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ROBERT BOWIE, ESQUIRE, GOVERNOR.
share, at the times and in the manner before specified, such stockholder
shall forfeit, to the use of the company, all monies paid antecedently
to such failure or default, but no forfeiture shall take
place after ten dollars on each share shall have been paid; but as it
is requisite that means shall be taken to secure the regular payment
of the subsequent instalments, therefore, if any stockholder shall
fail to make regular payment of any instalment after ten dollars
shall have been paid, such stockholder's money in bank shall remain
free from interest, and not entitled to dividend, until such instalment
or call shall be made good, and the dividend thereafter to
be paid to such stockholder, (as well upon the money by him regularly
paid as upon the money paid after default,) shall be calculated
only from the time when said last instalment was made good. |
1804.
CHAP. 61. |
7. AND BE IT ENACTED, That no subscriber or
stockholder, or
member of the said company, shall be answerable in his person or
individual property for any contract or engagement of said company,
or for any losses, deficiencies or failures, of the capital stock of
the said company, but the whole of the said capital stock, together
with all property, rights and credits, belonging to the said institution,
and nothing more, shall at all times be answerable for the demands
against the said company. |
Capital stock only
answerable for
losses, &c. |
8. AND BE IT ENACTED, That the affairs of
the bank shall be
managed by eighteen directors and a president, eight of whom, and
the president, shall reside in the city of Annapolis or Anne-Arundel
county, and the other ten as follows: One from each county of
the western shore, Anne-Arundel county excepted; and the affairs
of the branch bank by fifteen directors and a president, eight of
whom, and the president, shall reside in the town of Easton, or
Talbot county, and the other seven as follows: One from each county
of the eastern shore, Talbot county excepted; these directors are
to be chosen by the stockholders of each shore in person or by proxy,
at the time of making payment of the second instalment, that is to
say, the stockholders of the western shore shall choose the directors
of the bank at Annapolis, and the stockholders on the eastern shore
shall choose the directors of the branch bank at Easton; the number
of directors is in no case to exceed eighteen for the western shore,
or fifteen for the eastern shore; and as the state acquires a right to
elect directors, by paying up on the reserved shares, in the same
proportion the number of directors to be chosen by the stockholders
shall decrease, but the state shall not have a right to elect more
than two directors residing in Annapolis, or Anne-Arundel county,
nor more than two directors residing in Easton, or Talbot county,
out of her whole number of directors; and after the state shall have
paid her instalments, entitling her to elect the two directors at Annapolis,
and the two at Easton, she shall be entitled, on paying the
next instalment, to choose her directors from any counties on the
western and eastern shore, except Anne-Arundel and Talbot counties;
Provided always, that not more than one director shall be
chosen from any one county; and the stockholders, at the next succeeding
annual election, shall make their election of directors from
the counties, excluding Anne-Arundel and Talbot counties, and the
counties from whence the state legislature shall have made their
choice, provided that no county director shall be eligible for more
than two years successively, and that one director from Annapolis |
Affairs to be managed
by eighteen
directors and a
president.
Proviso. |
VOL. I.
49
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