| DEC. 1813.
CHAP. 32.
Election of president
and directors. |
LAWS OF MARYLAND.
4. AND BE IT ENACTED, That within ten days
after closing the
subscriptions, two or more of the said commissioners shall meet at
Princess-Anne for the purpose of holding an election for the president
and directors of said bank. |
Concerns to be
managed by a
president and ten
directors. |
5. AND BE IT ENACTED, That the concerns of
the Bank of Somerset
shall be conducted by a president and ten directors, to be
chosen annually by the stockholders, two of which said directors
shall go out annually, and two or more be chosen to supply their places.
See 1817, ch. 167. |
Manner of choosing
them. |
6. AND BE IT ENACTED, That in choosing the
president and directors
of the Bank of Somerset, the stockholders shall be entitled
to vote, either in person, or by proxy, according to the number of
shares held, in the proportion following, to wit: For one share,
and
not more than two shares, one vote each; for every two shares,
above 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 one hundred, one vote; but no person,
or body politic, shall be entitled to a greater number than forty
votes; and no share or shares shall confer a right of suffrage, which
shall not have been holden two calendar months previous to the day
of election; stockholders actually resident within the United States,
and none other, may vote at elections by proxy.
By the act of 1817, ch. 167, no stockholder
shall vote unless he as complied
with the terms of payment called for, &c. and he shall be entitled
to vote on as many
shares so paid upon, &c. |
Subscriptions to
be paid over to
them. |
7. AND BE IT ENACTED, That immediately after
the election of
the president and directors the said commissioners shall pay over
to them all the monies received for subscriptions, for which payment
the receipt of the president, and two or more directors, shall
be a sufficient warrant for the said commissioners. |
No person to be a
director unless he
is a stockholder. |
8. AND BE IT ENACTED, That no person can be
admitted to a
seat as director, unless he shall at the time be a stockholder (a), and
ceasing to be a stockholder he shall, ipso facto, cease to be a
director.
(a) He must also be a resident of Somerset county, by 1817, ch. 167. |
Instalments, how
to be paid. |
9. AND BE IT ENACTED, That every subscriber
shall, within
thirty days after the payment of the first instalment, pay to the directors
of the said bank the further sum of eight dollars on each
share, and at the expiration of every thirty days thereafter the further
sum of five dollars on each share, until twenty-five dollars
shall have been paid on each share; but any person, at the time of
paying the second, third or fourth instalment, may pay up his or
her shares to twenty-five dollars, and receive dividend accordingly;
and the remaining seventy-five dollars on each share shall be paid
by such instalments as the directors may appoint, after notice as
aforesaid. |
| Receipts for payments. |
10. AND BE IT ENACTED, That receipts shall
be given by two
or more of the commissioners, or the president, as the case may be,
for the several payments herein provided, but after a subscriber
shall have paid his or her shares up to twenty-five dollars each, he
or she may receive a certificate or certificates for the number of
shares by him or her held, subscribed by the president, under the
seal of the bank. |
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