| 1807. |
LAWS OF MARYLAND.
person in Elizabeth-town, and notice given by the proper officer of
the bank at such house, that such note hath become due, shall be,
to all intents and purposes, held and considered to be completely
binding on the drawer and endorsers, as if notice had been personally
served on each of them. |
Rules, orders,
&c. may be made
for government of
corporation. |
13. 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
the books, papers, correspondence and funds, of the corporation,
shall at all times be subject to the inspection of the board of directors. |
| Fundamental articles. |
14. 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 shall
be entitled. |
1st. The number of votes to which each stockholder
shall be entitled,
shall be according to the number of shares he or she shall
hold, in the proportion following, to wit: 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 one hundred, one vote; but no person 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 two calendar months previous to the day of
election; stockholders actually resident within the United States,
and none other, may vote at elections by proxy. |
None but stockholders
to be eligible
as directors. |
2d. None but a stockholder, being a citizen
of the United States,
and residing within the state of Maryland, except the directors appointed
on the part of the state, shall be eligible as a director, and
every director shall cease to be such upon his ceasing to be a stockholder,
or to reside in the state of Maryland, except as before excepted. |
A director of any
other bank not to
be a director of
this bank.
Proviso. |
3d. No director of any other bank shall be
a director of this
bank, nor shall any person be a director in this bank who is a partner
in trade with a director of any other bank; And 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, that no director shall be indulged with discounts
beyond five hundred dollars per week. |
Notice of election
of directors
to be given. |
4th. The president and directors for the time
being shall give six
weeks notice in the two Elizabeth-town newspapers, and in one
newspaper 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,) |
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