| 1811.
CHAP. 193.
Stockholders neglecting
to pay to
forfeit money paid
antecedently. |
LAWS OF MARYLAND.
4. AND BE IT ENACTED, That if any stockholder
shall fail to
pay his or her instalment to the amount of ten dollars on each share,
at the times and in the manner before specified, such stockholder
shall forfeit for the use of the company, all monies paid antecedently
to such default; but no forfeiture shall take place after ten dollars
on each share shall have been paid; but as it is requisite that
means shall be taken to secure the regular payment of the subsequent
instalments, if any stockholder shall fail to make regular
payments of any instalment after ten dollars shall have been paid
on each share, such stockholder's money in bank shall remain free
from interest, and not entitled to dividend until such instalments
shall be made good, and the dividend thereafter to be paid to such
stockholder, (as well upon the money by him regularly paid as
upon the money paid after default,) shall be calculated only from
the time such instalment was made good. |
No member to be
answerable in his
individual property
for any losses,
&c. |
5. AND BE IT ENACTED, That no member of the
said company
shall be answerable in his person or individual property, for any
contract or engagement of said company, or for any losses, deficiencies
or failures, of the capital stock of the said company, but the
whole of the said capital stock, together with all property, rights
and credits, belonging to the said institution, and nothing more,
shall at all times be answerable for the demands against the said
company. |
Affairs of bank to
be managed by 16
directors and a
president. |
6. AND BE IT ENACTED, That the affairs of
the said bank shall
be managed by sixteen directors and a president, eight of the directors
to be resident in Worcester county, and eight in Somerset
county (a).
(a) By December 1813, ch. 32,
s. 32, the directors need not be taken from Somerset
county, but may be elected from among the stockholders at large. |
Stockholders may
vote in person or
by proxy for directors. |
7. AND BE IT ENACTED, That in choosing directors
the stockholder
shall be entitled to vote either in person, or by proxy, according
to the number of shares held by them.
By June 1812, ch. 3, the directors
to appoint a president &c. at their first meeting
annually, and allow compensation. |
No person to be a
director unless he
is a stockholder. |
8. AND BE IT ENACTED, That no person can be
admitted to
take a seat as director, unless he shall at the time be a stockholder.
By June 1812, no director entitled to any emolument, &c. |
President and directors
shall be
chosen annually. |
9. AND BE IT ENACTED, That the president and
directors first
chosen, shall hold their seats for twelve months, and the president
and sixteen directors may be annually chosen at the regular annual
elections; one of the directors for the county of Somerset, and
one for the county of Worcester, being changed each year; if the
president shall be chosen out of the number of directors, his place
shall be supplied by the directors, from among the stockholders;
and if a vacancy shall at any time happen among the directors by
death, resignation or otherwise, the directors shall fill the vacancy
for the remainder of the year from among the stockholders of the
county in which the director whose seat has become vacated resided. |
| President pro tem. |
10. AND BE IT ENACTED, That in case of sickness
or absence
of the president, he shall designate in writing a discreet person to
act as president pro tem. |
Cashier and other
officers to be appointed. |
11. AND BE IT ENACTED, That the board of directors
shall have
power to appoint a cashier, and other officers and servants, for executing
the business of the company, and to allow such compensation |
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