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LEVIN WINDER, ESQUIRE, GOVERNOR.
6. AND BE IT ENACTED, That the affairs of the
bridge and bank
company shall be managed by nine directors and a president, who
shall be elected at such place as the commissioners, or the president
and directors, shall from time to time appoint, and in the
manner prescribed by the act to which this is a supplement; and
the said directors, and those from time to time elected, shall and
may appoint from amongst the stockholders, a president. |
1814.
CHAP. 66.
Affairs, how to be
managed. |
7. AND BE IT ENACTED, That the cashier of
the bridge and bank
company shall be treasurer of the tolls collected on the bridge, and
shall account with the president and directors of the bank, from
time to time, when called on for the same. |
Cashier to be treasurer
of tolls collected. |
8. AND BE IT ENACTED, That no subscriber or
stockholder, or
member of the said company, shall be answerable in his person,
or individual property, for any contract or engagement of said
company, or for any losses, deficiencies or failures, of the capital
stock of the said company, but the whole of the said capital stock,
together with all property, rights and credits, belonging to the
institution, and nothing more, shall at times be answerable for
the demands against said company. |
No subscriber to
be answerable in
his individual property. |
9. AND BE IT ENACTED, That no person shall
be admitted to
take his seat as a director unless he shall be at the time a stockholder. |
Directors must be
stockholders. |
10. AND BE IT ENACTED, That the president
and directors first
chosen shall hold their seats for twelve months, 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, 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. |
President and directors
—Vacancies. |
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 tem. |
12. AND BE IT ENACTED, That the board of directors
for the
bridge and bank company, 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 (a); no director shall be entitled to any emolument
unless the same shall have been allowed by the stockholders at a
general meeting; the directors of the said bridge and bank company
shall make such compensation to the president for his attendance
at the bank as shall appear to them reasonable.
(a) By
1816, ch. 175, they may appoint officers and agents, &c. |
Cashiers and other
officers, to be appointed. |
13. AND BE IT ENACTED, That the board of directors
shall have
power to purchase, build, 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, at some convenient place as
near the bridge as may be in Cecil county. |
Buildings, &c. |
14. AND BE IT ENACTED, That the board of directors
and president
shall have power to make, revise, alter or annul, rules, orders,
by-laws and regulations, for the government of the company,
and of their officers, servants and affairs, as a majority of them
shall deem expedient, provided they are not contrary to law or the |
Rules, orders, &c. |
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