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EDWARD LLOYD, ESQUIRE, GOVERNOR.
president and directors, for the faithful discharge of their duties
in
their respective stations. |
1810.
CHAP. 66. |
8. The total amount of debts which the said
corporation shall
at any time owe, whether by bond, bill or other contract, shall not
exceed double the amount of the capital actually paid into the said
bank; provided, that the money deposited in the said bank for safe
keeping shall not be considered as the debts of the bank within the
provision of this clause, (unless the contracting of any greater
debt shall have been previously authorised by a law of the state.)
In case if excess, the directors under whose administration it shall
happen, shall be liable for the same in their natural and private capacities,
and an action may in such case be brought against them,
or any of them, or their heirs, executors or administrators, in any
court of record of this state, by any creditor or creditors of the
said
corporation, and may be prosecuted to judgment and execution,
any condition, covenant or agreement, to the contrary notwithstanding,
but nothing herein contained shall be construed to exempt the
said corporation, or the lands, tenements, goods or chattels, of the
same, from being also liable for, and chargeable with, the said excess;
and such of the said directors who may have been absent
when the said excess was created, or may have dissented from the
resolution or act whereby the same was created, may respectively
exonerate themselves from being so liable, by forthwith giving notice
of the fact, and of their absence or dissent, to the governor of
the state, and to the stockholders at a general meeting, which they
shall have power to call for that purpose. |
Amount of debts
not to exceed double
the amount of
capital paid in—
Excess |
9. The president and eight directors shall
constitute a board for
the transaction of business, but ordinary discount may be done
by the president and five directors; in case of sickness, or necessary
absence of the president, his place may be supplied by a director,
who he, by writing under his hand, shall nominate for the purpose. |
President & eight
directors to constitute
a board. |
10. In case of death, resignation, disqualification,
or removal
out of the state, of the president, the directors shall meet as soon
as
can be thereafter, and elect another person for president for the residue
of the year. |
Vacancy of president,
how to be
supplied. |
11. Half-yearly dividends shall be made to
the stockholders of
so much of the nett profits of the bank as shall appear to the president
and directors advisable, and such dividends shall be declared
in the months of April and October, and paid in the months of May
and November, in every year. |
Half-yearly dividends
to be made. |
12. No director shall be entitled to receive
any emolument for
his services unless the same shall have been allowed at a general
meeting of the stockholders, and the stockholders shall make such
compensation to the president for his extraordinary attendance at
the bank as shall appear to them reasonable. |
No director to receive
any emolument
for his services. |
13. That the president and directors may call
a general meeting
of the stockholders for any purposes relative to the institution,
giving at least six weeks notice in two or more news-papers in the
city of Baltimore, one news-paper at Easton, and one at Frederick-town;
any number of stockholders, not less than fifty, who together
shall be proprietors of one thousand shares of stock, may at any
time apply to the president and directors to call a general meeting
of the stockholders for any purpose relative to the institution, and
if the president and directors shall refuse to call such meeting, the |
General meeting
of stockholders
may be called. |
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