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Dec. Ses. 1817
Style—effect
in law.
Salaries.
Unsubscribed
shares.
State may be-
come a stock-
holder.
President, &c.
to make rules,
&c.
Operations—
when to com-
mence.
Excess.
Time for
which notes
may be dis-
counted.
General meet-
ing may be
called.
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indictment, for the same, in any court of law in this state, and
upon conviction thereof shall, besides the remedy that may be had
by action in the name of the president and directors of the Plan-
ters Bank of Prince-George's county for the fraud aforesaid, for-
feit all his share of stock in the said bank to the company.
24. And be it enacted, That all persons who become stockholders
to the said bank are hereby made a corporation and body politic
under the name and style of The Planters Bank of Prince Geor-
ge's County, and by that name shall be and are hereby made capa-
ble in law to sue and be sued, plead and be impleaded, answer and
be answered, defend and be defended, in any court of record, or
any other place whatever; and also to nuke, use and have, a com-
mon seal, and the same to break, alter and renew, at pleasure; and
to make, issue and negotiate, promissory notes, and generally to do
and execute all such matters and things as to them shall appertain
under the provisions of this act.
25. 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 di-
rectors, but that no director shall receive any emolument for ex-
traordinary services unless agreed to by a majority of all the direc-
tors, with the concurrence of the president.
26. And be it enacted, That if any of the shares shall remain un-
subscribed for, the president and directors shall dispose of them in
such manner as they shall deem beneficial for the bank.
27. And be it enacted, That the state of Maryland may at any
time become a stockholder in the Planters Bank of Prince-Geor-
ge's county, by augmenting its capital, and subscribing to an
amount not exceeding thirty thousand dollars; and when the state
shall become a stockholder to the amount of thirty thousand
dollars, it shall be entitled 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 elected by
the stockholders as is herein before provided.
28. And be it enacted, That the president and directors shall
have power to make and alter at pleasure all rules and by-laws
deemed necessary for conducting the affairs of the bank.
29. And be it enacted, That upon the payment of the second in,
stalment the president and directors may commence the operations
of the bank.
30. And be it enacted, That the Planters Bank of Prince-Geor-
ge's county shall be at no time be indebted by bond, bill, or note, or
other contract, for an amount exceeding double the capital actually
paid in; and in case of excess, all directors under whose adminis-
tration it shall happen, consenting 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 as debts
within the meaning of this clause..
31. And be it enacted, That the president and directors may dis-
count notes, bills or acceptances, for any length of time not ex-
ceeding six months, and renew the same from time to time, at
pleasure, at a rale of interest not exceeding six per centum per
annum.
32. And be it enacted, That the books, papers, correspondence,
funds, and every transaction of the company, shall at all times be
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