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do and execute all such acts, matters and things, as to them shall
appertain under the clauses of this act.
26. And be it enacted, That the following rules and provisions
shall form and be the fundamental articles of the constitution of the
said corporation.
Article 1st. That the capital stock of the Centreville Bank of
Maryland shall be managed by the directors for the benefit of the
stockholders.
2d. No director of any other bank shall be a director in this
bank, nor shall any two persons, copartners of any kind of busi-
ness, be directors in this institution at the same time; two at least
of the directors elected by the stockholders shall go out annually.
3d. The president and directors for the time being shall give
one month's notice in the most public places in the county, and in
one or more, of the, public prints of the town of Easton, of the
time and place of holding the election of directors annually.
4th. The total amount of the debts which the. said corporation
shall at any time owe, whether by bond, bill, note, or other con-
tract, 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 he considered as the debts of
the bank within the provision of this clause, unless the contracting
of any greater debts shall have been previously authorised by a
law of the state. In case of excess, the directors under whose ad-
ministration it shall happen, shall be liable for the same in their
personal and private capacities, and an action of debt may in such
case, be brought against them, or any of them, or their heirs, exe-
cutors or administrators, in any court of record in this state, by
any creditor or creditors of the said corporation, and may he pro-
secuted to judgment and execution, any condition, covenant or
agreement, to the contrary notwithstanding; but nothing herein
contained shall be construed to exempt the said corporation, or
the lands, tenements, goods and chattels, of the same, from being
also liable for and chargeable with the said excess; 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 them-
selves from being 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.
5th. The president and directors may discount notes or bills at
any length of time, 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.
6th. All bills and notes which may be issued by order of the
said corporation, signed by the president, and countersigned by
the cashier thereof, promising the payment of money to any per-
son or persons, his, her or their order, or to hearer, though not
under the seal of the said corporation, shall be binding and obli-
gatory upon the same, in the like manner, and with the like force
and effect, as upon any private person or persons, if issued by
him or them in his, her, or their private capacity or capacities,
and shall be assignable and negotiable in like manner as if they
wore so issued by such private person or persons; that is to say,
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Dec. Ses. 1817
Rules and ar-
ticles of cor-
poration.
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