| 1806.
CHAP. 19.
|
LAWS OF MARYLAND.
the books, papers, correspondence and funds, of the corporation,
shall at all times by subject to the inspection of the directors. |
| Fundamental articles. |
11. AND BE IT ENACTED, That the following
rules, restrictions,
limitations and provisions, shall form and be the fundamental articles
of the constitution of the said corporation, to wit: |
Number of votes
to which each
stockholder is entitled. |
1st. The number of votes to which each stockholder
shall be entitled
shall be according to the number of shares he shall hold, in the proportions
following; that is to say, for one share, and not more than
two shares, 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; for 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 that number, one vote; but no person or persons, or body
politic, shall be entitled to a greater number than thirty votes; and
no share or shares shall confer a right of suffrage which shall not
have been holden four calendar months previous to the day of election;
stockholders, actually resident within the United States, and
none other, may vote at election by proxy. |
None but stockholders
to be eligible
as directors. |
2d. None but a stockholder being a citizen
of the United
States, and residing in the city of Baltimore, or the precincts
thereof, except the directors appointed on the part of the state,
shall be eligible as a director or president; and every president or
director, as the case may be, shall cease to be a director or president
upon his ceasing to be a stockholder, or to reside in the city
of Baltimore, and the precincts thereof, except as before excepted. |
A director of any
other bank not to
be a director of
this. |
3d. No director of any other bank shall be
a director in this
bank, nor shall any person be a director in this bank who is a
partner in trade with a director in any other bank; and that one
fifth of the directors elected by the stockholders shall go out annually,
of which fifth only one shall be a mechanic or manufacturer,
unless such description of directors shall exceed the number
nine. |
Notice of election
of directors to be
given. |
4th. The president and directors for the time
being shall give
six weeks public notice in two or more news-papers printed in the
city of Baltimore, of the time and place of holding the election of
directors, annually. |
Oath of President,
&c. |
5th. The president, and each director, before
he enters upon the
duties of his office, shall take the following oath, or affirmation, as
the case may be: " I, _____ _____, do solemnly swear, (or affirm,)
" that I will impartially, faithfully, diligently and honestly, execute
" the duties of _____ of the Mechanics Bank of Baltimore, conformably
" to the constitution of the same, and the trusts reposed in
" me, to the best of my skill and judgment;" and the cashier, tellers,
book-keepers, and other officers and servants of this bank,
shall also take a similar oath, or affirmation, and shall besides give
bonds, with security, to the satisfaction of the president and directors,
for the faithful discharge of their duties. |
President, &c.
concerned in purchasing
notes or
bills at more than
lawful discount,
their seats to be
vacated. |
6th. If the president, or any director, the
cashier, or any other
officer of the said bank, shall be concerned, directly or indirectly,
in purchasing any note or notes, bill or bills, at more than lawful
discount or interest, and information thereof be given, and supported
to the satisfaction of a majority of the board or quorum of
directors, his or their seat or seats, or office, shall be vacated, and
the directors shall fill up such vacancy or vacancies. |
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