| 1815.
CHAP. 75. |
LAWS OF MARYLAND.
that after default, shall be calculated only from the time when such
instalment shall be made good. |
Affairs, by whom
to be managed. |
5. AND BE IT ENACTED, That the affairs of
the bank shall be
managed by a president and ten directors, which directors shall be
chosen by the stockholders in person or by proxy, in Westminster,
on the first Monday in April next, and on the first Monday of
April in every year thereafter, notice of which said election shall
be given by advertisement of the president in the newspapers before
mentioned. |
Number of votes
allowed. |
6. AND BE IT ENACTED, That in choosing directors
of the
Bank of Westminster the stockholders shall be entitled to vote,
either in person or by proxy, according to the number of shares
held; all elections for directors shall be by ballot, and no share
shall confer a right of suffrage, after the first election, which shall
not have been holden at least three months previous to the day of
election, and unless it be holden by the person in whose name it appears
absolutely and bona fide in his own right, or that of his wife,
and for his and her sole use and benefit, or as executor, administrator
or guardian, or in the right and use of some copartnership
or body politic, of which he or she may be a member, and not in
trust for or to the use of any other person. |
Directors must be
stockholders. |
7. AND BE IT ENACTED, That no person shall
be admitted to
take his seat as director unless he shall be at the time a stockholder,
and if he shall at any time cease to be a stockholder he shall
cease to be a director; and if a vacancy shall at any time happen
by death, resignation or otherwise, the directors shall elect another
to fill the vacancy for the residue of the year, from among the
stockholders. |
| Powers of directors. |
8. AND BE IT ENACTED, That the board of directors
shall have
power to appoint a president, and other officers and servants, for
conducting the business of the company, and shall fix the compensation
to be allowed them, which expenses shall be defrayed out
of the funds of the company; the board of directors shall also
have power to purchase, lease, rent or erect, a proper building in
Westminster for the bank, at the expense of the company; they
shall likewise 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 deem expedient, provided they are not contrary to law,
the constitution or provisions of this act. |
Property which it
shall be lawful for
bank to hold. |
9. AND BE IT ENACTED, That the lands, tenements
and hereditaments,
which it shall be lawful for the said bank to hold, shall be
only such as shall be requisite for its accommodation in relation to
the easy and convenient transacting of its business, and comfort
and advantage of the officers thereof, and such as shall be mortgaged
to it by way of security, or purchased at sales upon judgments,
which shall have been obtained for debts due the said bank;
and the said bank shall not deal or trade in any thing except bills
of exchange, promissory notes, United States stock, stock of the
chartered banks, bullion, or the produce of their lands, or of such
goods and effects as shall have been pledged or mortgaged to it by
way of security, or conveyed to it in satisfaction of debts contracted
in the course of its dealing, or purchased at sales upon judgments
which shall have been obtained for such debts. |
|
 |
