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EDWARD LLOYD, ESQUIRE, GOVERNOR.
bank, as they, or a majority of them, may deem expedient, subject
however, to the restrictions and limitations herein after mentioned. |
1810.
CHAP. 77. |
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: |
Fundamental
articles. |
1. 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 every
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 at a greater distance than five miles from the
city of Baltimore, and none other, may vote at elections by proxy. |
Number of votes
allowed. |
2. 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 or president, and every president or director, as the
case may be, shall cease to be a director or president upon his
ceasing to be a stockholder. |
None but a stockholder
to be eligible
as a director or
president. |
3. 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. |
No director of
any other to be a
director of this
bank. |
4. That the treasurer of 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,
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 him to
form a just opinion of the state of the institution, relative to the
public safety, and of the profits thereof, over which he is hereby
appointed guardian, as far as the same relates to the state. |
treasurer of W.
S. to be furnished
annually with
statements of accounts
of bank. |
5. The notes or bills obligatory, which it
shall be lawful for the
said corporation to issue, shall not be for a less sum than five dollars. |
Bills issued not to
be for a less sum
than five dollars. |
6. And whenever the state shall become a stockholder
to the
whole amount of the shares reserved as above mentioned, or any
part of them, then and in such case it shall be at liberty to elect
one additional director for every five hundred shares of said stock, |
State directors,
when and how to
be elected. |
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