| DEC. 1813.
CHAP. 33.
General meeting
of stockholders. |
LAWS OF MARYLAND.
14. The president and directors may call a
general meeting of
the stockholders for any purpose relative to the institution, giving
at least six weeks notice in the two newspapers published in Elizabeth-town,
and in one newspaper published in the city of Baltimore,
specifying in such notice the object or objects of such meeting;
and any number of stockholders not less than thirty, who
together shall be proprietors of not less than five hundred
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 the newspapers printed at Elizabeth-town, and
in one newspaper printed in the city of Baltimore, and specifying
in such notice the object or objects of such meeting. |
Dividends to be
declared half yearly
—Surplus profits. |
15. The dividend of the profits of the said
corporation, or so
much of the said profits as shall be deemed expedient and proper,
shall be declared half yearly in the months of April and October,
and payable in the months of May and November, in every year,
as 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 net profits actually acquired by the corporation,
so that the capital stock of the corporation shall never be impaired
by dividends; and at the expiration of every three years a dividend
of surplus profits shall be made; but the directors shall then be at
liberty to retain at least one per cent. for the time being, as
a fund
for future contingencies; it shall be the duty of the president to
cause a correct statement of all surplus profits remaining in the
bank, not divided among the stockholders antecedent to the annual
election, to be made out and kept in the bank, for the inspection of
stockholders, between the time of such dividends being declared,
and each annual election. |
Directors liable for
dividends if they
impair capital. |
16. If the directors shall wilfully and knowingly
make or declare
any dividends which shall impair the capital stock, all the directors
present at the making or declaring such dividend, and consenting
thereto, shall be liable in their individual capacities to the
corporation for the amount or proportion of the said capital stock
so divided by the directors, and each director who shall be present
at the making or declaring such dividend, shall be deemed to have
consented thereto, unless he shall immediately enter his dissent, in
writing, on the minutes of the proceedings of the board. |
| Transfer of stock. |
17. The shares of stock shall be transferrable
on the books of
the bank only in person, or by power of attorney, but all debts
actually due and payable to the said bank, by a stockholder requiring
a transfer, must be satisfied before such transfer shall be
made, unless the president and directors shall direct otherwise. |
Lands, tenements,
&c. which corporation
may hold. |
18. The lands, tenements and hereditaments,
which it shall be
lawful for the corporation to hold, shall be only such as shall be requisite
for the immediate accommodation in relation to the convenient
transaction of their business, and such as shall have been
bona fide mortgaged or conveyed to them by way of security,
or
in satisfaction of debts contracted in the course of their dealings,
or purchased at sales upon judgments which shall have been obtained |
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