| 1806.
CHAP. 19. |
LAWS OF MARYLAND.
any greater sum than three thousand dollars, nor for a longer
term than ten years.
See 1817, ch. 39. |
No loan for use of
state, &c. to an
amount exceeding
$ 20,000 to be
made without consent
of legislature. |
12th. No loan shall be made by the said corporation
for the use
or on account of this state, or the United States, nor of any particular
state, to an amount exceeding twenty thousand dollars, or
to any foreign prince or state whatsoever, without the previous
consent of the legislature. |
Board for transaction
of business. |
13th. The president and eight directors shall
constitute a board
for the transaction of business, but ordinary discounts may be
done by the president and five directors. |
| President pro tem. |
14th. In case of sickness or necessary absence
of the president,
his place may be supplied by a director to be appointed president
pro tempore by the president, or in case of his incapability to
make
the appointment, by the directors for the time being. |
Vacancy of president,
how to be
filled. |
15th. In case of death, disqualification,
resignation, or removal
out of the city of Baltimore and its precincts, of the president,
the directors shall meet as soon as can be thereafter and elect another
person for president for the residue of the year. |
No director to be
entitled to any
emolument for his
services. |
16th. No director shall be entitled to receive
any emolument for
his services, unless the same shall have been allowed at a general
meeting of the stockholders. |
General meeting
of stockholders,
how to be called. |
17th. The president and directors may call
a general meeting of
stockholders for any purpose relative to the institution, giving at
least three weeks notice in two or more news-papers printed in the
city of Baltimore; any number of stockholders, not less than fifty,
who together shall be proprietors of not less than one thousand
shares, may at any time apply to the president and directors to
call a general meeting of stockholders for any purpose relative to
the institution, and if the president and directors shall refuse to
call such meeting, the said number of stockholders, proprietors of
not less than the aforesaid number of shares, shall have power to
call a general meeting of stockholders, giving at least sixty days
notice in two or more news-papers printed in the city of Baltimore,
and specifying in such notice the object or objects of such
meeting. |
Dividends to be
declared half
yearly. |
18th. The dividends of the profits of the
corporation, or of so
much of the said profits as shall be deemed expedient and proper,
shall be declared half yearly during the months of May and November,
(and be paid in the months of June and December in every
year,) and shall, from time to time, be determined by a majority
of the directors, at a meeting to be held for that purpose, and
shall in no case exceed the amount of the net profits actually acquired
by the corporation, so that the capital stock of the corporation
shall never be impaired by dividends; and at the expiration of
every three years a dividend of surplus profits shall be made, but
the directors shall then be at liberty to retain at least one per cent.
upon the capital for the time being, as a fund for future contingencies.
It shall be the duty of the president to cause a correct statement
of all surplus profits remaining in the bank, not divided
among the stockholders antecedent to each annual election, to be
made out and kept in the bank free for the inspection of stockholders,
between the times of such dividends being declared, and each
annual election. |
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