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ROBERT BOWIE, ESQUIRE, GOVERNOR.
said directors, at the first meeting after each election, shall choose
a president; and in case it should happen that an election of directors
should not be made upon the day when, pursuant to this act, it
ought to have been made, the said corporation shall not for that
cause be deemed to be dissolved, but it shall be lawful on any other
day, within ten days thereafter, to hold and make an election in
such manner as shall have been regulated by the laws and ordinances
of the said corporation; and in case of the death, resignation,
disqualification, or removal out of the state, of a director, or his
being appointed president of the bank, his place may be filled up by
the directors for the remainder of the year. |
1804.
CHAP. 48. |
8. AND BE IT ENACTED, That the directors for
the time being
shall have power to appoint a cashier, and such other officers and
servants under them as may be necessary for executing the business
of the said corporation, and to allow them such compensation for
their services respectively as shall be reasonable. |
Cashier and other
officers to be appointed. |
9. AND BE IT ENACTED, That the president and
directors for
the time being may make all such rules, orders, by-laws and regulations,
for the government of the said corporation, its officers and
servants, as they, or a majority of them, from time to time shall
think fit, not inconsistent with law, or the provisions of this act,
and the same at pleasure to revise, alter and annul, and may use,
employ and dispose of the funds, money and credit, of the said
bank, as they, or a majority of them, may deem expedient, subject
however to the restrictions and limitations herein after mentioned. |
Directors to make
rules and regulations. |
10. AND BE IT ENACTED, That the following
rules, restrictions,
limitations and provisions, shall form and be fundamental articles
of the constitution of the said corporation, viz. |
Fundamental articles. |
1st. The number of votes to which each stockholder
shall be entitled
shall be according to the number of shares he shall hold, in
the proportions following; that is to say, 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 body
politic shall be entitled to a greater number than sixty votes, and
no share or shares shall confer a right of suffrage which shall not
have been holden four calendar months previous to the day of election;
stockholders actually resident within the United States, and
none other, may vote at elections by proxy. |
Number of votes
to which each
stockholder is entitled. |
2d. None but a stockholder, except in the
case of directors chosen
by the state, being a citizen of the United States, shall be eligible
as a director or president, and every president or director, as
the case may be, shall cease to be a director or president upon his
ceasing to be a stockholder; and not more than eleven directors in
office shall be eligible for the next succeeding year, and no director
having served for three years successively shall be eligible for the
two succeeding years thereafter.
So much of this section as renders
a director, after serving 3 years, ineligible
for the next two years, repealed by 1806, ch. 17. |
None but stockholders
to be eligible
as directors. |
3d. No director of any other bank shall be
at the same time a
director of this bank, and once in each year the directors shall lay |
A director of any
other bank not to
be a director of
this bank. |
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