|
pose of the funds and credits of the said bank, in the common
course of banking, for the use and benefit of the said stockholders,
and make a dividend of profits after the end of the first year, and
semi-annually thereafter.
14. And be it enacted, That the president and directors of the
said bank shall hold an annual election at the banking house, after
notice as aforesaid; and in the mean time should a vacancy happen
the president and directors shall supply the same from among the
stockholders.
15. And be it enacted, That in case of sickness or absence of the
president, the board of directors shall choose one of their body to
act as president pro tem.
16. And be it enacted, That the president and directors may pur-
chase or lease real property, and cause to be erected all necessary
buildings, conveniences and securities, for said bank.
17. And be it enacted, That the said bank may be concerned in
bullion, gold and silver coin of the United States, mortgages, bills
of exchange, and notes, or any collateral securities, that may ap-
pear expedient to the president and directors.
18. And be it enacted, That all renewals of discounts may be
done by the president and three directors, but the president and
six directors shall be a board necessary for transacting the general
business of the bank.
19. And be it enacted, That the stock of the said bank may be
transferred by the holder in person, or by power of attorney, but
all debts actually due to the said bank, by a stockholder offering to
transfer, must be first discharged.
20. And be it enacted, That the president and directors, and sub-
ordinate agents of the said bank, shall severally swear, on the
Holy Evangely of Almighty God, that they will faithfully and dili-
gently perform the duties of their respective stations; and the said
subordinate agents shall moreover give satisfactory security to the
president of the said bank before they shall be permitted to act as
such.
21. And be it enacted, That if the president or any director, the
cashier or any other officer of the said bank, shall be concerned,
directly or indirectly, in purchasing any note or notes, bill or bills,
at more than lawful discount or interest, and information thereof
shall be given, and supported to the satisfaction of a majority of
the board, or quorum of directors, his or their seat or seats of office
shall be vacated, and the directors shall fill up such vacancy or va-
cancies.
22. And be it enacted, That all notes offered for discount shall be
negotiable at the Planters Bank of Prince George's County, and
in case the drawer doth not reside in the town of Upper Marl-
borough, such notes shall be made payable at some house in the
said town, and notice given by the proper agent of the said bank
at such house that such note hath become due, shall be deemed and
held to all intents and purposes as completely binding on the draw-
er and endorser thereof as if personally served on each of them.
23. And be it enacted, That any director, officer, or other person
having any share or capital of the said bank, who shall commit any
fraud or embezzlement touching the money or property of the
bank, shall be liable to be prosecuted in the name of the state, by
|
Dec. Ses. 1817.
Elections—
Vacancies.
President pro
tem.
Erection of
buildings, &c.
In what to bo
concerned.
Discounts.
Transfers.
Oath of presi-
dent., &c.
Officers not to
be concerned
in purchasing
notes.
Notes—how
payable.
Fraud.
|
