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LEVIN WINDER, ESQUIRE, GOVERNOR.
Baltimore aforesaid, within the time herein limited, the subscriptions
not so returned shall be forfeited, and it shall and may be lawful
for the said commissioners of the city of Baltimore to open other
subscriptions for supplying the said unsubscribed or unreturned
shares, in the city of Baltimore, under the provisions, limitations
and regulations aforesaid; and the said commissioners, or a majority
of them, shall give sixty days notice thereof before the opening
of the said subscriptions. |
NOV. 1812.
CHAP. 180. |
8. AND BE IT ENACTED, That all such persons
as shall become
subscribers to the said bank, their successors and assigns, shall be
and are hereby created and made a corporation and body politic, by
the name and style of The President, Directors and Company, of
the City Bank of Baltimore, and by that name shall be and are
hereby made able and capable in law, to have, purchase, receive,
possess, enjoy and retain, to them, and their successors, lands, tenements,
hereditaments, goods, chattels and effects, of what kind,
nature and quality soever, and the same to grant, demise, alien or
dispose of, to sue and be sued, plead and be impleaded, answer and be
answered, defend and be defended, in any courts of record, or any
other place whatsoever; and also to make, have and use, a common
seal, and the same to break, alter and renew, at pleasure, and also
to ordain, establish, and put in execution, such by-laws, ordinances
and regulations as shall seem necessary and convenient for the
government of the said corporation, not being contrary to law, or
to the constitution thereof, for which purpose general meetings of
the stockholders shall and may be called by the directors, and in
the manner hereafter specified; and generally to do and execute all
such acts, matters and things, as to them shall or may appertain
to do, subject nevertheless to the rules, regulations, restrictions,
limitations and provisions, hereafter specified and declared. |
Subscribers incorporated
—privileges,
&c. |
9. AND BE IT ENACTED, That there shall
be sixteen directors,
of whom there shall be an election on the first Monday in June of
each year, or within ten days thereafter, by the stockholders or
proprietors of the capital stock of the said corporation, and by
plurality of the votes actually given; and those who shall be duly
chosen at any election shall be capable of serving as directors by
virtue of such choice until the end or expiration of the first Monday
in June next ensuing the time of such election, and no longer, except
in case of failure of election on the day appointed, and that in that
case until such election takes place; and the said directors, at their
first meeting after each election, shall choose one of their number
as president, but no subscriber shall be permitted to vote for directors
on the first election, who has not paid to the commissioners
aforesaid the sum aforesaid directed to be paid to the said commissioners,
nor shall any stockholder at any time be permitted to
vote at any subsequent election, or on any occasion where votes
are taken, for such share or shares as he or they have failed to
pay any instalment required by the said directors in manner herein
before provided. |
Directors to be
elected annually. |
10. AND BE IT ENACTED, That from and after
the year eighteen
hundred and fifteen not more than eleven directors in office,
elected by the stockholders, shall be eligible for the next succeeding
year, and so at each and every succeeding election thereafter.
By 1815, ch. 221, thirteen members
of the old board, and no more, shall be
eligible as directors at succeeding elections. |
After the year
1815, not more
than eleven directors
in office shall
be eligible, &c. |
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