| 1817.
CHAP. 93. |
LAWS OF MARYLAND.
and nothing more, shall at all times be answerable for the demands
against the said company. |
Concerns of bank,
how to be managed. |
7. AND BE IT ENACTED, That the affairs of
the bank shall be
managed by twelve directors, and a president to be chosen by the
directors, all of whom shall reside in Frederick county; stockholders
actually resident within the United States, and none other, to
vote 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 confer a right of suffrage. |
| Votes 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 all votes at elections shall be by ballot, delivered
in person or by proxy. |
Directors must be
stockholders. |
9. AND BE IT ENACTED, That no person can be
admitted to
take his seat as director, unless he shall be at the time a stockholder,
holding at least ten shares, and if he shall at any time cease to
be a stockholder as aforesaid, he shall cease to be a director. |
| Elections—Vacancies. |
10. AND BE IT ENACTED, That the president
and directors first
chosen shall hold their seats for twelve months, and the president
and eleven 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 |
| 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. |
Appointment of
cashier, officers,
&c. |
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
directors shall make such compensation to the president for his extraordinary
attendance at the bank, as shall appear to them reasonable. |
Buildings to be
procured. |
13. AND BE IT ENACTED, That the board of directors
shall
have power to purchase, 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. |
| Rules, by-laws, &c. |
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 |
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