|
ROBERT BOWIE, ESQUIRE, GOVERNOR.
for their services as shall be reasonable; the stockholders shall
make such compensation to the president for his attendance at the
bank, as shall appear to them reasonable. |
1811.
CHAP. 193. |
12. AND BE IT ENACTED, That the
board of directors shall have
power to purchase, grant or lease, proper buildings for the bank,
and to have such houses fitted up and secured with vaults, &c. at
the expense of the company. |
Buildings for the
bank. |
13. AND BE IT ENACTED, That the
board of directors and president,
shall have power to make, revise, alter or annul, rules,
orders, by-laws and regulations, for the government of the company,
and their officers, servants and affairs, as a majority of them
shall deem expedient. |
Directors may
make and alter
rules, &c. |
14. AND BE IT ENACTED, That the
company shall in no case be
concerned in any article but notes, bills of exchange, mortgages,
stock of the United States, bullion, except in the case of debts due
to the bank, then they shall be fully justifiable in taking any kind
of security which they can obtain. |
In what articles
company may be
concerned. |
15. AND BE IT ENACTED, That ordinary
discounts may be made
by the president and four directors, but the president and five directors
shall be necessary for the purpose of transacting the general
business of the company. |
Ordinary discounts. |
16. AND BE IT ENACTED, That the
stock in the Farmers Bank
of Somerset and Worcester, may be transferred by the holder in
person, or by power of attorney at said bank; but all debts actually
due to the company by a stockholder offering to transfer, must
be discharged before such transfer shall be made. |
Stock may be
transferred. |
17. AND BE IT ENACTED, That dividends
of the profits of the
company shall be made at the end of the first year, and half yearly
thereafter, and at the end of every three years a dividend shall be
made of surplus profits, which dividend shall be payable to the stockholders
at the bank. |
Dividends, when
to be made. |
18. AND BE IT ENACTED, That the
books, papers, correspondence,
funds, and every transaction of the company, shall at all
times be freely open to the inspection of the directors, a majority
of whom, or any number of stockholders not less than thirty, and
holding not less than three hundred shares, may at any time call a
general meeting of the stockholders for objects relative to the interest
of the company, and giving not less than two months notice
thereof in some one of the public prints in the city of Baltimore. |
Books, &c. shall be
be open to inspection
of directors. |
19. AND BE IT ENACTED, That before
the president and directors
shall act as such, they shall take an oath or affirmation, that
they will faithfully, diligently and honestly, perform the duties of
their station; and the cashier, book-keeper and clerks, shall also
take a similar oath or affirmation, and shall besides give bonds,
with security to the satisfaction of the board of directors, for the
faithful discharge of their duties in their several stations. |
President, directors,
&c. to take
oaths. |
20. AND BE IT ENACTED, That all
notes offered for discount by
any person, shall, on the face thereof, be made negotiable at the Farmers
Bank of Somerset and Worcester, and when the drawer shall not
reside in the town in which it shall have been determined to fix the
bank, such note shall be made payable at the house of some person
in the town aforesaid; and notice given by the proper servant of
the bank at the said house that such note hath become due, shall be
to all intents and purposes held and considered to be as completely |
Notes offered for
discount to be
made negotiable
at bank. Notices. |
|
 |
