The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1870-05-26

the shares of stock held by said stock
holders respectively, whether resident
or nonresident within this State.
See. 8. And be il enacted, That IL
at any time any Of the said corporations
shall neglect or refuse to pay In gold
aud silver, or lawful money Of the pRj-
ted States, any Of its nutes, bills, obli.
cations Or money rsreiyed on deposit
IN violation ef Fhe contract, promise or
undertaking of said corporation, iha
person or persons entitled 70 demand
aud receive such p ymeut, shall res
pectively receive and recover interest
on said bills, notes, obligations aud de-.
posits, until the same shall be fully paid
and satisfied, at the rate Of six per
ccnt. per aunum, from the time Of speh
demand.
Sec 8. And be it enacted, That If
the said corporation shall neglect or re-
fuse to pay as aforesaid any pf its notes,
bills, oblisatiqns or n.qaey fsefiyfa an
deposit, the holder of such note, bill or
obligation, or the person or parsons en-
titled to demand aud receive su.h mon,
ey, shall be respectively entitled only to
demand and receive as creditor or as
debtor, to claim and set-otf suuh part OF
the sum of its assets, as shall be ACTUAL
ly distributable and payable to snch
creditor or debtor, at the time when
such claim or demand may be made. n
Sec. l0. And be it enacted, That II
the said corporation shall at any time
suspend its payments, the assets Ehich
said corporation may hold or be in any
wise entitled to at the tiipe Of such
suspension Of payment, shall be Tateably
distributed to, and among all the persons
who shall be its creditors ut such time,
and to their assigns respectively.
See. IL. Aud be it enacted, That the
continuance 9f the said several corpora.
tions shall be on the condition, that
the stockholders and Directors OF each
Of said corporations shall be liable to
the amount of their respective share or
shares Of stock in such corporation, for
all its debts and liabilities upon note,
bill or otherwise and upon this furth-
er condition, that this Act and every
part Of it may be altered from tima
to time or repealed BY the Legisls-
ture.
See IL. And be il enacted, That the
provisions of this Act, SO far as may be
applicable in their privileges and re-
strictious, to any and all banks now
| avisfinU unI.. ok..te- c-f.,,. tl,o o..
al Assembly Of Maryland, may be avail.
ed of by said bank or bauks.
See. 13. And be it enacted, That if
the President aud Directors should at
any time suspend the active business
operations or workings Of any banking
institution Incorporated under this Act,
other than as NOW legally provided ior,
aud majority Of the stockholders in
general meeting assembled, determine
to close its banking operations, thepce-
forth it shall not be lawful for such
corporation to resume the exercise of its
banking powers and franchises, but the
same shall be closed, aud after the pay
meut of its debts and liabilities, thu ra.
maiuing assets and property Of such
corporations shall be divided among the
stockholders or their assigns.
Sec. II. And be it enacted, That any
and oil Acts or parts Of Act or Acts iu-
consistaHt with the provisions Of this
Act, be and are hereby repealed.
Sec Is. Aud be il epsote1, That
this Act shall take effect FROM the date
of its passage, and coutiue in force I'M
til the FIST day Of January, eighteen
hundred aud eighty Eve, and 10 The end
Of the next session Of the General A.
sembly thereafter.
Approved April 1, 1870.