| 1810.
CHAP. 77.
Stockholders incorporated. |
LAWS OF MARYLAND.
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 Farmers and Merchants 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. |
Affairs of company
to be conducted by
as president and
fourteen directors. |
3. AND BE IT ENACTED, That the affairs of
said company
shall be conducted by a president and twelve 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 twelve
directors, by ballot, on the second Monday of April next, and
on the second Monday of April 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 second Monday of April 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 such 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. |
Appointment of
cashier and officers. |
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. |
President, &c.
may make rules,
&c. for government
of corporation. |
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 |
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