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EDWARD LLOYD, ESQUIRE, GOVERNOR.
16. The president and directors may call a
general meeting of
the stockholders for any purpose relative to the institution, giving
at least three weeks notice in two or more news-papers of the city
of Baltimore; any number of stockholders, not less than fifty, who
together shall be proprietors of not less than one thousand shares,
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 said number of stockholders, proprietors of not
less than the aforesaid number of shares, shall have power to call
a general meeting of the stockholders, giving at least sixty days
notice in two or more newspapers printed in the city of Baltimore,
and specifying in such notice the object or objects of such meeting. |
1810.
CHAP. 67.
General meeting
of stockholders
may be called. |
17. The dividends of the profits of the corporation,
or of so
much of the said profits as shall be deemed expedient and proper,
shall be declared half-yearly during the months of April and October,
and be paid in the months of April and October, in every
year, and shall from time to time be determined by a majority of
the directors, at a meeting to be held for that purpose, and shall in
no case exceed the amount of the nett profits actually acquired by
the corporation, so that the capital stock of the corporation shall
never be impaired by dividends; and at the expiration of every
three years a dividend of surplus profits shall be made, but the directors
shall then be at liberty to retain at least one per centum
upon the capital for the time being as a fund for future contingencies;
it shall be the duty of the president to cause a correct statement
of all surplus profits remaining in the bank, not dividend
among the stockholders, antecedent to each annual election, to be
made out and kept in the bank for the inspection of the stockholders,
between the times of such dividends being declared and each
annual election. |
Dividends to be
declared half-yearly. |
18. In case of sickness, or necessary absence
of the president,
his place may be supplied by a director, chosen by the board, to
act in his stead for the time being. |
President pro tem.
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19. If the directors shall at any time wilfully
and knowingly
make or declare any dividend which shall impair the capital stock,
all the directors present at the making or declaring such dividend,
and consenting thereto, shall be liable in their individual capacities
to the corporation, for the amount or proportion of the said capital
stock so divided by the directors, and each director who shall
be present at the making or declaring of such dividend shall be
deemed to have consented thereto, unless he shall immediately enter
his dissent, in writing, on the minutes of the proceedings of
the board, or give public notice to the stockholders that such dividend
has been declared. |
Directors declaring
any dividend
which may impair
capital to be liable
in their individual
capacities. |
20. The shares of stock shall be transferrable
on the books of
the bank only, according to such rules as shall be established by
the president and directors, but all debts actually due and payable
to the bank by a stockholder requiring a transfer, must be satisfied
before such transfer shall be made, unless the president and directors
shall direct otherwise. |
Stock, how to be
transferred. |
21. The lands, tenements and hereditaments,
which it shall be
lawful for the corporation to hold, shall be only such as shall be
requisite for their immediate accommodation in relation to the convenient |
Lands, &c. which
it may be lawful
for corporation to
hold. |
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