Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1870-06-09
HAws-GENERALA

sss saa sax, ,se Prrssdsas ~ oder pro-
per ofsopr nj. such baakine instisn-
ii"n. shall mike css snd deliver 20 she
.ssepssss sftks yrsres sssuey o. city So
nssIly. IN secause Of the seaek u such
e~vsrat;sa. md Ne ssae shsIl b. valued
.: IL actual essh v.lse IN tie nsne ofsAe
respective ssnckhcldsrs. srd the t.ses o.
srr,ed On sseh sseef shah h lsv;ed snd
sslIecsed from ssid earp~ssisn. and shall
"a eh.rspd n The seensns sf The rsspee-
tive s,eekheldsss. End shsln b lien ~
ske 'hsrss Of ssnek beh b. said sseck.
k~sders. respectively. Whether sesidsas o.
nea-residest within this S1ste.
Sc Q And Be is enacted, That faf any
tine any Of the said corporations shsli
neglect or refuse to pay in eald and sil-
yer. OF lawful money ofthe United States.
shy u iss nosrs. bills. obligasinae or mo-
neg received On deposit IN violation Of
the contract, promise o. undertaking 81
ssi1 corporation. the pessoa Or persons
sasifled 20 demand and receive e.ch psy-
vsns, shall respectfully receive and re-
ess-s interest on said bills. notes. obligs-
tsnne sad deposits. until the same shs!l
- fsuy psid and satisfied. st the rate Of
|, ssx per cent. Per annum, from the time oI
sseh demand.
Sees And BE- is enacted, Ma. IL .he
~@j6 sRp6&ssisa Shaif uegiecs f. refuse &c
p.x ~ aforesaid any Of iis notch, Ills. OBJ
iigasioGs or meaey received on deposi.
the holder Of such note, bill or Obligation
o. the person or persons entitled to de-
mssd and receive such money. shall b
respectively entitled oaly to demand and
receive - creditor or a debtor. to claim
end set-of such psrt Of The sum Of its -.
sets, 40 shah be actually dissribufabie and
payable 60 such creditor or debtor, 1t ths
time when such claim or demand may b
Made.
Sec 10 And be IL enacted, That If ths
said corporation shall at say time suspend
il payments, the sssets which raid cor.
pcsasion may bold or be in snyvisc enti.
died 10 u the time OF such suspension Of pay.
neut, shall be ratcably distributed to, and
smeng all the persons Who shall b il,
creditors at ssch time, and 70 their Is.
signs respectively.
See IL Aid be il enacted, That the
continuance Of the said several corpora.
tons shall b. on the condition, that thu
stockholders and Directors Of each Of said
corporations shall be liable to the amour,
Of their respective share or shares o.stoci
in such corporation, for all its debts and
liabilities uepn note, ball or Otherwise
and upon shis further condition, that thi.
Aetsud every part Of Il may be uttered
from time 70 time, or repealed BY the Leg
isla.ure.
Sec IL And be Il epscsed, That n.
provisions Of this Act, 70 far a. may b
applicable in their privileges and restric.
:ioss, TO any and al banks now exissioe
under charter from the General Assembly
al Maryland. may Be availed Of BY sale
bank or banks.
See 13 And be il enacted, That Il tn,
President and Directors should at an,
time suspend the active business opera
toms OF workings Of any banking institu
ton Incorporated under this Act, oshe
than % now legally provided for, and
majority Of the stockholders in genera
MEETING assembled. determine 10 close il
banking operations. thenceforth Il shall
not b lawful for such cooperation to re
sane the exercise Of iss banking pover
and ftasshises. but the same shah Be- clio
I'D. end after the payment Of iss debt
and liabilities. the remaining assets m,
property Of such corporations shall be di
1ided among the stockholders or their ~
signs.
Sec II And be il enacted. That IN,
and ell Acts or parts Of Acts inoonsissen
with tie provisions Of this Act, be an,
are hereby repealed.
See Is And Be il enacted, Tia. thi
Act SHALL take effect from the date Of II
passage. and continue in force until th,
first day Of January, eighteen hundre,
and eighty-6ve. and to the end of the
next session Of the General Assembl,
thereafter.
Approved April 4, 1870.