The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1865-06-10

AN Nv 10 eHtUIe any DdHh, savings llSll-
tuition or savings bank of this State, to
become an association for the purposes OF
banking under the laws Of the United
States.
Section /. Be it enacted By the General
assembly Of Murylae3, That any bank, Sa-
wings institution or savings bank incorpora.
ted under the laws of this State, may become
an association for the purpose OF banking
under the laws Of the United States ; pro-
riiei, it shall first comply with all The re-
quirements of the act of the first session Of
tne thirty.eighth Congress of the United
States, entitled, An act to provide a ma
tional currency, secured by a pledge of the
United States bonds and 10 provide for the
circulation and redemption thereof"
Sec. 2. Aud be it further enacted, That
before any bank, savings institution or
savings bank Of this State shall avail itself
of the provisions of this act, and of the
aforesaid act of Congress, its stockholders,
by and with the written advice and consent
of the owners of three fourths of the capital
stock OF said bank, savings institution Or
savings bank, 'or at n special meeting
called Tor the purpose, shall decide whether
the SAID bank, savings institution or savings
bank shall or shall not become an assoria.
ton tor the purpose of banking under the
laws of the United States, and at said meet.
ing every stakeholder may cast One vote for
each share of stock held by him or her. aud
every stakeholder who shall be absent from
SAID meeting, may vote by proxy, aud every
executor, adm illustrators. guardian or trustee,
holding stock IN said bank, savings institu-
ton or savings bank, may vote in person or
by proxy, without lncurring any response
bility by such vote, and the Treasurer of
Maryland is hereby authorized aud directed
- represent and vote the stock held by the
Stato in .,f tho L.n In,
or savings bank of this State and if on cast
ing up the vote at the said meeting ii shall
appear that the owners of two. thirds of the
capital stock of said bank, savings institu.
ton or savings bank, are in favor OF convert
ing the said bank, savings institution or
savings bank, into an ,ssucatIon for the
purpose of banking under .the laws of the
United States, the Directors of said bank,
savings institution or savings bank, or
majority of them may execute the organiza-
ton certificate, and such other papers as
shall be necessary. and may perform all acts
required by law for enabling the said bank,
savings institution or savings bank to become
such association.
Sec. 3. Aud be it further enacted, That
whenever any bank, savings institution or
savings bank in this State, shall present to
the Clerk of the Court Of Appeals of Mary
land, certificate from the Comptroller of
the Currency, setting forth under his hand
and official seal that the bank, 'sayings
institution or savings hank has become an
ASSOCIATION" for the purpose of banking
under the laws Of the United States, the SAID
clerk shall record such certificate, and shall
send an authenticated copy thereof to the
Governor of the State. who, on receiving
the same, shall give notice for at least three
weeks in some newspaper printed in the city
or county where said bank, savings institu
ton or savings bank is located, that said
bank, savings institution or savings bank has
been converted into such ASSOCIATION, and
that its charter as granted by the General
Assembly .t Maryland has been surrender
ed, and lhereupon all its corporate powers
shall cease prorile8 aeceThcit$s, that said
bank, savings institution or savings bank
may continue 10 use its corporate name for
the purpose of prosecuting and defending
suits instituted by Or against it, and of ena.
bling it to close its affairs, but not for the
purpose OF continuing under the laws Of the
State, the business for which it was es,ab.
lished, and no bank, savings institution or
savings bank thus converted into a banking
association under the laws Of the United
States, shall reissue for circulation any of
81 the notes issued by it during its existence
under the laws of the State, for more than
one year after its charter has been surren-
dered; prorided, that the existing laws of
the State providing for taxes on the State
hanks for the purposes enumerated therein
shall extend and apply to all State banks
and other institutions availing themselves Of
the provisions of this act. when they shall
have become banking associations under the
act of Congress, and all sums required by
, the charters Of said institutions and banks
10 he Maid to the State. shall continue as
beretofore to he Maid -"
r Sec a And he il r,r,har enacted That
,.honnvsr any hank sav;ngs ;nst;tnt;on or
SAVINGS hank in this State shall have snr.
randarad ;ts charter and become an ossoc;',.
8 l;,n for the nnrnose of BANKING nnder the
q laws Of the Tinted States, all its assets real
and personal, without other transfer. shall
assoc;at;on and said association shall I've
responsible for all the debts and liabilities of
said bank, savings institution or savings
bank, incurred prior to the surrender of its
charter !ktts~