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deposited in the said bank for safe keeping shall not be considered as the debts of the bank within the provisions of this clause; and in cases of excess, the directors under whose administration it shall happen shall be liable for the same in their natural and private capacities, and an action may, in such cases, be brought against them, or any of them, or their heirs, executors or administrators, in any court of record in this State, by any creditor or creditors of said corporation, and may be prosecuted to judgment and execution, any condition, covenant, or agreement to the contrary notwithstanding; but nothing herein contained shall be construed to exempt the said corporation, or the lands, tenements, goods and chattels of the same from being also liable for and chargeable with the said excess; and such of the said directors who may have been absent when the said excess was created, or who may have dissented from the resolution or act whereby the same was created, may respectively exonerate themselves from being so liable by forthwith giving notice of the fact, and of their absence or dissent, to the governor of this State, and to the stockholders, at a general meeting, which they shall have power to call for that purpose.

Art. 8. The president and a majority of the directors shall constitute a board for the transaction of business; and in the event of the election of one of the directors elect to the office of president, then, in that case, the president and three directors shall constitute a board and quorum for the transaction of business generally; but ordinary discounts may be made by the president and three directors, or a majority of any board of directors; and in case of sickness or necessary absence of the president, his place may be supplied by a director, whom he, by writing under his hand, shall nominate for the purpose.

Art. 9. Half yearly dividends shall be made to the stockholders, of so much of the net profits of the corporation as shall appear to the president and directors advisable, and such dividends shall be declared in the months of June and December, and shall be paid on the second Monday of the ensuing month after they are declared; and if the directors shall at any time wilfully and knowingly make or declare any dividend

which shall impair the capital stock, all the directors present at the making or declaring of such dividend, and consenting thereto, shall be liable in their individual capacities to the corporation for the amount or proportion of the said capital stock so divided by the directors; and each director who shall be present at the making or declaring of such dividend, shall be deemed to have consented thereto, unless he shall immediately enter his dissent in writing on the minutes of the proceedings of the board, and give public notice to the stockholders that such dividend has been declared.

Art. 10. No director shall be entitled to receive any emolu.ment for his services, unless the same shall have been allowed at a general meeting of the stockholders; and the directors shall make such compensation to the president for his extraordinary attendance at the bank as shall appear to them reasonable.

Art. 11. The president and directors of the corporation may at any time call a general meeting of the stockholders, for any purpose relative to the institution, giving at least six weeks' notice in two or more daily newspapers printed in Baltimore city, if the corporation be located in said city, or in a newspaper printed in the county town of the county in which the corporation may be located, if not located in said city; and any number of stockholders owning not less than one-fifth of the stock of the corporation may at any time apply to the said president and directors to call a general meeting of the stockholders for any purpose relative to the institution; and if the president and directors shall refuse to call such meeting, the said number of stockholders, proprietors of not less than the aforesaid number of shares, shall have power to call a general meeting of the stockholders, giving notice, as aforesaid, and specifying in such notice the objects of such meeting; and it is hereby made the duty of the president and directors of said bank, upon the application of any ten stockholders for that purpose, to give such stockholders a full list of the names of all the stockholders in said bank.

Art. 12. Every cashier or treasurer, before he enters upon the duties of his office, shall be required to give bond, with

two or more securities, to the satisfaction of the president and directors, in a sum not less than fifty thousand dollars for the larger banks, nor less than twenty thousand dollars for those banks whose capital does not exceed three hundred thousand dollars, with a condition for the faithful discharge of his duties.

Art. 13. The lands, tenements and hereditaments, which it shall be lawful for the said corporation to hold, shall be only such as shall be requisite for its immediate accommodation in relation to the convenient transaction of its business, and such as shall have been bona fide mortgaged or conveyed to it, by way of security, or in satisfaction of debts contracted in the course of its dealings, or purchased at sales upon judgments which shall have been obtained for such debts; provided, however, that it shall not be lawful for any such corporation to hold any real estate purchased at sales upon judgments as aforesaid, for more than three years, from and after the time of such purchase, when judicious sale thereof may be effected within the said three years.

Art. 14. The corporation shall not deal or trade in anything except bills of exchange, promissory notes and bullion, or in the produce of its lands or of such goods and effects as shall have been bona fide pledged or mortgaged to it by way of security, or conveyed to it in satisfaction of debts contracted in the course of its dealings, or purchased at sales upon judg ments, which shall have been obtained for such debts; provided, 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 presi dent 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

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