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EDWARD LLOYD, ESQUIRE, GOVERNOR.
and by plurality of votes, at such place, and in such manner,
as the president and directors for the time being shall appoint,
and those who shall be chosen at any election shall be capable of
serving as directors, by virtue of such choice, until the end or expiration
of the said second Monday of April next ensuing the time
of such election, and no longer, except in case of failure of election
on the day appointed, and in that case until such election takes
place; and the said directors, at the first meeting after each election,
shall choose a president; and in case it should happen that an
election of directors should not be made upon the day, when pursuant
to this act it ought to have been made, the said corporation
shall not for that cause be deemed to be dissolved, but it shall be
lawful on any other day, within ten days thereafter, to hold and
make an election, in such manner as shall have been regulated by
the laws and ordinances of said corporation; and in case of the
death, resignation, disqualification, or removal out of the state, of
a director, or his being appointed president of the bank, his place
may be filled by the other directors for the remainder of the year. |
1810.
CHAP. 66. |
4. AND BE IT ENACTED, That the directors for
the time being
shall have power to appoint a cashier, and such other officers and
servants under them as may be necessary for executing the business
of the said corporation, and to allow the president and them
such compensation for their services respectively as shall be reasonable;
all which, together with all other necessary expenses, shall
be defrayed out of the funds of the company. |
Appointment of
cashier and officers. |
5. AND BE IT ENACTED, That the president and
directors for
the time being may make all such rules, orders, by-laws and regulations,
for the government of the said corporation, its officers and
servants, as they, or a majority of them, from time to time shall
think fit, not inconsistent with law, or the provisions of this act,
and the same at pleasure to revise, alter and annul, and may use,
employ and dispose of, the funds, money and credit of the said bank,
as they, or a majority of them, may deem expedient, subject, however,
to the restrictions and limitations herein after mentioned. |
President, &c.
may make rules,
&c. for government
of corporation. |
6. AND BE IT ENACTED, That the following rules,
restrictions,
limitations and provisions, shall form and be fundamental articles
of the constitution of the said corporation, to wit: |
Fundamental articles. |
1. The number of votes to which each stockholder
shall be entitled
shall be according to the number of shares he shall hold, in
the proportions following; that is to say, for one share and not exceeding
two shares, one vote each; for every two shares above two
and not exceeding ten shares, one vote; for every four shares above
ten and not exceeding thirty shares, one vote; for every six shares
above thirty and not exceeding sixth shares, one vote; for every
eight shares above sixty and not exceeding one hundred shares, one
vote; and for every ten shares above that number, one vote; but no
person or body politic shall be entitled to a greater number than
sixty votes, and no share or shares shall confer a right of suffrage
which shall not have been holden four calendar months previous to
the day of election; stockholders, actually resident within the United
States, and none other, may vote at elections by proxy. |
Number of votes
allowed. |
2. None but a stockholder, except in cases
of directors chosen
by the state, being a citizen of the United State, shall be eligible
as a director or president, and every president or director, as the |
None but a stockholder
to be eligible
as a director or
president. |
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