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LEVIN WINDER, ESQUIRE, GOVERNOR.
7. AND BE IT ENACTED, That the affairs of the
bank shall be
managed by nine (a) directors and a president, all of whom shall
reside in Caroline county; stockholders actually resident within the
United States, and none other, to vote in person or by proxy; and
after the first election no share or shares which shall not have been
holden four calendar months prior to the day of election, shall convey
a right of suffrage.
(a) By 1817, ch. 68, eleven directors
to be annually elected, eight of whom at
least to reside in Caroline county, and the president to be elected by
the directors
from their own body. |
DEC. 1813.
CHAP. 81.
Affairs of bank to
be managed by
nine directors and
a president. |
8. AND BE IT ENACTED, That in choosing directors
the stockholder
shall be entitled to vote as follows: 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
thirty votes; and all votes at elections shall be by ballot delivered
in person or by proxy. |
Number of votes
allowed. |
9. AND BE IT ENACTED, That no person can be
admitted to
take his seat as a director, unless he shall be at the time a stockholder,
and ceasing to be a stockholder he shall, ipso facto, cease
to be a director. |
Directors must be
stockholders. |
10. AND BE IT ENACTED, That the president
and directors first
chosen shall hold their seats for twelve months, and until others
shall be chosen, and the president and six directors may be re-elected
at the regular annual elections; if the president shall be chosen
out of the number of directors (b), his place shall be supplied by the
directors from among the stockholders, and if a vacancy shall at
any time happen among the directors by death, resignation or otherwise,
the directors shall elect a director to fill the vacancy for the
residue of the year, from among the stockholders.
(b) See note to section 7. |
President and directors
first chosen
to hold their
seats for twelve
months, &c. |
11. AND BE IT ENACTED, That in case of sickness,
or necessary
absence of the president, he shall in writing signify the same to
the directors, who shall appoint one of the board of directors to act
as president pro tempore. |
President pro tempore. |
12. AND BE IT ENACTED, That the board of directors
for the
bank shall have power to appoint a cashier, and other officers and
servants, for executing the business of the company, and to allow
such compensation for their services as shall be reasonable; no director
shall be entitled to any emolument, unless the same shall have
been allowed by the stockholders at a general meeting; the stockholders
shall make such compensation to the president for his extraordinary
attendance at the bank as shall appear to them reasonable. |
Appointment of
cashier and other
officers. |
13. AND BE IT ENACTED, That the board of directors
shall have
power to purchase, rent or lease, proper buildings for the bank, and
to have such houses fitted up and secured with vaults, &c. at the
expense of the company. |
Buildings for the
bank. |
14. AND BE IT ENACTED, That the board of directors
and president
shall have power to make, revise, alter or annul, rules, orders, |
Rules, orders and
by-laws, to be
made, &c. |
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