| 1818.
CHAP. |
LAWS OF MARYLAND.
more than two shares, one vote each; for every two shares above
two, and nor 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. |
President and directors
first chosen
to hold their seats
twelve months. |
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
officers—no director
entitled to any
emolument—compensation
to president. |
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. |
To purchase, &c.
buildings for the
bank. |
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, at the
expense of the company. |
To make, alter or
annul, rules, &c.
Provisos. |
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 them
shall deem expedient, provided they are not contrary to law or the
constitution; Provided always, that no rule or regulation shall
entitle
the president, or any director, to obtain discount on terms different
from those prescribed for other persons; And provided also,
that neither of them shall be indulged with discounts, or accommodation
paper, beyond one thousand dollars per week, and not to exceed
in the whole, at any time, more than three thousand dollars. |
Articles in which
company may be
concerned. |
15. AND BE IT ENACTED, That the company shall
in no case be
concerned in any articles but notes, bills of exchange, mortgages,
stock of the United States, specie or bullion, except in the case of
debts due to the bank, then they shall be fully justified in taking
any kind of security which they can obtain. |
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