The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-06-07
CHARTER OF THE AMERICAN BANK,
AS PASSED BY THE GENERAL ASSEMBLY OF N
RYLAND JANUARY SESSION. 1896.

X.
WILLIAM MATTHEWS, CnEYNEY HOPKINS and NJ. M. EGE
are hereby appointed commissioners with power and
thory establish Bank in the city of Baltimore by
and style of the ''AMEEIcAN BANK" the CAPT
tai which shall be Five Hundred Thousand Dollars
divided into Five Thousand Shares OF One Hundred Dol
lars each; and that One Hundred Thousand
Dollars in Gold and Silver coin shall have been paid to
the said commissioners by the subscribers to the stock of
said Bank" part of its capital and certified by the
commissioners to the Treasurer of the State of
then the said Bank shall be fully incorporated and by the
name style aforesaid shall perpetual
body polite corporate, and shall be empowered to
purchase receive hold and enjoy such lot of land may
be necessary for the transaction of the business of said
"Bank, to sell and dispose of the same to and be
sued plead and be implicated in all of justice
have and use common seal, and the same to alter
change at pleasure.
SEC . And be enacted That the commissioners afore
said may books to be opened for receiving subcp
tons to the stock of said Bank such times and places
they may think proper and that they the said
mssioners shall be the first Directors the Bank
may any day after hundred thousand dollars shall
have been paid in, proceed to elect President from
amongst the stockholders and they, the said President
and Directors shall have the exclusive
agement of the said corporation for whole year after
going operation and until their successors shall have
been legally elected by the stockholders; eight Directors
and President constituting the board for the manage
ment of the Bank
Directors shall have power to appoint all officers ard
wants of the corporation to take bonds with security for
the faithful performance of their duty and to make and
establish all necessary Bylaws for commencing and
Quoting the business of the said corporation provided al
ways, that such by Laws anu rules ne hoI contrary or
rpugnant to the constitution of the United States or the
State of Maryland.
SEC. 4. dad be al enacted, That the first Monday
of July in the year eighteen hundred and ftyseven
annually thereafter there shall be election for Eight
Directors by the stockholders every stakeholder being
entitled to vote, either in person by proxy upon
each share which he She they may hold; provided
that stock shall confer authority
it should have stood in the name of the holder least
four months previous to the day of election and provided
also that this corporation shall not to be perpetual
ted in consequence of election of Directors any
particular day. but shall be continued by the President
and Directors for the time being, until board shall
be legally elected.
The Directors majority of them for the time being
shall have power to fill vacancies in their own body until
President and Drectore shall place within twenty
days from said first Monday of July.
SEC. 5. and be at enacted That the Treasurer of this
State shall furnished with statements of The amount
of the capital stock of the corporation and the debts due
to and from the same specifying those due to and from
other Banks, of the moneys deposited therein the
notes in circulation of the cash hand specifying the
amount of con of the notes of other Bank of the val
Of the real estate held by the corporation and the
amount and value of public other stocks owned by
corporation said statement to be furnished twice
year, and to show the condition of the corporation in the
said particulars the first Monday of January and the
first Monday of July and the said corporation shall pub
one of the daily newspapers published in the city of BAL
tmore said statements i'll all to be verified by the
oath or affirmation of the President Cashier of the
poratiOn.
SEC g. And be 1t enacted That the issues or notes usu
ally denominated bank notes which shall be lawful for
this corporation to issue, shall not any time exceed
double the amount of its capital stock and shall
be issued of less amount denomination than Five
Dollars nor of any amount intermediate between Five
and Ten Dollars and the General Assembly may at any
time restrict the issue of said notes. both in the amount
which may be issued and in the denomination of the
notes.
SEC Z And be it enacted That the shares of the CAPT
ital stock of this "Bank shall be transferable the
''books' of the Bank only according to such rules as
shall he es abshed by the President Directors
all debts actually due and payable to the Bank by
stakeholder must be satisfied before such shall be
made, unless the President and Directors shall direct
the contrary
rector Cashier other officer before he upon the
duties of his office, shall take the following oath rma
that will faithfully impartiay, diligently and honest
~ execute the duties of agreeably to the provisions
of the law and the trust reposed in to the hest of my
skill and Judgment" and every cashier servant shall
be required to give bond with securities
the satisfaction of the President and Directors in such
sums as they may require for the faithful discharge of his
duty.
