840
Proviso.
Proviso.
In force.
Constitution.
Shares, how
to be voted.
Eligible for
President or
Director.
Statement of
debts remain-
ing unpaid.
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LAWS OF MARYLAND.
sary for the exercise of the aforesaid powers, or the
powers invested in said corporation, and the same
by-laws to alter and repeal; provided that all such
by-laws may be altered and repealed by a majority
of the stockholders at any annual or general meet-
ing called in pursuance of the provisions of this Act;
and a majority of the stockholders present at any
annual or general meeting may pass by-laws, which
shall be binding on the President and Directors;
provided, also, that such by-laws shall not be con-
trary to any law of this State or of the United States.
SEC. 5. Awl he it enacted. That this Act shall be
in force until the year eighteen hundred and ninety-
two, and until the end of the regular session of the
General Assembly next thereafter.
SEC. 6. And be it enacted, That the following rules,
restrictions and limitations, form the fundamental
articles of the Constitution of the " Bank of Boonsboro':"
ARTICLE 1. Every stockholder shall be entitled to
one vote for every share that he, she or they may hold,
to the number not exceeding ten shares, and to one
vote tor every additional two shares, to the number
of and not exceeding one hundred shares in all, and
to one vote for every additional four shares there-
after, but no share of stock shall entitle any holder
to a vote which has not been holden two calendar
months previous to said election, and stockholders,
actually residents of the State, and none others, may
vote at elections by proxy.
ART. 2. None but a stockholder, being a citizen
of tins State, shall be eligible as a Director or Presi-
dent, and every President or Director, as the case
may be, shall cease to be a Director or President,
upon Ins ceasing to be a stockholder or a citizen of
this State.
ART. 3. No director of said corporation shall be at
the same time a director of any other bank in this
State, and once in each year the directors shall lay
before the stockholders of said corporation at a gen-
eral meeting for their information, an exact and par-
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