| 1811. |
LAWS OF MARYLAND.
two, and not exceeding ten, one vote; for every four shares above
ten and not exceeding thirty, one vote; for every six shares above
thirty and not exceeding sixty, one vote; for every eight shares
above sixty, and not exceeding one hundred, one vote; and for
every ten shares above that number, one vote; but no person or
persons, or body politic, shall be entitled to a greater number than
thirty votes; and all votes at elections shall be ballot, delivered
in person or by proxy. |
Directors must be
stockholders. |
9. AND BE IT ENACTED, That no person can be
admitted to take
his seat as a director, unless he shall be at the time a stockholder,
except in the appointment of directors on behalf of the state, and
if he shall at any time cease to be a stockholder, he shall cease to
be a director. |
President and directors
to be annually
elected. |
10. AND BE IT ENACTED, That the president
and directors first
chosen shall hold their seats for twelve months, and the president
and seven directors may be re-elected at the regular annual elections;
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
elect a director to fill the vacancy for the residue of the year from
among the stockholders. |
| President pro tem. |
11. AND BE IT ENACTED, That in case of sickness,
or necessary
absence of the president, he shall, in writing, signify the same to
the directors, who shall appoint one of the board of directors to act
as president pro tempore. |
Cashier and other
officers to be appointed. |
12. AND BE IT ENACTED, That the board of directors
for the
bank shall have power to appoint a cashier, and other officers and
servants, for executing the business of the company, and to allow
such compensation for their services as shall be reasonable; no director
shall be entitled to any emolument unless the same shall have
been allowed by the stockholders at a general meeting; the stockholders
shall make such compensation to the president for his extraordinary
attendance at the bank as shall appear to them reasonable. |
Buildings for the
bank. |
13. AND BE IT ENACTED, That the board of directors
shall have
power to purchase, rent or lease, proper building for the bank,
and to have such houses fitted up and secured with vaults, &c. at
the expense of the company. |
Rules, &c. may be
made for government
of company.
Provisos. |
14. 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 that of their officers, servants and affairs, as a majority of
them shall deem expedient, provided they are not contrary to law
or the constitution; Provided always, that no rule or regulation
shall entitle the president, or any director, to obtain discounts on
terms different from those prescribed for other purposes; And provided
also, that neither of them shall be indulged with discounts
or
accommodation-paper beyond one thousand dollars per week, and
that not to exceed in the whole, at any one time, more than five
thousand dollars. |
In what articles
company may be
concerned. |
15. 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, specie or bullion, except in the case of |
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