| 1807.
CHAP. 26. |
LAWS OF MARYLAND.
and any number of stockholders, not less than thirty, who
together shall be proprietors of not less than five hundred shares,
may at any time apply to the president and directors to call a general
meeting of the 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 the stockholders, giving at least sixty days notice
in the newspapers printed at Elizabeth-town, and in one newspaper
printed in the city of Baltimore, and specifying in such notice
the object or objects of such meeting. |
Dividends to be
declared half
yearly. |
15th. The dividend of the profits of the said
corporation, or so
much of the said profits as shall be deemed expedient and proper,
shall be declared half yearly in the months of May and November,
(and payable in the months of June and December in every year,)
as 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 neat 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. 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 for the inspection
of stockholders, between the time of such dividends being declared
and each annual election. |
Directors wilfully
declaring dividend
which shall
impair capital
stock, to be liable
in their individual
capacities, &c. |
16th. If the directors shall, wilfully and
knowingly, make or declare
any dividend which shall impair the capital stock, all the directors
present at the making or declaring such dividend, and consenting
thereto, shall be liable, in their individual capacities, to the
corporation, for the amount or proportion of the said capital stock
so divided by the directors, and each director who shall be present
at the making or declaring such dividend, shall be deemed to have
consented thereto, unless he shall immediately enter his dissent, in
writing, on the minutes of the proceedings of the board. |
Transfers, how to
be made. |
17th. The shares of stock shall be transferrable
on the books of
the bank only in person or by power of attorney, but all debts actually
due and payable by a stockholder requiring a transfer, must
be satisfied before such transfer shall be made, unless the president
and directors shall direct otherwise. |
Corporation to
hold only such
lands, &c. as shall
be requisite for
its immediate accommodation. |
18th. The lands, tenements and hereditaments,
which it shall be
lawful for the corporation to hold, shall be only such as shall be
requisite for their immediate accommodation in relation to the
convenient transaction of their business, and such as shall have
been bona fide mortgaged or conveyed to them by way of security,
or in satisfaction of debts contracted in the course of their dealings,
or purchased at sales upon judgments which shall have been obtained
for such debts (a); and the total amount of the debts which
the said corporation shall at any time owe, whether by bond, bill,
note or contract, shall not exceed double the amount of the capital
(a) By 1816, ch. 91, they may
sell and convey any real property which they
hold. |
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