| DEC. 1813.
CHAP. 33. |
LAWS OF MARYLAND.
for their services as shall by the said directors be deemed reasonable. |
Notes offered to be
made negotiable
at bank. |
11. AND BE IT ENACTED, That all notes offered
for discount in
the said bank shall, on the face thereof, be made negotiable at the
Conococheague Bank; and when the drawer shall not reside in
Williamsport, such note shall be made payable at the house of some
person in Williamsport, and notice given by the proper officer of
the bank, at such house, that such note hath become due, shall be,
to all intents and purposes, held and considered to be completely
binding on the drawer and endorsers as if notice had been personally
served on each of them. |
Powers of president
and directors. |
12. AND BE IT ENACTED, That the president
and directors for
the time being, may make all rules, orders, by-laws and regulations,
for the government of the said corporations, 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 credit of the said
bank, as they, or a majority of them, nay 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 board
of directors. |
| Fundamental articles. |
13. AND BE IT ENACTED, That the following
rules, restrictions,
limitations and provisions, shall form and be the fundamental articles
of the constitution of the said corporation, to wit:— |
Number of rules
allowed. |
Art. 1. The number of votes to which each
stockholder shall be
entitled, shall be according to the number of shares he or she shall
hold, 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 thirty 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. |
None but a stockholder
to be a director. |
2. None but a stockholder, being a citizen
of the United States,
and residing within the state of Maryland, except the directors appointed
on the part of the state, shall be eligible as a director, and
every director shall cease to be such upon his ceasing to be a stockholder,
or to reside in Washington county. |
No director of any
other bank to be a
director in this
bank.
Provisos. |
3. No director of any other bank shall be
a director of this bank,
nor shall any person be a director in this bank who is a partner in
trade with a director of any other bank; And provided always, that
no rule or regulation shall entitle a director to obtain discount on
terms different from those prescribed for other persons; And provided
also, that no director shall be indulged with discounts beyond
five hundred dollars per week. |
| Notice of elections. |
4. The president and directors, for the time
being, shall give
six weeks notice in the two Elizabeth-town newspapers, and in one |
|
 |
