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Dec. Ses. 1817
Erection of
buildings, &c.
President, &c.
to make rules
&c.
Provisos.
In what, to be
concerned.
Discounts.
Transfers.
Dividends.
General meet-
ing may be
called.
Oath of presi-
dent, &c.
Notes—how
payable.
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' 13. And be it enacted, That the board of directors shall have
power to purchase, rent or lease, proper buildings for the bank, and
to have such houses fitted up and secured with vaults, &c. at the
expense of the company.
14. And be it enacted, That the board of directors and president
shall have power to make, revise, alter or annul, rules, orders,
by-laws and regulations, for the government of the company, and
that of their officers, servants and affairs, as a majority of them
shall deem expedient, provided they are not contrary to law
or the constitution: Provided always, that no rule or regulation
shall entitle the president, or any director, to obtain discount
on terms different from those prescribed for other persons: And
provided also, that neither of them shall he indulged with discounts, or
accommodation paper, beyond one thousand dollars per week, and
not to exceed in the whole, at any time, more than live
thousand dollars.
15. And be it enacted, That the company shall in no case be con-
cerned in any articles but notes, bills of exchange, mortgages, stock
of the United States, specie or bullion, except in the case of debts
due to the. bank, then they shall be fully justified in taking any kind
of security which they can obtain.
16. And be it enacted, That ordinary discounts may bo made by
the president and six directors, but the president and eight direc-
tors shall be necessary for the purpose of transacting any other
business of the company.
17. And be it enacted, That the stock in the Frederick County
Bank may be transferred by the holder in person, or by power of
attorney, at said bank, but all debts actually due to the company(
by a stockholder offering to transfer, must be discharged before
such transfer shall be made.
18. And be it enacted, That dividends of the profits of the com-
pany shall be made at the end of the first year, and half yearly
thereafter, and at the end of every three years a dividend shall be
made of surplus profits, which dividend shall be payable to the
stockholders at the bank.
19. 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 Block holders for objects relative, to the interest of the compa-
ny, and giving not less than two months notice thereof in some
one of the public prints of Frederick and the city of Baltimore.
20. And be it enacted, That before the president and directors
shall act as such, they shall take an oath, or affirmation, that they
will faithfully, diligently and honestly, perform the duties of their
stations, and the cashier, book-keeper and clerks, shall also take a
similar oath, or affirmation, and shall besides give bonds with secu-
rity to the satisfaction of the board of directors, for the faithful dis-
charge of their duties in their several stations.
21. And be it enacted, That all notes offered for discount by any
person or persons, shall on the face thereof be made negotiable at
the Frederick County Bank, and when the drawer shall not reside
in the town of Frederick; such note shall be made payable at
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