| 1810.
CHAP. 68.
To make rules,
&c. for government
of corporation. |
LAWS OF MARYLAND.
5. 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 credit, of the said bank,
as they, or a majority of them, may deem expedient, subject, however,
to the restrictions and limitations herein after mentioned. |
| Fundamental articles. |
6. AND BE IT ENACTED, That the
following rules, restrictions,
limitations and provisions, shall form and be fundamental articles
of the constitution of the said corporation, to wit: |
Number of votes
allowed. |
1st. The number of votes to which
each stockholder shall be entitled
shall be according to the number of shares he shall hold, in
the proportions following: that is to say, for one share and not
exceeding two shares, one vote each; for every two shares above
two and not exceeding ten shares, one vote; for every four shares
above ten and not exceeding thirty shares, one vote; for every six
shares above thirty and not exceeding sixty shares, one vote; for
ever eight shares above sixty and not exceeding one hundred
shares, one vote; and for every ten shares above that number, one
vote; but no person or body politic shall be entitled to a greater
number than sixty 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, but no stockholder shall vote by proxy unless at the time
of voting he shall be actually five miles distant from the city of Baltimore. |
None but a stockholder
to be eligible
as a director. |
2d. None but a stockholder, except
in case of directors chosen
by the state, being a citizen of the United States, shall be eligible
as a director, and every president or director, as the case may be,
shall cease to be a director upon his ceasing to be a stockholder,
and not more than eleven directors chosen by the stockholders shall
be eligible for the next succeeding year. |
No director of any
other bank to be a
director of this
bank. |
3d. No director of any other bank
shall be at the same time a
director of this bank, and three of the directors elected by the stockholders
shall go out annually, and once in each year the directors
shall lay before the stockholders at a general meeting, for their information,
an exact and particular statement of the debts which
shall have remained unpaid after the expiration of the original credit,
and the surplus profit, if any, after deducting losses and dividends. |
Treasurer W. S.
to be furnished annually
with accounts,
&c. |
4th. That the treasurer of the
western shore, for the time being,
shall be furnished once in every year, or oftener if required, with
statements of the amount of the capital stock of the said corporation,
and of the debts due to and from the same, of the monies deposited
therein, of the notes in circulation, of the cash in hand,
and of the profits made, and shall have a right to inspect such general
accounts in the books of the bank as shall relate to the said
statement, but nothing herein contained shall be construed to imply
a right of inspecting the account of any private individual or
individuals with the bank, nor shall such general statement and
power of inspection be used for any other purpose than to enable |
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