1793.

LAWS of M A R Y L A N D.

CHAP.
XXX.

Stockholders
incorporated,
&c.

VII. And be it enacted, That the ftockholders in the faid bank fhall be, and
they are hereby incorporated and conftituted, a body corporate and politic, by
the name of The Prefident, Directors and Company, of the Bank of Columbia,
and by the fame name fhall have fucceffion, until congrefs fhall exercife jurifdic-
tion in, and affume the government over, the territory of Columbia, and until
they fhall by law annul the charter herein granted, and fhall be and are hereby
made capable in law to have and purchafe, receive, enjoy and retain, to them
and their fucceffors, lands, tenements, hereditaments, goods, chattels and effects,
of what kind, nature or quality foever, and the fame to fell, grant, demife, alien
or difpofe of, and by the name aforefaid may fue and be fued, anfwer and be an-
fwered, defend and be defended, in any court of law or equity in this ftate, or
elfewhere, and may do every other matter or thing by the name aforefaid that they
are authorifed to do in virtue of this act; provided always, that the rents, lands
and hereditaments, which it fhall be lawful for the prefident, directors and com-
pany, to hold, fhall be only fuch as fhall be requifite for their convenient accom-
modation for the tranfacting of their bufinefs, and fuch as fhall have been bona
fide mortgaged to them by way of fecurity in the courfe of their dealings.

Directors to
meet quarter-
ly, &c.

VIII. And be it enacted, That there fhall be a meeting of the directors quar-
terly, for the purpofe of regulating the affairs of the bank, any feven of whom
to make a board, and that the board have power to adjourn from time to time ;
and the prefident, or any three of the directors, may call a fpecial meeting at any
other time they may think neceffary.

And deter-
mine the
rules, &c.

A majority
neceffary, &c.

Board to
choofe three
directors, &c.

IX. And be it enacted, That the board of directors determine the manner of
doing bufinefs, and the rules and forms to be purfued, appoint and pay the vari-
ous officers they may find neceffary, and difpofe of the money and credit of the
bank in the common courfe of banking for the intereft and benefit of the propri-
etors, and make, at the expiration of the firft year, a dividend of profit, and ever
after half yearly dividends, and may determine the proportion that fhares, fub-
fcribed after the commencement of the operations of the bank, fhall be entitled
to of the next dividend which fhall be made after the time of fuch fubfcrip-
tion.

X. And be it enacted, That in the appointment of a cafhier of the bank, a
majority of at leaft nine directors prefent fhall be neceffary to a choice.

XI. And be it enacted, That the board fhall, at every quarterly meeting,
choofe three directors to infpect the bufinefs of the bank for the enfuing three
months, and the infpectors fo chofen fhall, on the evening of every Saturday,
examine into the ftate of the cafh account, and of the notes received and iffued,
and fee that thofe accounts be regularly balanced and transferred.

Penalty on
perfons com-
mitting fraud,
&c.

XII. And be it enacted, That any director, officer, or other perfon holding
any fhare of the faid bank flock, who fhall commit any fraud or embezzlement,
touching the money or property of the faid bank, fhall be liable to be profecuted
in the name of this date, by indictment, for the fame, in any court of law of
this ftate, and upon conviction fhall, befides the remedy that may be had by ac-
tion in the name of prefident, directors and company, of the bank of Colum-
bia, for the fraud aforefaid, forfeit all his flock in the faid bank to the com-
pany.

Not ftockhold-
er to he an-
fwerable, &c.

XIII. And be it enacted, That no ftockholder, fubfcriber, or member of the
faid corporation, fhall be anfwerable for any loffes, deficiencies or failures, of the
capital flock of the faid corporation, for any more or larger fum or fums of mo-
ney whatfoever than to the amount of the ftock, ftocks or fhares, which fhall
appear by the books of the faid company to belong to him at the time or times
fuch lofs or loffes fhall be fuftained.

XIV. And, whereas it is abfolutely neceffary that debts due to the faid bank
fhould be punctually paid, to enable the directors to calculate with certainty and