| 1814.
CHAP. 69. |
LAWS OF MARYLAND.
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.
By 1816, ch. 194, ten directors to
be annually elected, seven of whom at least
to be residents of Harford county, They may be re elected, and the
president to
be elected by the directors from their own body. The president, with
any four
directors, to constitute a board. |
| President pro tem. |
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. |
Officers, how to be
appointed. |
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. |
| Buildings, &c. |
13. AND BE IT ENACTED, That the board of directors
shall have
power to purchase, erect, rent or lease, proper buildings for the
bank, and to have such buildings fitted up and secured with vaults,
&c. at the expense of the company. |
Rules, orders and
by-laws.
Provisos. |
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 that of their officers, servants and affairs, as a majority of them
shall deem expedient, provided they are not contrary to law or the
constitution; Provided always, that no rule or regulation shall
entitle
the president, or any director, to obtain discounts on terms
different from those prescribed for other persons; And provided also,
that neither of them shall be indulged with discounts or accommodation
paper beyond one thousand dollars per week, and that not
to exceed in the whole, at any one time, five thousand dollars. |
Articles in which
company may be
concerned. |
15. AND BE IT ENACTED, That the company shall
in no case be
concerned in any article but notes, bills of exchange, mortgages,
stock of the United States, specie or bullion, except in the case of
debts due to the bank, then they shall be fully justifiable in taking
any kind of security which they can obtain. |
| Ordinary discounts. |
16. AND BE IT ENACTED, That ordinary discounts
may be made
by the president and three directors, but the president and five directors
shall be necessary for the purpose of transacting the general
business of the company. |
| Transfers |
17. AND BE IT ENACTED, That the stock in the
Havre-de-Grace
Bank may be transferred by the holder, in person or by power of
attorney, at said bank, but all debts actually due to the company
by a stockholder offering to transfer, must be discharged before
such transfer shall be made. |
| Dividends. |
18. AND BE IT ENACTED, That dividends of the
profits of the
company shall be made at the end of the first year, and half yearly
thereafter, and at the end of every three years a dividend shall be
made of surplus profits, which dividend shall be payable to the
stockholders at the bank/ |
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