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EDWARD LLOYD, ESQUIRE, GOVERNOR.
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. |
1810.
CHAP. 77. |
10. 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. |
Vacancy of the president,
how to be
supplied. |
11. 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
in the months of April and October, and paid in the months of
May and November, in every year. |
Dividends to be
declared half yearly. |
12. 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. |
No director to receive
any emolument
for his services. |
13. 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 purpose relative to the institution, and
if the president and directors shall refuse to call such meeting,
the said number of stockholders, giving at least sixty days notice in
two news-papers in the city of Baltimore, in one news-paper at
Easton, and one at Frederick-town, and specifying in such notice
the object or objects of such meeting. |
General meeting
of stockholders
may be called. |
14. 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 dealing,
or purchased at sales upon judgments which shall have been obtained
for such debts. |
Lands, &c. which
it may be lawful
for corporation to
hold. |
15. That the corporation shall not deal or
trade in any thing
except bills of exchange, promissory notes and bullion, 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 contracted in the course of its dealings, or purchased at
sales upon judgments which shall have been obtained for such
debts; neither shall the corporation take more than at the rate of
six per centum per annum for or upon its loans or discounts; all
bills or notes which may be issued by order of the said corporation,
signed by the president, and countersigned by the principal
cashier or treasurer thereof, promising the payment of money to
any person or persons, his, her or their order, or to bearer, though |
Articles in which
corporation may
be concerned. |
VOL. II.
50
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