--
manner of
conducting.
Directors—
banks to ap-
point.
President
pro tem.
In what to
be concerned.
Discounts.
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first day, the commissioners aforesaid may adjourn from day
to day, during five days, exclusive of the first, and at any
time after the first day. If the subscriptions shall be completed,
the commissioners shall close the books, And such banks as have
subscribed shall be entitled to stock in the said bank.
4. AND BE IT ENACTED, That the subscriptions on
account of the several incorporated banks aforesaid, and of
such as may be incorporated during the present session, may
be made by the presidents or cashiers of such banks, or by any
person authorised by the directors or commissioners of such
banks as the case may be.
6. AND BE IT ENACTED.. That the president and di-
rectors of each of the several incorporated banks aforesaid,
and the commissioners of such as may be incorporated as afore-
said, may appoint one director of the said bank.
6. AND BE IT ENACTED, That the seven! directors
appointed in virtue of the preceeding clause shall choose a pre-
sident for the said bank.
7. AND BE IT ENACTED, That the commissioners
aforesaid may proceed forthwith to provide plates, and make
arrangements for speedily commencing the operations of the
said bank.
8. AND BE IT ENACTED, That immediately after the
appointment of directors the said commissioners shall pay over
to them all the monies received for subscriptions.
9. AND BE IT ENACTED, That the said several incor-
porated banks, and such as may be incorporated during the
present session, shall pay the amount of their respective sub-
scriptions in bank notes of the city of Baltimore.
10. AND BE IT ENACTED, That no member of the
said bank shall be answerable for contracts or engagements
beyond the capital stock thereof, but all the said capital stock,
together with all its profits, rights and credits, shall be liable
for demands against the said bank.
- 11. AND BE IT ENACTED, That the president and di-
rectors shall determine the manner of conducting the concerns
of the said bank, and the rules and forms to be observed there-
in; they shall appoint and pay the various subordinate agents
by them deemed necessary, and dispose of the funds and cre-
dits of the bank, in the common coarse of banking, for the use
and benefit of the stockholders of the aforesaid banks, and
make a dividend of profit at the end of the first year, and semi
annually thereafter.
. 12. AND BE IT ENACTED, That the several banks
aforesaid shall annually appoint their respective directors dur-
ing the month of April, and in default thereof the acting di-
rectors shall continue until superseded.
13. AND BE IT ENACTED, That in case of sickness or
absence of the president, he shall designate one of the direc-
tors to act as president pro tem. and in default of such desig-
nation the board shall appoint a president pro tem.
14. AND BE IT ENACTED, That the Consolidated
Bank of Maryland may be concerned in bullion, gold and sil-
ver coin, mortgages, bills of exchange and notes, that may ap-
pear expedient to the president and directors.
15. AND BE IT ENACTED, That ordinary discounts
may be done by the president and five directors, but the presi-
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