| 1804.
CHAP. 48.
Proviso. |
LAWS OF MARYLAND.
Easton, and each and every stockholder who shall fail to pay on
each share of his or her stock such instalments as may be demanded
in manner aforesaid, shall lose the benefit of any dividend, which
may have accrued prior to the time for the making of such payment,
and during the delay of the same; Provided always, that all and
every stockholder in the said bank may, without any requisition of
the president and directors, at any time pay up the several instalments
remaining due on his, her or their shares, or any one or more
of them, which he, she or they, may think proper, and shall thereupon
be entitled, to the same interest or dividend on the amount of
the sum or sums so paid in, at the same periods, and in the same
manner, he, she or they, is or are now entitled to receive on the
original stock so paid up; and provided always, that the interest or
dividends on such sum or sums so paid in shall not commence until
the first day of the month next ensuing such payments. |
| Stockholders incorporated. |
5. AND BE IT ENACTED, That the proprietors
of shares in the
said bank, as well as those who may hereafter become stockholders,
their successors and assigns, shall be and are hereby created and
made a corporation and body politic, by the name and style of The
President and Directors of the Union Bank of Maryland, and by
that name shall be and are hereby able and capable in law to sue
and be sued, plead and be impleaded, answer and be answered, defend
and be defended, in courts of record, or any other place whatsoever,
and also to make, have and use, a common seal, and the
same to break, alter and renew, at their pleasure, and also to ordain,
establish and put in execution, such by-laws, ordinances and
regulations, as shall seem necessary and convenient for the government
of the said corporation, not being contrary to law, or the provisions
of this act of incorporation, and generally to do and execute
all and singular such acts, matters or things, as to them shall
or may appertain to do. |
Present president
and directors to
continue until July
1805. |
6. AND BE IT ENACTED, That the present president
and directors
of the said bank, to wit: William Winchester, president, James A.
Buchanan, Solomon Etting, David Winchester, Andrew Ellicott,
junior, Luke Tiernan, Charles Ridgely, of Hampton, Solomon
Birckhead, Thomas McEldry, Walter Dorsey, Henry Payson, Hezekiah
Clagett, Isaac Tyson, Ebenezer Finley, Steuart Brown,
John Hollins and Henry Shrœder, shall continue to act as such until
the first Monday of July eighteen hundred and five, and until a
new election of directors shall take place. |
Affairs of company
to be conducted
by a president
and 16 directors. |
7. AND BE IT ENACTED, That the affairs of
the said company
shall be conducted by a president and sixteen directors, together
with such other directors as the state shall appoint in the manner
herein after directed, and that there shall be an election of sixteen
directors, by ballot, on the first Monday of July next, and on the
first Monday of July in each and every year thereafter, by the
stockholders or proprietors of the capital stock of the said corporation,
and by plurality of votes, at such place and in such manner,
as the president and directors for the time being shall appoint, and
those who shall be chosen at any election, shall be capable of serving
as directors, by virtue of such choice, until the end or expiration
of the first Monday of July next ensuing the time of such election,
and no longer, except in case of failure of election on the day appointed,
and in that case until such election takes place; and the |
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