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EDWARD LLOYD, ESQUIRE, GOVERNOR.
if the directors shall at any time after the sum of twenty-five dollars
shall have been paid by the stockholders on each share, deem
it necessary, for the benefit of the institution, to call in the remaining
twenty-five dollars due on each share, then and in such case
the state shall have a right to elect another director, but in no other
case, both of which shall be residents in Cecil county; stockholders
actually resident within the United States, and none other, to
vote by proxy; and after the first election, no share or shares,
which shall not have been holden four calendar months prior to the
day of election, shall confer a right of suffrage. |
1810.
CHAP. 51. |
9. AND BE IT ENACTED, That in choosing directors,
the stockholders
shall be entitled to vote as follows: For one share and not
more than two shares, one vote each; for every two shares above
two and not exceeding ten, one vote; for every four shares above
ten and not exceeding thirty, one vote; for every six shares above
thirty and not exceeding sixty, one vote; for every eight shares
above sixty and not exceeding one hundred, one vote; and for every
ten shares above that number, one vote; but no such person or persons
or body politic shall be entitled to a greater number than thirty
votes; and all votes at elections shall be by ballot, delivered in person
or by proxy. |
Number of votes
to which stockholders
are entitled
in voting for
directors. |
10. AND BE IT ENACTED, That no person can
be admitted to
take his seat as a director, unless he shall be at the time a stockholder,
except in the appointment of directors in behalf of the state,
and if he shall at any time cease to be a stockholder, he shall cease
to be a director. |
No person to be a
director unless he
is at the time a
stockholder. |
11. AND BE IT ENACTED, That the president
and directors first
chosen shall hold their seats for twelve months, and the president
and eight directors may be re-elected at the regular annual elections;
if the president shall be chosen out of the number of directors,
his place shall be supplied by the directors from among the
stockholders, and if a vacancy shall at any time happen among the
directors by death, resignation or otherwise, the directors shall
elect a director to fill the vacancy for the residue of the year, from
among the stockholders. |
President and
eight directors to
be elected annually. |
12. AND BE IT ENACTED, That in case of sickness,
or necessary
absence of the president, he shall, in writing, signify the same to
the directors, who shall appoint one of the board of directors to
act as president pro tempore. |
President pro tem. |
13. AND BE IT ENACTED, That the board of directors
for the
bank shall have power to appoint cashier, and other officers and
servants, for executing the business of the company, and to allow
such compensation for their services as shall be reasonable; no director
shall be entitled to any emolument, unless the same shall
have been allowed by the stockholders at a general meeting; the
stockholders shall make such compensation to the president, for his
extraordinary attendance at the bank, as shall appear to them reasonable. |
Directors to appoint
cashier and
other officers. |
14. AND BE IT ENACTED, That the board of directors
shall have
power to purchase, rent or lease, proper buildings for the bank, and
to have such bonuses fitted up and secured with vaults, &c. at the
expense of the company. |
To purchase, rent
or lease, proper
buildings for the
bank. |
15. AND BE IT ENACTED, That the board of directors
and president,
shall have power to make, revise, alter or annul, rules, orders, |
To make and revise
by-laws, &c. |
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