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endorsement, in like manner and with like effect as foreign bills of
exchange now are, and those which are payable to bearer shall be
negotiable or assignable by delivery only.
26. 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
directors, but that no director shall receive any emolument for ex-
traordinary services, unless agreed to by a majority of all the di-
rectors, with the concurrence of the president.
27. 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.
28. And be it enacted, That the state of Maryland may at any
time become a stockholder in the Farmers Bank of Leonard-Town,
by augmenting its capital, and subscribing to an amount not ex-
ceeding twenty thousand dollars, and when the state shall have be-
come a stockholder to the amount of twenty thousand dollars, it
shall be the duty of the president and directors, upon the requisi-
tion of the senate or house of delegates, to lay before them a state-
ment of the affairs of the bank.
29. And be it enacted, That the president and directors shall
have power to make and alter at pleasure all rules and by-laws
not inconsistent with the provisions of this act, and which may be
deemed necessary for conducting the affairs of the bank.
30. And be it enacted, That when four thousand shares of
the capital stock of this bank shall have been subscribed, and twen-
ty-four thousand dollars actually paid to the commissioners afore-
said, the president and directors may commence the operations of
the bank.
31. And be it enacted, That the Farmers Bank of Leonard-Town
shall at no time be indebted by bond, bill, note, or other con-
tract, for an amount exceeding double the capital actually paid
in; and in case of excess, all directors under whose administration
it shall happen, consenting thereto, shall be liable in their indivi-
dual capacities, it being understood that property deposited for
safe keeping in the said bank shall not be considered as debts with-
in the provisions of this clause.
32. And be it enacted, That the president and directors may dis-
count notes, bills or acceptances, for any length of time, and
renew the same from time to time, at pleasure, at a rate of in-
terest not exceeding six per centum per annum.
33. And be it enacted, That the books, papers, correspondence,
funds, and every transaction of the company, shall at all times be
freely open to the inspection of the directors, a majority of whom,
or any number of stockholders not less than thirty, and holding
not less than three hundred shares, may at any time call a general
meeting of the stockholders for objects relative to the interest of
the company, and giving not less than three months notice thereof
in some one of the public prints in the cities of Baltimore and
Annapolis,
34. And be it enacted, That the said bank shall pay to the trea-
surer of the western shore the sum of twenty cents upon the
amount of every hundred dollars subscribed and actually paid in,
for each and every year during the continuance of its charter,
which sum shall be, and the same is hereby pledged by the state as
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Dec. Ses. 1817
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.
Bank to pay
20 cents for
every $100
paid in.
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