22

LAWS OF MARYLAND.

Dec. Ses. 1821.

from time to time negotiated paper, discounted notes and transacted
such other business as is usually done by banking institutions in
this state, to the advantage of the agricultural, commercial and me-
chanical interests of said county. And whereas, Doubts have arisen
as to the power of said bank to establish said branch bank, and ap-
plication has been made to charter said branch bank, and to con-

firm and make valid the proceedings of said bank, and the prayer of
the petitioners appearing reasonable; Therefore,

Organiza-
tion confirmed
—notes, &c. re-
coverable.

Sec.1. Be it enacted By the General Assembly of Maryland,
That the organization and establishment of the office of pay and
receipt of the Bank of Westminster, in Frederick-town, in Frede-
rick county, by the Bank of Westminster, be, and the same is hereby
confirmed, and the proceedings therein had shall be taken and con-
sidered as valid in law as if the same had been established by the
general assembly of the state; and the notes and bills therein dis-
counted and negotiated, shall be recoverable in any court of law of
this state, in the same manner as if they had been originally dis-

counted or negotiated in the Bank of Westminster.

Capital.

2. And be it enacted, That the capital of the said Office of
Pay and Receipt of the Bank of Westminster, shall be furnished by
the Bank of Westminster, out of the capital of said bank, and in
such proportion as shall be agreed on by the directors of the Bank

of Westminster, and its Branch Bank, at Frederick-town.

Operations
till next elec-
tion.

3. And be it enacted, That until the next annual election of
directors of the Bank of Westminster, the operations of the Office of
Pay and Receipt of the Bank of Westminster, shall be conducted by

the present president and managers of said office.

Quorum.

4. And be it enacted, That a president and twelve directors
shall compose the board of the said Office of Pay and Receipt, but
the president and four directors shall be competent to the transac-

tion of business.

Election of
directors.

5. And Be it enacted, That at the time and place appointed by
law for the general annual election of directors of the Bank of
Westminster, the stock-holders of said bank, shall, at the same time
and place, elect annually, in addition to the directors of the mother
bank, twelve stock-holders to be directors of the Office of Pay and
Receipt of the Bank of Westminster at Frederick-town, which
said directors shall convene and qualify, agreeable to the charter of
the Bank of Westminster.

Election of pre-
sident-- board.

6. And be it enacted, That the said directors, when qualified,
shall proceed to elect a president from among the directors, which
said president and directors shall constitute the board of said Office
of Pay and Receipt for the year ensuing, and the duties of the for-
mer directors shall forthwith cease and determine.

Vacancies.

7. And be it enacted, That the vacancy in the board of direc-
tors, created by the election of a president, shall be filled up by the
president and directors of said Office of Pay and Receipt, and that
the said president and directors shall have power to fill up all vacan-

cies which may occur, either by death, resignation or otherwise.

Buildings for
the bank.

8. And be it enacted, That the president and directors of the
said Office of Pay and Receipt, shall have the power to purchase,
rent or lease proper buildings for the bank, and to have them fitted
up and secured with vaults, out of the funds of the bank.