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imposed or to be imposed for State or municipal purposes, upon the capital stock of corporations incorporated under the laws of this State.

1888, art. 11, sec. 24. 1870, ch. 206, sec. 8.

26. If at any time any of the said corporations shall neglect or refuse to pay, in gold and silver, or lawful money of the United States, any of its notes, bills, obligations or money received on deposit, in violation of the contract, promise or undertaking of said corporation, the person or persons entitled to demand and receive such payment shall respectively receive and recover interest on said bills, notes, obligations and deposits, until the same shall be fully paid and satisfied, at the rate of six per cent. per annum, from the time of such demand.

Ibid. sec. 25. 1870, ch. 206, sec. 9.

27. If the said corporation shall neglect or refuse to pay as aforesaid, any of its notes, bills, obligations or money received on deposit, the holder of such note, bill or obligation, or the person or persons entitled to demand and receive such money, shall be respectively entitled only to demand and receive, as creditor or as debtor to claim and set off, such part of its assets as shall be actually distributable and payable to such creditor or debtor, at the time when such claim or demand may be made.

Ibid. sec 26. 1870, ch. 206, sec. 10.

28. If the said corporation shall, at any time, suspend its payments, the assets which said corporation may hold or be in any wise entitled to at the time of such suspension of payment shall be ratably distributed to and among all the persons who shall be its creditors at such time, and to their assigns, respectively.

Ibid. sec. 27. 1870, ch. 206, sec. 11.

29. The continuance of the said several corporations 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this further condition, that this Article and every part of it may be altered from time to time, or repealed, by the Legislature.

Colton v. Mayer, 90 Md. 112.

1888, art. 11, sec. 28. 1870, ch. 206, sec. 12.

30. The provisions of sections 19 to 32, so far as may be applicable in their privileges and restrictions to any and all banks now existing under charter from the General Assembly of Maryland, may be availed of by said bank or banks.

Ibid. sec. 29. 1870, ch. 206, sec. 13.

31. If the president and directors shall at any time suspend the active business operations or workings of any banking institution incorporated under sections 19 to 32, other than as now legally provided for, and a majority of the stockholders in general meeting assembled determine to close its banking operations, thenceforth it shall not be lawful for such corporation to resume the exercise of its banking powers and franchises, but the same shall be closed, and after the payment of its debts and liabilities, the remaining assets and property of such corporation shall be divided among the stockholders or their assigns.

1906, ch. 483. 1886, ch. 501.

32. The thirteen preceding sections shall continue in force until the first day of January, 1909, and to the end of the next session of the General Assembly thereafter.

1898, ch. 277, sec. 31.

33. It shall be the duty of the treasurer of this State, with the approval of the governor, to appoint from time to time an examiner to visit each and every association mentioned in this Article, doing business in this State (excepting State banks which may be members of the Baltimore clearing association, and as such required regularly to submit to examination by a national bank examiner) at least once in each year, or oftener, if in his judgment it may be necessary, for the purpose of making a full and careful investigation of, and inquiry into the condition and affairs of such bank, and for that purpose

the treasurer of this State or his duly appointed examiner, is hereby authorized and empowered to administer oaths or affirmations, and examine under oath or affirmation the owners and directors, and all officers and employes and agents of such bank, and the examiner making such examination shall reduce the result thereof to writing, giving a full, true and careful statement of the condition of said bank, but no person shall be so appointed an examiner for the purpose of investigating the condition of the affairs of any bank in this State, who shall be an officer, agent or employe thereof.

1898, ch. 277, sec. 32.

34. Whenever the treasurer of this State shall become satisfied that any of the associations mentioned in this Article have failed to comply with the provisions thereof, he shall have the right by his certificate, with the approval of the governor, to declare the charter of such association, company or corporation forfeited, and said certificate shall be conclusive evidence of such forfeiture, and thereafter he shall appoint, with the assent of the governor, a receiver of all the assets of such association, and the receiver so appointed shall thereupon by his petition submit himself and his administration of said assets to the jurisdiction of any court of the county or city where such association, company or corporation may have its principal office, having chancery jurisdiction, with the view of converting said assets into cash for distribution, under the orders of such court, to the person entitled thereto; or he may be brought into such court in due course. The receiver so appointed before further proceeding upon the discharge of his duties shall give bond in such penalty as may be prescribed by said court, and the proceedings thereafter had in said court shall conform to the practice of courts of this State having general chancery jurisdiction, where a receiver may be appointed by a decree thereof. If any receiver so appointed by the treasurer, with the assent of the governor, shall from any cause fail to file said petition, or to give the required bond within five days after the date of his appointment, the treasurer shall thereupon, with the approval of the governor, appoint some other person receiver in the place and stead of the person first

appointed, and such person shall proceed to take charge of and administer the assets of such association in the same manner as if he had been the receiver first appointed; and if from any cause any vacancy in the receivership shall occur after the filing of said petition, and the giving of said bond, such vacancy shall be filled by a decree of the court wherein such petition shall have been filed.

Ibid. sec. 33.

35. No association affected by the provisions of this Article shall be subject to any visitorial powers other than such as are authorized by this Article and its charter.

Ibid. sec. 34.

36. The persons appointed to be examiners of the associations affected by this Article shall receive as compensation for such examinations, the following sums of money-that is to say:

I. For examining any of the associations affected by this Article having a capital stock of fifty thousand dollars or less, the sum of fifteen dollars.

II. For examining any of the associations affected by this Article having a capital stock of over fifty thousand dollars, and not more than one hundred thousand dollars, the sum of twenty-five dollars.

III. For examining any of the associations affected by this Article having a capital stock of one hundred thousand dollars, and not more than two hundred thousand dollars, the sum of thirty dollars.

IV. For examining any of the associations affected by this Article having a capital stock of over two hundred thousand dollars, and not more than three hundred thousand dollars, the sum of fifty dollars.

V. For examining any of the associations affected by this Article having a capital stock of over three hundred thousand dollars, and not more than four hundred thousand dollars, the sum of sixty dollars.

VI. For examining any of the associations affected by this Article having a capital stock of over four hundred thousand dollars, and not more than six hundred thousand dollars, the sum of seventy-five dollars.

VII. For examining any of the associations affected by this Article having a capital stock of over six hundred thousand dollars, and less than one million dollars, the sum of one hundred dollars.

VIII. For examining any of the associations affected by this Article having a capital stock of one million dollars or over, the sum of one hundred and twenty-five dollars.

1898, ch. 277, sec. 35.

37. The provisions of sections 12, 33, 34, 35 and 36 of this Article shall not apply to savings banks having no capital stock, building or homestead associations or national banks, or to corporations authorized by their charters to transact a trust, fidelity, surety or deposit business in this State.

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1888, art. 14, sec. 1. 1876, ch. 262, sec. 1.

1. All bills of lading and all receipts, vouchers or acknowledgments whatsoever in writing, in the nature or stead of bills of lading for goods, chattels or commodities of any kind, to be transported on land or water, or on both, which shall be executed in this State, or being executed elsewhere, shall provide for the delivery of goods, chattels or commodities of any kind within this State, and all warehouse, elevator or storage receipts whatsoever for goods, chattels or commodities of any kind stored or deposited, or in said receipts stated or acknowledged to be stored or deposited for any purpose in any ware

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