| 1817.
CHAP. 38.
Votes allowed. |
LAWS OF MARYLAND.
6. AND BE IT ENACTED, That in choosing the
directors of the
said bank, 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; stockholders actually resident in
the United States, and none others, may vote at elections by proxy. |
No stockholder to
vote unless he has
completed with
calls of payment. |
7. 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. |
May pay on shares
agreeably to call. |
8. 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 accordingly to the scale aforesaid. |
Subscriptions to
be paid over. |
9. AND BE IT ENACTED, That immediately after
the election of
the president and directors, the said commissioners shall pay over
to them all the monies received for subscriptions, for which payment
the receipt of the president, and two or more directors, shall
be sufficient warrant for the said commissioners. |
Directors must be
stockholders. |
10. AND BE IT ENACTED, That no person can
be admitted to a
seat as director unless he shall at the time be a stockholder, and
ceasing to be a stockholder, he shall ipso facto cease to be a director. |
Payments, how to
be made. |
11. AND BE IT ENACTED, That every subscriber
shall within
thirty days after the payment of the first instalment, pay to the directors
of the said bank the further sum of two dollars on each
share, and at the expiration of one month thereafter the further sum
of two dollars on each share, and the same sum at the expiration
of every month thereafter, until five instalments shall have been
paid in; and the remaining ten dollars on each share shall be paid
by such instalments as the directors may appoint, after notice as
aforesaid. |
| Receipts—certificates. |
12. AND BE IT ENACTED, That receipts shall
be given by two or
more of the commissioners, or the president, as the case may be,
for the several payments herein provided; but after a subscriber shall
have paid his or her shares up to ten dollars each, he or she may
receive a certificate or certificates for the number of shares by him
or her held, subscribed by the president, under the seal of the bank. |
| Forfeitures. |
13. AND BE IT ENACTED, That if any stockholder
shall fail to
pay his or her instalment to the amount of six dollars on each share,
at the times and in the manner before specified, such stockholder
shall forfeit, for the use of the bank, all antecedent payments; but
no forfeiture shall take place after six dollars shall have been paid;
but as it is requisite that means shall be taken to secure the regular
payments of the subsequent instalments, if any stockholder shall
fail to make regular payment of any instalment after six dollars
shall have been paid on each share, such stockholder's money in
bank shall remain free from interest, and not entitled to dividend,
until such instalment shall have been made good, and the dividend |
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