|
ROBERT BOWIE, ESQUIRE, GOVERNOR.
liable for, and chargeable with, the said excess; and such of the
said directors who may have been absent when the said excess was
created, or who may have dissented from the resolution or act
whereby the same was created, may respectively exonerate themselves
from being so liable, by forthwith giving notice of the fact,
and of their absence or dissent, to the governor of the state, and
to the stockholders at a general meeting, which they shall have
power to call for that purpose. |
1804.
CHAP. 48. |
9th. The president and eight directors shall
constitute a board
for the transaction of business, but ordinary discounts may be done
by the president and five directors; in case of sickness, or necessary
absence of the president, his place may be supplied by a director,
whom he, by writing under his hand, shall nominate for the
purpose. |
Board for transacting
business. |
10th. In case of death, resignation, disqualification,
or removal
out of the state, of the president, the directors shall meet as soon
as can be thereafter, and elect another person for president for the
residue of the year. |
Vacancy of president,
how to be
filled. |
11th. Half yearly dividends shall be made
to the stockholders
of so much of the net profits of the bank as shall appear to the
president and directors adviseable, and such dividends shall be declared
in the months of June and December, and paid in the
months of July and January, in every year. |
Dividends to be
made half-yearly. |
12th. No director shall be entitled to receive
any emolument for
his services, unless the same shall have been allowed at a general
meeting of the stockholders, and the stockholders shall make such
compensation to the president, for his extraordinary attendance at
the bank, as shall appear to them reasonable. |
No director entitled
to any emolument
for services. |
13th. That the president and directors may
call a general meeting
of the stockholders for any purposes relative to the institution,
giving at least six weeks notice in two or more news-papers in the
city of Baltimore, one news paper at Easton, in one Frederick-town,
and in one at Elizabeth-town; any number of stockholders,
not less than fifty, who together shall be proprietors of one thousand
shares, may at any time apply to the president and directors
to call a general meeting of the stockholders for any purpose relative
to the institution; and if the president and directors shall refuse
to call such meeting, the said number of stockholders, giving at least
sixty days notice in two news-papers in the city of Baltimore, in
one news-paper at Easton, in one at Frederick-town, and in one at
Elizabeth-town, and specifying in such notice the object or objects
of such meeting. |
General meeting
how to be called. |
14th. Every cashier or treasurer, before he
enters upon the duties
of his office, shall be required to give bond, with two or more
sureties, to the satisfaction of the president and directors, in a sum
not less than fifty thousand dollars, with condition for his good behaviour. |
Cashier to bond. |
15. The lands, tenements and hereditaments,
which it shall be
lawful for the said corporation to hold, shall be only such as shall
be requisite for its immediate accommodation, in relation to the
convenient transacting of its business, and such as shall have been
bona fide mortgaged or conveyed to it by way of security, or in |
Corporation to
hold only such
lands, &c. as shall
be requisite for
its immediate accommodations. |
VOL. I.
45
|
 |
