vided, however, that nothing herein contained shall be construed to prevent the said corporation from making temporary investments of its funds in the purchase of the public debt of the United States, or any one of the United States, or of the city of Baltimore, or of the county or other city in which said corporation may be located, as the president and directors for the time being may deem safe and beneficial.

Art. 15. All bills or notes which may be issued by order of the said corporation, signed by the president and countersigned by the cashier or treasurer thereof, promising the payment of money to any person or persons, his, her or their order, or bearer, though not under seal of the corporation, shall be binding and obligatory 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 assignable by delivery only.

Art. 16. The shares of capital stock of the corporation shall be transferable on the books of the corporation only, according to such rules as shall be established by the president and directors; but all debts actually due and payable to the corporation by a stockholder requesting a transfer must be satisfied before such transfer shall be made, unless the president and directors shall direct to the contrary.

Art. 17. No loan shall be made by the said corporation for the use or on account of this State, or the United States, to an amount exceeding fifty thousand dollars, or to any other State of this Union, or to any foreign prince or State, to any amount whatever, without the previous consent of the legislature; and the capital stock and funds of the corporation shall be deemed and taken to be personal and not real estate.

Art. 18. The president and directors, for the time being, shall give three weeks' public notice, in at least two daily newspapers published in the city of Baltimore, of the time. and place of holding the annual election of directors, if the corporation be located in the city of Baltimore, or in at least

two newspapers published in the county, if there be two newspapers published in the county where the corporation may be located, if not located in said city.

Art. 19. At all meetings of the stockholders of the corporation for elections and other purposes, no person shall be allowed to vote on any share or shares of stock at such meetings, either in person or by proxy, unless the said person shall, if required by a stockholder, make oath before the judges of election, or other officers of the meeting, that he or she, as the case may be, is the lawful and bona fide owner of said stock, having purchased and paid, or secured payment for the same, a full consideration, or received the same by inheritance, bequest, marriage, distribution, or gift, and without any understanding that the said stock is to be transferred to the party from whom it was received; or in case of voting by proxy or power of attorney, the person holding such proxy or power of attorney, shall make oath or affirmation, if required by a stockholder, that he believes his principal, for whom he offers to vote, bought and paid, or secured the payment for the said stock a full consideration, or that the said principal, to the best of his knowledge and belief, is the real bona fide owner of said stock, having acquired the same, as the case may be, by inheritance, bequest, marriage, distribution, or gift; provided, however, that this provision shall only apply to such shares of stock in the corporations aforesaid as shall appear to have been transferred upon the books of the corporation within one year next preceding the meeting at which it is offered to vote upon them.

Art. 20. It shall not be lawful for any of such banking institutions to make discounts in or pay out any funds or money other than the legal currency of the United States, notes issued by authority of their charter, and notes issued by other banking corporations, received at their par value by the banks so paying them out.

Art. 21. On the first Monday in January, annually, the president or other proper officer of each bank or banking institution doing business in this State, under charter from the general assembly thereof, or under the provisions of sections 19 to 32 of this article, shall pay or cause to be paid to the treasurer of this State the sum of twenty cents on every hundred dollars of the issue of notes then in actual circulation, which it shall be lawful for such banks or banking institutions to issue, to be

applied by the said treasurer in augmentation of the free school fund of the State. But the capital stock of every bank incorporated by this State shall remain subject to all other taxes. imposed or to be imposed for State or municipal purposes, upon the capital stock of corporations incorporated under the laws of this State.

1888, art. 11, sec. 24. 1870, ch. 206, sec. 8.

26. If at any time any of the said corporations shall neglect or refuse to pay, in gold and silver, or lawful money of the United States, any of its notes, bills, obligations or money received on deposit, in violation of the contract, promise or undertaking of said corporation, the person or persons entitled to demand and receive such payment shall respectively receive and recover interest on said bills, notes, obligations and deposits, until the same shall be fully paid and satisfied, at the rate of six per cent. per annum, from the time of such demand.

Ibid. sec. 25. 1870, ch. 206, sec. 9.

27. If the said corporation shall neglect or refuse to pay as aforesaid, any of its notes, bills, obligations or money received on deposit, the holder of such note, bill or obligation, or the person or persons entitled to demand and receive such money, shall be respectively entitled only to demand and receive, as creditor or as debtor to claim and set off, such part of its assets as shall be actually distributable and payable to such creditor or debtor, at the time when such claim or demand may be made.

