| 1817.
CHAP. 21. |
LAWS OF MARYLAND.
remain free from interest, and not entitled to dividend, until such
instalments or call to 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 said last instalment was made good. |
Capital stock only
answerable for
losses, &c. |
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,
(except as herein after excepted,) 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, except as aforesaid,
shall at all times be answerable for the demands against the
said company. |
Affairs how to be
managed. |
7. AND BE IT ENACTED, That the affairs of
the bank shall be
managed by nine directors and a president, all of whom shall reside
in Queen Anne's 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. |
| Notes allowed. |
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 no person shall be entitled to vote unless the shares which
they hold are bona fide their own property; and all votes at
elections
shall be by ballot, delivered in person or by proxy. |
No stockholder to
vote unless he has
complied with
calls of payment. |
9. AND BE IT ENACTED, That no stockholder
shall be entitled to
vote on his stock for president and directors, unless he shall have
complied with the calls of payment made by the president and directors. |
To be entitled to
vote on shares paid
for. |
10. AND BE IT ENACTED, That each and every
stockholder may
pay on as many shares as he pleases, agreeably to the calls made
by the president and directors, and shall be entitled to vote on such
shares, so paid, according to the calls aforesaid. |
Directors must be
stockholders. |
11. AND BE IT ENACTED, That no person can
be admitted to
taken 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. |
Elections of president
and directors. |
12. 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, 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. |
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