308
Elect Presi-
dent.
Proviso.
Election to be
held annually
May increase
capital.
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LAWS OF MARYLAND.
at least seven persons, who shall be elected from
among the stockholders; their election shall take
place when the fifty thousand dollars of capital stock
has been subscribed for; and any three of the cor-
porators herein named, shall be commissioners to
open the books for subscription at any time. The
directors shall elect a President from their own body
annually, they shall make such by-laws, rules and
regulations, as may be necessary for the prosecution
of the business of the hank, they shall call for the
capital stock to be paid in as they shall think proper,
on due notice to the stockholders, and on failure
to make such payments they shall collect the same
by suit or sale of stock, by public auction, after due
notice,* the purchaser thereof taking the same, as the
directors may determine. The Board of Directors
shall have power to declare dividends on the stock
of said bank at any time after the accumulation of
profits of said corporation shall exceed five per cent.
on the amount of capital actually paid in, provided,
said dividends do not reduce their surplus of profits
of the bank below five per cent. on the amount of
capital actually paid in.
SEC. 5. And be it enacted, That the election of direc-
tors of this bank shall be held annually at the bank,
and the board shall give at least ten days notice
thereof to the stockholders; every election shall be
by ballot, and the plurality of votes shall elect, every
stockholder shall, be entitled to one vote for every
share of the capital stock standing in his or her name
on the books of the bank, and may vote in person or
by proxy, any omission to elect the directors, shall
not impair the rights of stockholders, depositors or
others interested.
SEC. 6. And be it enacted, That at any time after
the payment of the original capital of fifty thousand
dollars into the bank as hereinbefore set forth, the
Board of Directors may increase the capital of the
corporation to the amount limited, or any part there-
of, in shares of fifty dollars each, and such increased
stock shall be subject to all the liabilities, immuni-
ties and privileges of the original stock; stockhold-
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