| 1804. |
LAWS OF MARYLAND.
or water, and to lend money on bottomry or respondentia, and
generally
to transact and perform all the business relative to the objects
aforesaid.
Empowered to make insurances against
fire and upon lives, by December, 1813,
ch. 101. |
After first payment
not to demand
any other
unless necessary
to satisfy losses. |
8. AND BE IT ENACTED, That it shall not be
lawful for the directors,
at any time after the receiving of the first payment as aforesaid,
to require or demand from the stockholders any other or further
payments, unless the same may be necessary to defray and
satisfy losses previously sustained by the said corporation, and the
directors shall vest two thirds of the first payment in stock of the
United States, or bank stock, and shall employ the remaining funds
of the corporation in such manner as they may deem most advantageous
to the institution, not being contrary to the laws of this state;
and the said directors shall have power to appoint, each and every
year, such officers, clerks and servants, under them, as shall be necessary,
and to allow them severally a certain annual salary for
their respective services, which shall be ascertained and fixed by
the directors, immediately after the election of said directors, and
before the appointment of the said officers, clerks or servants. |
Entries of their
proceedings to be
kept. |
9. AND BE IT ENACTED, That the directors shall
keep full, fair
and correct entries of their proceedings, which shall at all times be
open to the inspection of the stockholders. |
Corporations to
hold only such
land, &c. as may
be requisite for its
accommodation. |
10. AND BE IT ENACTED, That the said corporation
shall not
hold any lands, tenements or hereditaments, except such as may be
requisite for its accommodation in relation to the convenient transaction
of its business, and such as shall have been bona fide mortgaged
to it by way of security, or conveyed to it in satisfaction of
debts contracted in the course of its dealings, or purchased at
sales upon judgments which shall have been obtained for such debts;
and every conveyance made by the corporation of its lands, tenements
and hereditaments, shall be effectual and valid, to every intent
and purpose, if the president shall thereunto subscribe his
hand, and affix the seal of the corporation, and shall, in the name
and in behalf of the corporation, acknowledge the same before
such person or persons as the law directs in the cases of any person
or persons executing and acknowledging any deed for the conveyance
of land in fee-simple. |
Directors may
make rules, &c. |
11. AND BE IT ENACTED, That the board of directors
is hereby
fully empowered to make, revise, alter or annul, all such rules,
orders, by-laws and regulations, for the government of the said
corporation, and that of its officers, clerks, servants and affairs, as
they, or a majority of them, shall from time to time think expedient,
not inconsistent with law, or the provisions of this act. |
| And declare dividends. |
12. AND BE IT ENACTED, That the directors
shall, on the second
Monday in January and July in each and every year, declare
a dividend of the profits of the company, or so much thereof as to
them shall appear advisable, and the dividend so declared shall be
paid to the respective proprietors on demand, but the monies received
as premiums on risks which shall be undetermined and outstanding,
shall not be considered as part of the profits of the corporation;
and in case of any loss or losses, whereby the capital
stock of the corporation shall be lessened, no subsequent dividend
shall be made until a sum equal to such diminution, and arising |
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