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

: shall take effect from $h@a' 9 - P-
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, To create State Bsing institutions. to
enable the seve, Banks in this State,
State ard Natal, to avail Of the pro-
4 visions thereo'
). Sec. 1. Be enacted BY the General
Assembly Of yrylsnd. That associations
: for .arryino the business of banking
e m,y be soruA by any number of persons,
: Mt less in AZ case than Eve. who shall
inter into sticles Of association. which
$, shall specy in general terms the object
!, for whicr the association is formed, ana
may copain other provisions not incon.
sisteHt with the provisions Of this Act,
which the association may see ft to adopt
for tie regulation of the business Of the
ASSOCIATION and the conduct of its affairs,
and that the President and Cashier elect
of any existing bank in the St,te Of Ma
ryland, established either under the laws
OF this State or of the United States, to-
gether with any fve Directors thereof
elect. be and they are hereby appointed
commissioners. with authority to es,ab-
lish Banking Institution in their now
locality or any other within the State, and
under their present style so modified,
however, by emitting the word "Nation-
al" where now existing rs to represent =
State institution, and when deemed nc :
ces,ary and advisable, to adopt a new
style altogether.
Sec. ,. Be it enacted, That the said
institution under the name and style
adopted, is hereby made able and capa-
BILE in law to sue and be sued. plead and
he impleadcd. answer and be answered
defended and be defended in Court,
of Record or any other place what
socver to make, have aad use ,
common seal, and the same to break
. alter aud renew at their pleasure, and
generally to do and execute all and sim
gular such acts. matters and things as
corporation or body polite may and cau
lssisllz, ,ezsaa5s; ss..<,.........
ital stock Of said corpck kticn. when loca
ted in the City Of Baltimore. shall con
sist Of not less than three hundred thous
and dollars, divided int. shares of on,
, hundred dollars each, With the privileg,
Of so increasing from tine to time th,
number oe shares to in all twenty thous
and. thus making the entire capital stock
| two million dollars, aud when three hun
dred thousand dollars Of said capital stocl
, shall have been full paid in the "lawfu
, money of the United States" and SO Ger
titled by a majority of the said commits
, sioners or Directors to the Treasurer an,
Comptroller of the State, and certifcat
| of their so organization be transmitted t.
: the Clerk of the Court Of Appeals, to
= By him recorded among the records of hi
2 Office, and not before, shall they be enti
/ tied IN all the benefits and privilege
herein conveyed or intended to be con
veyed.
Sec. 4. And be it enacted, That tn
capital stock of said corporation. when 10
Gated other than in the City of Baltimore
shall consist Of not less than fifty thous
aud dollars, divided into shares Of on
hundred dollars each, with the privileg
of so increasing from tim. to time tn
number OF shares to in all Eve thousand
thus making the entire capital stock iv
hundred thousand dollars, and when fiji
;y thousand dollars of said capital stool
shall have been full paid in the ''lawfu
money of the United States" aud so Ger
titled by majority of the commissioner
or Directors 10 the Treasurer aud Comp
,roller Of the State, aud c'rtiGclte o
their so organization be transmitted t
the Clerk Of the Court Appeals, to be B.
him recorded among the records Of hi
! Office, and not before. shall they be enti
tied to all the benefits anil privilege
{ herein conveyed or intended to be con
> yeyed.
Sec. 5. And be it enacted, That tn
said commissioners, or aHaajority {
them. shall be aud hereby constituted
| Board of Directors. to manage the afflir
Of the said corporation until the secon
Monday Of July ensuing its or their or
, ganisation under this Act, and until sac
cesscrs shall BE- chosen. and in case
{ should a. any time happen that an elee
E ton of Directors or appointment. of Pres
/ ident Of the said bank should not be mad
so as to take effect on any day when i
pursuance OF the Law. the same shoul
take effect, the corporation shall not 70
: that cause be deemed to be dissolved, bu
it shall be lawful at any time within thi,
" days thereafter, to make such election
aud appointment in such manner as sha
, be directed and provided by the ordinan
, ces of the bank, and in case OF the death
resignation, removal out OF the State, q
, other disqualification Of sny Director O
. of the President oe the said Bank. the va
cancy thereby occasioaed may be filed b
. the Directors fw the tirsc tcing, elecsin
Director or appointing President, :
. the case may be, for the balance Of th
/ time.
Sec. 6. And be !. enacted. That Ii
. affairs Of the several aud singular corps
raii,ns herein provided for. shall be mar
aged By President aud Directors in eae
. Of said corporations. sud the number
. Directors in any Of she said corpera,ioa
, shall rot be greater than seven nor le,
than 6ve. and the number Of Directors