| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
13. 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. |
1817.
CHAP. 21.
President pro tem. |
14. AND BE IT ENACTED, That the board of directors
for the
bank shall have power to appoint a president, 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. |
Appointment of
president, cashier,
and other officers. |
15. AND BE IT ENACTED, That the board of directors
shall
have power to purchase or 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. |
Proper buildings
to be procured. |
16. 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 this
law or the constitution; Provided always, that no rule or regulation
shall entitle the president, or any director, to obtain any discounts
on terms different from those prescribed for other persons; And provided
also, that no person 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, more than five
thousand dollars. |
By-laws, rules, &c.
Provisos. |
17. 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, stock of the state of Maryland, 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 they can
obtain. |
Articles in which
company may be
concerned. |
18. AND BE IT ENACTED, That ordinary discounts
shall 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. |
Ordinary discounts. |
19. AND BE IT ENACTED, That the stock in the
Centreville
Bank of Maryland 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. |
Stock, how to be
transferred. |
20. 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. |
Dividends. |
21. AND BE IT ENACTED, That the books, papers,
correspondence,
funds, and every transaction of the company, shall at all
times be freely open to the inspection of the directors, a majority
of whom, or any number of stockholders not less than thirty, and
holding not less than three hundred shares, may at any time call a
general meeting of the stockholders for objects relative to the interests
of the company, and giving not less than two months notice
thereof in some one or more of the public prints in Easton. |
Books, &c. to be
open to the inspection
of directors. |
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