| 1804.
CHAP. 61. |
LAWS OF MARYLAND.
and Anne-Arundel county, and one from Easton and Talbot, shall
be annually excluded; stockholders actually resident within the United
States, and none other, to vote by proxy; and after the first
election no share or shares which have not been holding four calendar
months prior to the day of the election shall confer a right of
suffrage. |
Number of votes
to which stockholders
are entitled. |
9. AND BE IT ENACTED, That in choosing directors,
the stockholders
shall be entitled to vote as follows: For one share and not
exceeding two, 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; foe 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 one hundred, one vote; but no person 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 to be
stockholders. |
10. AND BE IT ENACTED, That no person can
be admitted to
take his seat as a director, unless he shall be at the time a stockholder,
except in the appointment of directors on behalf of the state,
and if he shall at any time cease to be a stockholder, he shall cease
to be a director. |
| To be elected annually. |
11. AND BE IT ENACTED, That the president
and directors first
chosen shall hold their seats for twelve months, and may be re-elected
at the regular annual elections, with the exceptions before made;
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. |
12. AND BE IT ENACTED, That in case of sickness,
or necessary
absence, of the president, he shall, in writing, appoint one of the
board of directors to act as president pro tempore. |
Appointment of
cashier and other
officers. |
13. AND BE IT ENACTED, that the board of directors
for the
bank and branch bank shall respectively 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
respectively 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 stockholders shall make such
compensation to the presidents for their extraordinary attendance
at the bank as shall appear to them reasonable. |
Buildings to be
procured. |
14. AND BE IT ENACTED, That the board of directors
shall have
power to purchase, rent or leas, proper buildings for the bank and
branch bank, and to have such houses fitted up and secured with
vaults, &c. at the expense of the company. |
Directors to make
rules, &c.
Provisos. |
15. AND BE IT ENACTED, That the board of directors
at Annapolis
and Easton, jointly, 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 a director to obtain discounts on terms
different from those prescribed for other persons; And provided also, |
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