SEC. Q. And be it enacted That the President and
majority of the Directors shall constitute board for the
transaction of business but ordinary discounts be
made by the President, Cashier and any Directors
who may be appointed to that duty, sick
ness necessary absence of the President his place
be supplied by Director, whom he, in writing, shall
nominate for that purpose
SEC. TO- And be 1t enacted, That half yearly dividends
shall be made to the stockholders of much of the net
profits OF the corporation shall appear to the President
and Directors advisable and such dividends shall be de-
cared at such fixed times the stockholders shall in
general meeting determine, and shall be paid within
thirty days they are declared and if the Directors
shall at time willfuly and knowingly declare
any dividend which shall impair the capital stock all the
tors present at the making declaring such dvi
dend and consentng thereto, shall be liable in their
dividual capacities to the corporation for the amount
proportion of the said capital stock divided by the D
recor and each Director who shall be present the
making declaring such dividend shall be deemed
have consented thereto unless he shall Immediately enter
his dissent in writing the minutes of the proceedings
of the board and give public notice to the stockholders
that such dividend has been declared.
SEC H. and be 1t enacted, That the President of the
corporation and the Directors may at any time call a
meeting of its stockholders for purpose relative TO the
interests of the institution giving least six weeks
ce in one or more daily newspapers printed in the city of
Baltimore, and any number of stockholders owning
Jorty of the stock of the corporation, may apply to the
said President and Directors to call general meeting of
tIac ybn1la
refuse to call such meeting the said stockholders (pro
pretors of majority of the stock shall have power to call
general meeting of the stockholders, giving notice
aforesaid and specifying in such notice the objects of such
meeting.
SEC IL. And be 1t enacted That the lands tenements
and hereditaments which it shall be lawful for the said
corporation hold shall be only such shall be requs
lte Tor Its immediate accommodation in relation to the
convenient transaction Of its business and such as shall
have been bona de morgaged conveyed to it by way
of security in satisfaction of debts contracted in the
course OF its dealings or purchase at sale upon judgment
| which shall have been obtained for such debts.
SEC 13 And be ii enacted, That the first Monday of
January annually this corporation shall pay to
be paid to the Treasurer the State of Maryland the
OF twenty cents on every hundred dollars of the capital
stock of sail corporation then actually paid in be ap
ped by sad Treasurer in augmentation Of the free school
| fund of this State.
SEC H. And be it enacted That the Stockholders and
Directors of this "Bank shall be liable to the of
their respective interests shares all its debts
liabilities and that Director officer of said Bank
shall borrow moneys from the same provided that Ord
nary dealings of the Bank in the sale and purchase of
bills of exchange, notes of hand specie shall not be
considered borrowing within the meaning of this act
SEC 10. and be 1t enacted, That the said corporation
shall have power to receive from any persons
any deposite or dpose of money and shall allow for the
same interest to the deposor depostors thereof
from time to time be provided for by the by Laws
the corporation ordered by the President and Directors
| thereof.
SEC. 16. And be 1t enacted, That the "Bank' hereby
authorized shall be subject to all the restrictions and im
taons contained in act passed at January session
eighteen hundred and fifty three chapter four hundred
ana entitled an act to continue the corporate
stence of the several banking institutions therein
toned and also passed at January session eighteen
hundred and fifty chapter hundred and forty
| two
Sec. H. And be 1t enacted, That the Legislature
hereby reserves the right alter amend modify repeal
| this act at pleasure.
SEC. Is. and be 1t enacted That this act shall take
effect from the date of its passage.
We hereby certify foregoing be copy the
original bill which passed General Assembly Mary
| land at January session, 1856
Given under hands at the City of Annapolis, this
Friday, seventh day ofMarch, 1856
| TH0S. Fl. KENT of Jos.
ciGsf if G ePM 8, e H HnRW q dRnslFg0es
| Secretary Of the Senate
AN ACT APPOINTING COMMISSIONERS
To enable Tie AMERICAN BANK TO c0mpee organization
nder the Act Of Incorporation passed at January
sion eighteen hundred and fifty sr, chap tco hundred
| and eleven.
SECTION l. Be 1t enacted by the General Assembly of
Maryland, That JAMES JEFFREY JOHN T. MITCHELL
GEO. ID. LEIB, FREEMAN~TRAvER, JAMES NJ. ANDERSON
SAMUEL ScRIBNER, BENJAMIN S. ELLIOTT, and JOHN B.
PERRY be and they hereby appointed the commission
for receiving subscriptions the capital of
American Bank and for establishing the Bank provided
for by the said original act, and they shall be and
hereby clothed and invested with all the powers authOr
ty and capacity of the commissioners in the said original
act named and who receiving One Hundred Thousand
Dollars in Gold and Silver coin upon such number of
shares may be subscribed to the capital stock said
Bank shall certify the fact to the Treasurer of this State
to the end that the American Bank shall fully
Incorporated, majority of said commissioners being
/ har Inv hnr a1 4 nm atntns in