| 1810.
CHAP. 67. |
LAWS OF MARYLAND.
servants under them as may be necessary for executing the business
of the said corporation, and to allow to them and to the president
such compensation for their services respectively, as shall by
them be deemed reasonable. |
To make rules, &c.
for government of
corporation. |
10. 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 credits, of the
said bank, as they, or a majority of them, may deem expedient,
subject, however, to the restrictions and limitations herein after
mentioned; and the books, papers, correspondence and funds, of
the corporation, shall at all times be subject to the inspection of the
directors. |
| Fundamental articles. |
11. AND BE IT ENACTED, That the following
rules, restrictions,
limitations and provisions, shall form and be the fundamental articles
of the constitution of said corporation, to wit: |
Number of votes
allowed. |
1. The number of votes to which each stockholder
shall be entitled
according to the number of shares he shall hold, in the proportions
following; that is to say, for one share and not more than
five shares, one vote; for every five shares and not more than ten
shares, two votes; from ten to twenty shares, three votes; from
twenty to thirty shares, four votes; from thirty to forty shares, five
votes; from forty to fifty shares, six votes; from fifty to sixty shares,
seven votes; from sixty to seventy shares, eight votes; from seventy
to eighty shares, nine votes; from eighty to one hundred shares,
ten 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. |
None but a stockholder
to be eligible
as a director,
&c. |
2. None but a stockholder, being a citizen
of the United States,
and residing in the city or county of Baltimore, except the directors
appointed on the part of the state, shall be eligible as a director
or president, and every president or director, as the case may
be, shall cease to be a director or president upon his ceasing to be
a stockholder, or to reside in the city or county of Baltimore, except
as before excepted. |
No director of any
other to be a director
of this bank. |
3. No director of any other bank shall be
a director in this bank,
nor shall any person be a director in this bank who is a partner in
trade with a director in any other bank, and four of the directors
elected by the stockholders shall go out annually. |
Notice to be given
of election of directors. |
4. The president and directors, for the time
being, shall give
four weeks notice in two or more news-papers printed in the city of
Baltimore, of the time and place of holding the election of directors
annually. |
Oath of president
directors and
officers. |
5. The president and each director, before
he enters upon the duties
of his office, shall take the following oath or affirmation, as
the case may be: " I, _____, do solemnly swear, or affirm, that I
" will impartially, faithfully, diligently and honestly, execute the
" duties of _____ of the Franklin Bank of Baltimore, conformably
" to the constitution of the same, and the trust reposed in me, to
" the best of my skill and knowledge; and that I will not directly |
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