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Dec. Ses. 1817.
Election of di-
rectors.
To pay annu-
ally to the
state 20 cents
on every $100
paid in.
Duration.
On neglect to
pay specie for
their notes
charter declar-
ed void.
Provisos.
No officer to
be concerned
in purchasing
notes, &c.
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those which shall be payable to any person or persons, his, her, or
their order, shall be assignable by endorsement, in like manner,
and with the like effect, as foreign bills of exchange now are, and
those which are payable to bearer shall he negotiable or assign-
able by delivery only.
27. And be it enacted, That so soon as forty thousand dollars
shall be actually paid to the commissioners aforesaid, and at least
four thousand shares being subscribed for, it shall be the duty of
the said commissioners, or any live or more of them, to appoint a
day and place for the election of the directors, which shall be
thirty days thereafter, and notice shall be given at least ten days
before such election; and the said directors shall be and they are
hereby authorised, immediately after such election, to commence
the operations of the said bank.
28. And be it enacted, That the cashier, directors and company,
of said bank, shall pay to the treasurer of the western shore, an-
nually, the sum of twenty cents on every hundred dollars actually
paid in, otherwise the charter of said hank shall become forfeited
and rendered null and void, which sum shall he and hereby is pledg-
ed by the state as a fund for the purpose of supporting schools, to
be equally divided among the several counties, and paid over in
equal portions to such persons in each county as the legislature
may hereafter appoint.
29. And be it enacted, That this act shall continue in force until
the expiration of the year eighteen hundred and thirty-live, and until
the end of the next session of the general assembly which shall
happen thereafter.
30. And be it enacted, That if the president and directors of the
said bank, or any of the officers thereof, shall at any time refuse, or
neglect to pay specie for their notes, when called on at their bank-
ing house, then and in that event their charter shall be and is
hereby declared to be vacated, made null and void; Provided, in
case of such forfeiture the said bank shall be authorised to recover
all debts actually due at the time of said refusal or neglect, as if
no forfeiture had accrued; And provided also, that the said presi-
dent and directors shall he liable to he sued for all debt due from
said bank, either by bond, bill, note or otherwise; and all the funds,
rights and credits, of said corporation, as held prior to the said for.
feiture, shall be answerable for the same.
31. 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 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 till up such vacan-
cy or vacancies.
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