|
ROBERT WRIGHT, ESQUIRE, GOVERNOR.
which fifteen directors shall be practical mechanics or manufacturers,
in the manner herein after directed; and that there shall be
an election of fifteen directors, by ballot, on the first Monday in
June next, and on the first Monday in June of each and every year
thereafter, by the stockholders or proprietors of the capital stock of
the said corporation, and by plurality of votes, at such place, and
in such manner, as the president and directors for the time being
shall appoint, and those who shall be chosen at any election shall
be capable of serving as directors by virtue of such choice, until the
end or expiration of the first Monday of June next ensuing the
time of such election, and no longer, except in case of failure of
election on the day appointed, and in that case, until such election
takes place; and the 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 city and
precincts of Baltimore, 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.
See 1810, ch. 134; 1814, ch. 53; and 1817, ch. 39. |
1806.
CHAP. 19. |
8. AND BE IT ENACTED, That whenever the state
shall become
a stockholder to the amount of forty thousand dollars, she shall be
entitled to appoint two directors; and when the state shall be a
stockholder to the amount of one hundred thousand dollars, she
shall be entitled to three directors; and the election of said directors
shall be annually made by joint ballot of both houses, either
during the session of the general assembly at which such investment
shall be made, or is directed to be made, or the first session
after the state shall so have become a stockholder to the respective
amounts aforesaid; and after the state shall have subscribed and
elected directors aforesaid, the stockholders, at the next election of
directors, shall only elect as many directors as, together with the
state directors, will amount to the number of fifteen.
See 1817, ch. 39. |
State directors,
when to be appointed. |
9. 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 to them, and to the president,
such compensation for their services respectively, as shall by them
be deemed reasonable. |
Cashier and other
officers to be appointed. |
10. 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; and |
Rules, orders, &c.
may be made and
altered, &c. |
VOL. I.
74
|
 |