Ibid. sec. 26. 1870, ch. 206, sec. 10.

28. If the said corporation shall, at any time, suspend its payments, the assets which said corporation may hold or be in any wise entitled to at the time of such suspension of payment shall be ratably distributed to and among all the persons who. shall be its creditors at such time, and to their assigns, respectively.

Ibid. sec. 27. 1870, ch. 206, sec. 11.

29. The continuance of the said several corporations shall be on the condition that the stockholders and directors of each of said corporations shall be liable to the amount of their respective share or shares of stock in such corporation, for all its debts and liabilities upon note, bill or otherwise; and upon this further condition, that this article and every part of it may be altered from time to time, or repealed, by the legislature. Colton v. Mayer, 90 Md. 712.

1888, art. 11, sec. 28. 1870, ch. 206, sec. 12.

30. The provisions of sections 19 to 32, so far as may be applicable in their privileges and restrictions to any and all banks now existing under charter from the general assembly of Maryland, may be availed of by said bank or banks.

Ibid. sec. 29. 1870, chapter 206, sec. 13.

31. If the president and directors shall at any time suspend the active business operations or workings of any banking institution incorporated under sections 19 to 32, other than as now legally provided for, and a majority of the stockholders in general meeting assembled determine to close its banking operations, thenceforth it shall not be lawful for such corporation to resume the exercise of its banking powers and franchises, but the same shall be closed, and after the payment of its debts and liabilities, the remaining assets and property of such corporation shall be divided among the stockholders or their assigns.

Ibid. sec. 30. 1886, ch. 501.

32. The thirteen preceding sections shall continue in force until the first day of January, 1905, and to the end of the next session of the general assembly thereafter.

1898, ch. 277, sec. 31.

33. It shall be the duty of the treasurer of this State, with the approval of the governor, to appoint from time to time an examiner to visit each and every association mentioned in this article, doing business in this State, (excepting State banks which may be members of the Baltimore clearing association, and as such required regularly to submit to examination by a national bank examiner,) at least once in each year, or oftener, if in his judgment it may be necessary, for the purpose of making a full and careful investigation of, and inquiry into the condition and affairs of such bank, and for that purpose the treasurer of this State or his duly appointed examiner, is hereby authorized and empowered to administer oaths or affirmations, and examine under oath or affirmation the owners and directors, and all officers and employes and agents of such bank, and the examiner making such examination shall reduce the result thereof to writing, giving a full, true and careful statement of the condition of said bank, but no person shall be so appointed an examiner for the purpose of investigating the condition of the affairs of any bank in this State, who shall be an officer, agent or employe thereof.

1898, ch. 277, sec. 32,

34. Whenever the treasurer of this State shall become satisfied that any of the associations mentioned in this article have failed to comply with the provisions thereof, he shall have the right by his certificate, with the approval of the governor, to declare the charter of such association, company or corporation forfeited, and said certificate shall be conclusive evidence of such forfeiture, and thereafter he shall appoint, with the assent of the governor, a receiver of all the assets of such association, and the receiver so appointed shall thereupon by his petition submit himself and his administration of said assets to the jurisdiction of any court of the county or city where such association, company or corporation may have its principal office, having chancery jurisdiction, with the view of converting said assets into cash for distribution, under the orders of such court, to the person entitled thereto; or he may be brought into such court in due course. The receiver so appointed before further proceeding upon the discharge of his duties shall give bond in such penalty as may be prescribed by said court, and the proceedings thereafter had in said court shall conform to the practice of courts of this State having general chancery jurisdiction, where a receiver may be appointed by a decree thereof. If any receiver so appointed by the treasurer, with the assent of the governor, shall from any cause fail to file said petition, or to give the required bond within five days after the date of his appointment, the treasurer shall thereupon, with the approval of the governor, appoint some other person receiver in the place and stead of the person first appointed, and such person shall proceed to take charge of and administer the assets of such association in the same manner as if he had been the receiver first appointed; and if from any cause any vacancy in the receivership shall occur after the filing of said petition, and the giving of said bond, such vacancy shall be filled by a decree of the court wherein such petition shall have been filed.

Ibid. sec. 33.

35. No association affected by the provisions of this article. shall be subject to any visitorial powers other than such as are authorized by this article and its charter.

Ibid. sec. 34.

36. The persons appointed to be examiners of the associations affected by this article shall receive as compensation for such examinations, the following sums of money-that is to say;