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EDWARD LLOYD, ESQUIRE, GOVERNOR.
thereof, westward of Charles-street in the said city, a bank,
the capital stock of which shall consist of one million of dollars,
lawful money of the United States, to be divided into shares of fifty
dollars each, and one hundred thousand dollars of the said stock
shall be reserved to be subscribed for by the state of Maryland for
its use and benefit, when desired by the legislature thereof. |
1810.
CHAP. 68. |
2. AND BE IT ENACTED, That the
proprietors of shares in the
said bank, as well as those who may hereafter become stockholders,
their successors and assigns, shall be and are hereby created and
made a corporation and body politic, by the name and style of The
President and Directors of the Commercial and Farmers Bank of
Baltimore, and by that name shall be and are enabled and made
capable, either in law or equity, to sue or be sued, plead and be
impleaded, answer and be answered, defend and be defended, in
any court or place whatever, and also to make, have and use, a
common seal, and the same to break, alter and renew, at their pleasure,
and also to ordain and establish such by-laws, ordinances
and regulations, as shall be deemed convenient and necessary for
the government thereof, not inconsistent with this act, or contrary
to law, and generally to do and execute all and singular such acts,
matters or things, as to them shall or may appertain to do. |
Stockholders incorporated. |
3. AND BE IT ENACTED, That the
affairs of the said company
shall be conducted by a president and fourteen directors, together
with such other directors as the state shall appoint, in the manner
herein after directed, and that there shall be an election of fourteen
directors, by ballot, on the first Monday of May next, and on the
first Monday of May in each and every year thereafter, by the
stockholders or proprietors of the capital stock of the 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 first Monday of May 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
the 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. |
Affairs of company
to be conducted
by a president
and 14 directors. |
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. |
Directors to appoint
a cashier &
other officers. |
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