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Dec. Ses. 1817
Election of
directors.
Bank to pay
20 cents for
every $ 100
paid in.
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whereby the name 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 governor of the state, and
to the stockholders, at a general meeting which they shall have
power to call for that purpose.
4th. The president and directors may discount notes or bills at
any length of time, not exceeding six months, but may renew the
name 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.
5th. 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 bearer, 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 or natural capacity or capacities,
and shall be assignable and negotiable in like manner as if they
were so issued by such private person or persons; that is to say,
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 be negotiable or assign-
able by delivery only.
6th. The notes or bills obligatory which it shall be lawful for
the said corporation to issue shall not be for a less sum than one
dollar.
25. And be it enacted, That an election for directors shall take
place on the first Monday in June next, and shall be so made on
the first Monday in June in each and every year thereafter, by the
stockholders, by ballot, and by plurality of votes, in such place as
the president and directors shall appoint, and those who shall ho
chosen at any election shall be capable of serving as directors by
virtue of such choice, until the end or expiration of the first Mon-
day in June next ensuing the time of such election, and no longer,
except in case of failure of election on the day appointed, and in
that until such election takes place; and the said directors at
the first meeting after each election, shall choose a president; and
in case it should happen that an election of directors should not be
made upon the day when pursuant to this act it ought to have been
made, the said corporation shall not for that cause be deemed to be
dissolved, but it shall be lawful, on any other day, within ten days
thereafter, to hold and make an election in such manner as shall
have been regulated by the laws and ordinances of the said corpo-
ration; and in case of the death, resignation, disqualification, or
removal out of the state, of a director, or his being appointed pre-
sident of the bank, his place may be filled by the other directors
for the remainder of the year.
26. And be it enacted, That the said bank shall pay to the treasurer
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 a fund for the
purpose of supporting county schools, to be equally divided among the
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