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LEVIN WINDER, ESQUIRE, GOVERNOR.
shall be pledged to them by way of security, or for debts due,
owing, or growing due to the said corporation, or purchased by
them to secure such debts due to the said corporation, neither shall
the said corporation take more than at the rate of six per centum
per annum for or upon their loans or discounts. |
NOV. 1812.
CHAP. 180. |
The president and directors may discount notes or
bills at
any length of time not exceeding six months, and may loan money
on property security to the citizens of the state, but not exceeding
an eighth part of the stock actually paid into the bank at the time
of making such loan or loans. |
Notes may be discounted
for six
months. |
No loan shall be made by the said corporation for
the use or
on account of this state, or the United States, nor to any particular
state, to an amount exceeding fifty thousand dollars, or to any
foreign prince or state whatever, without the previous consent of
the legislature. |
No loan exceeding
50,000 dollars to be
made without consent
of legislature. |
The president and directors shall constitute a board
for the
transaction of business, but ordinary discounts may be made by
the president or cashier, and five directors. |
Ordinary discounts. |
In case of sickness or necessary absence of the
president, his
place may be supplied by a director to be appointed president pro-tempore,
by a majority of the board of directors. |
President pro tem. |
In case of death, disqualification, resignation
or removal out
of the state, of the president, the directors shall meet as soon as
can be thereafter, and elect another person for president for the
residue of the year. |
Vacancy of president
how to be
supplied. |
No director shall be entitled to receive any emolument
for
his services unless the same shall have been allowed at a general
meeting of the stockholders. |
No director to be
entitled to any
emolument. |
The president and directors may call a general meeting
of
the stockholders for any purpose relative to the institution, giving
at least three weeks notice in two or more newspapers printed in
the city of Baltimore, one in the city of Annapolis, one in George-town,
one in Frederick-town, one in Hager's-town, and one in
Easton; any number of stockholders not less than fifty, who together
shall be proprietors of not less than one thousand shares,
may at any time apply to the president and directors to call a
general meeting of the stockholders for any purpose relative to
the institution, and if the president and directors shall refuse to
call such meeting, the said number of stockholders, proprietors of
not less than the aforesaid number of shares, shall have power to
call a general meeting of the stockholders, giving at least sixty
days notice in two or more newspapers printed in the city of Baltimore,
one in the city of Annapolis, one in George-town, one in
Frederick town, one in Hager's-town, and one in Easton, and
specifying in such notice the object or objects of such meeting. |
General meeting
of stockholders. |
The dividends of the profits of the corporation,
or so much
of the said profits as shall be deemed expedient and proper, shall
be declared half yearly during the months of August and March (a),
and be paid in the months of September and April in every year,
and shall from time to time be determined by a majority of the
directors, at a meeting to be held for that purpose, and shall in no
case exceed the amount of the net profits actually acquired by the
(a) By 1815, ch. 221, dividends
shall be declared in March and September,
and payable in April and October. |
Dividends to be
declared half yearly. |
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