|
LEVIN WINDER, ESQUIRE, GOVERNOR.
default,) shall be calculated only from the time when such last mentioned
instalment shall be made good.
See 1814, ch. 39. |
NOV. 1812.
CHAP. 180. |
17. AND BE IT ENACTED, That no subscriber
or stockholder,
or 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 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. |
Individual property
not to be answerable
for contracts,
&c. |
18. AND BE IT ENACTED, That whenever the state
shall have become
a stockholder to the amount of forty thousand dollars she
shall be entitled to appoint two directors, and when the state shall
be a stockholder to the amount of one hundred thousand dollars she
shall be entitled to three directors, and the election of said directors
shall be made by joint ballot of both houses during the session
of the general assembly at which such investment shall be made, or
directed to be made, and annually thereafter. |
State directors,
how to be elected. |
19. AND BE IT ENACTED, That the directors
for the time being
shall have power to appoint a cashier and such other officers and
servants under them, as may be necessary for executing the business
of the said corporation, and to allow to them, and to the president,
such compensation for their services respectively, as shall
by them be deemed reasonable. |
Appointment of
cashier and other
officers. |
20. AND BE IT ENACTED, That the president
and directors for
the time being may make all such rules, orders, by-laws and regulations,
for the government of the said corporation, its officers and
servants, as they, or a majority of them, from time to time shall
think fit, not inconsistent with law, or the provisions of this act,
and the same at pleasure to revise, alter and annul, and may use,
employ and dispose of, the funds, money and credits, of the said
bank, as they, or a majority of them, may deem expedient, subject
however to the restrictions and limitations hereinafter mentioned;
and the books, papers, correspondence and funds, of the corporation,
shall at all times be subject to the inspection of the directors. |
Rules, orders, &c. |
21. AND BE IT ENACTED, That the following
restrictions,
limitations and provisions, shall form and be the fundamental articles
of the constitution of the said corporation, to wit: |
Fundamental articles. |
The number of votes to which each stockholder shall
be entitled
shall be according to the number of shares he shall hold, in proportions
following; that is to say, for one share, and not more than
two shares, one vote each; for every two shares above two, and not
exceeding ten, one vote each; 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 fifty votes, and no
share or shares shall confer a right of suffrage which shall not have
been holden four calendar months previous to the day of election. |
Number of votes
allowed, &c. |
All stockholders, except females, living in the
city of Baltimore,
or within five miles thereof, shall vote in the choice of directors
by ballot, in person; but every stockholder living more than five |
Stockholders to
vote in person or
by ballot. |
|
 |
