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EDWARD LLOYD, ESQUIRE, GOVERNOR.
of said company, but the whole of the said capital stock, together
with all property, rights and credits, belonging to the said institution,
and nothing more, shall at all times be answerable for the demands
against the said company. |
1810.
CHAP. 67. |
6. AND BE IT ENACTED, That the present president
and directors
of the said bank, to wit; Philip Moore, president, David Burke,
Cumberland Dugan, Joseph Jameison, Matthew McLaughlin, William
Flanagan, William Price, Ludwick Herring, Hezekiah Price,
Jacob Miller, Daniel Conn, Richard H. Jones, John Trimble,
William Camp, George Dobbin and John Okely, shall continue to
act as such until the third Monday in April, in the year of our Lord
one thousand eight hundred and eleven, and until a new election of
directors shall take place. |
Present president
and directors to
continue, &c. |
7. AND BE IT ENACTED, That the affairs of
the said corporation
shall be conducted by a president, and sixteen directors, together
with such others as may hereafter be appointed by the state, ten of
which sixteen directors shall be practical mechanics; that is to say,
persons actually working at, or immediately carrying on, a mechanical
business, to which they served an apprenticeship anterior
to their arrival at the age of twenty-one years; of the other directors
at least three shall be persons who served an apprenticeship to
a mechanical business; and that there shall be an election of sixteen
directors, by ballot, on the third Monday in April next, and on
the third Monday in April in each and every year thereafter, by
the stockholders or proprietors of the capital stock of said corporation,
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 third Monday in 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 the case of the death, resignation,
disqualification, or removal out of the city and county of Baltimore,
of a director, or his being appointed president of the bank, his
place may be filled up by the directors for remainder of the year,
giving the preference to some one of those persons voted for by the
stockholders at the election last past. |
Affairs to be conducted
by a president
and 16 directors,
ten of whom
shall be practical
mechanics. |
8. AND BE IT ENACTED, That whenever the state
shall become
a stockholder to the amount of forty thousand dollars, she shall be
entitled to two directors, and the election of said directors shall be
annually made, by joint ballot of both houses, either during the
session of the general assembly at which such investment shall be
made, or is directed to be made, or the first session after the state
shall so have become a stockholder to the amount aforesaid. |
State directors,
when and how to
be elected. |
9. AND BE IT ENACTED, That the directors for
the time being
shall have power to appoint a cashier, and such other officers and |
Directors to appoint
a cashier and
other officers. |
VOL. II.
48
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