| 1810.
CHAP. 68. |
LAWS OF MARYLAND.
and such of the said directors who may have been absent
when the said excess was created, or may have dissented from the
resolution or act whereby the same was created, may respectively
exonerate themselves from being so liable, by forthwith giving notice
of the fact, and of their absence or dissent, to the governor of
the state, and to the stockholders at a general meeting, which they
shall have power to call for that purpose. |
President & eight
directors to constitute
a board. |
9th. The president and eight directors
shall constitute a board for
the transaction of business, but ordinary discounts may be done
by the president and five directors; in case of sickness, or necessary
absence of the president, his place may be supplied by a director,
whom he, by writing under his hand, shall nominate for the purpose. |
Vacancy of president,
how to be
supplied. |
10th. In case of death, resignation,
disqualification, or removal
out of the state, of the president, the directors shall meet as soon as
can be thereafter, and elect another person for president for the residue
of the year. |
Half-yearly dividends
to be made. |
11th. Half-yearly dividends shall
be made to the stockholders of
so much of the nett profits of the bank as shall appear to the president
and directors advisable, and such dividends shall be declared
half-yearly in the months of April and October, and paid in the
months of May and November, in every year. |
No director to receive
any emolument
for his services. |
12th. No director shall be entitled
to receive any emolument for
his services unless the same shall have been allowed at a general
meeting of the stockholders, and the stockholders shall make such
compensation to the president for his extraordinary attendance at
the bank as shall appear to them reasonable. |
General meeting
of stockholders
may be called. |
13th. That the president and directors
may call a general meeting
of the stockholders for any purposes relative to the institution,
giving at least six weeks notice in two or more news-papers in the
city of Baltimore, one news-paper at Easton, and one at Frederick-town;
any number of stockholders, not less than fifty, who together
shall be proprietors of one thousand shares of stock, may at any
time apply to the president and directors to call a general meeting
of the stockholders for any purposes relative to the institution, ad
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 news-papers
in the city of Baltimore, in one news-paper at Easton, and
in one at Frederick-town, and specifying in such notice the object
or objects of such meeting. |
Lands, &c. which
it may be lawful
for corporation to
hold. |
14th. The lands, tenements and
hereditaments, which it shall be
lawful for the said corporation to hold, shall be only such as shall
be requisite for its immediate accommodation in relation to the convenient
transacting of its business, and such as shall have been
bona fide mortgaged or conveyed to it by way of security, or in
satisfaction of debts contracted in the course of its dealings, or purchased
at sales upon judgments which shall have been obtained for
such debts. |
Articles in which
they may deal. |
15th. That the corporation shall
not deal or trade in any thing except
bills of exchange, promissory notes and bullions, or in the sale
of goods which shall be the produce of their lands, or of such
goods and effects as shall have been bona fide pledged or mortgaged
to it by way of security, or conveyed to it in satisfaction of debts |
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