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LEVIN WINDER, ESQUIRE, GOVERNOR.
ten dollars shall have been paid, such stockholder's money in bank
shall remain free from interest, and not entitled to dividend, until
such instalments or call shall be made good; and the dividend thereafter
to be paid to such stockholder, (as well upon the money by
him regularly paid as upon the money paid after default,) shall be
calculated only from the time when the said last instalment was made
good. |
1814.
CHAP. 69. |
6. 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 said institution,
and nothing more, shall at all times be answerable for the demands
against the said company. |
Individual property
not answerable
for losses, &c. |
7. AND BE IT ENACTED, That the affairs of
the bank shall be
managed by nine directors, exclusive of those hereafter to be appointed
by the state, and a president, all of whom shall reside in
Harford county; and after the state shall have paid her instalments
to the amount of ten dollars on each share by her so subscribed, she
shall be entitled to choose one director; provided the whole sum by
her subscribed shall not be less than ten thousand dollars; and if
the directors shall at any time, after the sum of twenty-five dollars
shall have been paid by the stockholders on each share, deem it necessary,
for the benefit of the institution, to call in the remaining
twenty-five dollars due on each share, then and in such case the
state shall have a right to elect another director, but in no other
case, both of which shall be residents in Harford county; stockholders
actually resident within the United States, and none other,
to vote by proxy; and after the first election no share or shares
which shall not have been holden two calendar months prior to the
day of election, shall confer a right of suffrage. |
Affairs, how to be
managed. |
8. AND BE IT ENACTED, That in choosing directors
the stockholders
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; 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,
except in the appointment of directors on behalf of the state, and
if he shall at any time cease to be a stockholder, he shall 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 the president
and eight 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 |
Election of president
and directors,
—vacancies. |
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