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Article 6. The notes or bills obligatory, which it shall be lawful
for the said corporation to issue, shall not be for a less sum than
five dollars,
25. And be it enacted, That an election for directors shall take
place on the first Monday in August next, and shall be so made on
the first Monday in August 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
be chosen at any election, shall bo capable of serving as directory
by virtue of such choice, until the end or expiration of the first
Monday in August next ensuing the time of such election, and no
longer, except in case of failure of election on the day appointed,
and in that event, until such election takes place; and the said di-
rectors at the first meeting after each election shall choose a presi-
dent; 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 ordi-
nances of the said corporation; and in case of the death, resigna-
tion, disqualification, or removal out of the state, of a director, or
bis being appointed president 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 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 a fund for the purpose of supporting county schools, to be equal-
ly divided among the several counties of this state, and paid over
in equal portions to such persons in each county, as the legislature
may hereafter appoint.
27. And be it enacted, That if the president and directors of said
bank, shall at any time, refuse to pay specie for their notes when
called on, or shall neglect or refuse to report to the general assembly
of Maryland when required, such information of the state and
condition of the said bank as cither branch of the legislature may
desire to have, the charter shall be and is hereby declared null and
void, and a scire facias may be issued thereon from the county court
of Allegany at the complaint of any person interested therein,
and upon the fact being found that the said bank refused to pay
specie, then they shall decree that the said charter be forfeited;
Provided, in case of such forfeiture, the said bank shall be autho-
rised to recover, and liable to pay, all debts actually due at the
time of said forfeiture, as if no forfeiture had happened.
28. And be it enacted, That if the acts which are declared a for-
feiture of the charter of said bank, shall have happened, it shall
not be lawful for the president and directors of said bank, or either
of them, or any other person in their name, or as their agent or
servant, to do or transact any act or business whatever under or
in virtue of this act, (except such as are. provided for in the pre-
ceding section) under the penalty of one thousand dollars for every
such unauthorised act, to be recovered in the name of the state as
other fines of like amount.
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CHAP. 186.
Notes issued not to
be for a less sum
than 5 dollars.
Election of direc-
tors, how, and
when to be made.
Bank to pay to
treasurer of wes-
tern shore twenty
cents upon every
hundred dollars
actually paid in,
&c.
In case of refusal
to pay specie for
their notes when
called on or refuse
to make report to
assembly when
required, charter
to be null and
void.
Proviso.
Penalty on presi-
dent and directors
transacting any
business under
this act if charter
is forfeited
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