| 1807.
CHAP. 38. |
LAWS OF MARYLAND.
of which qualification and election shall be transmitted to the president
of the mother bank, and that the president and directors, so
as aforesaid appointed, shall serve until the next annual election of
directors; and to the end that the stockholders may have notice of
the aforesaid election of directors, the president and directors of the
mother bank are hereby authorised and directed to give three weeks
notice in some Baltimore, Annapolis, Frederick-town, Washington
and Allegany county news-papers, of the said election, and that the
said president and directors shall continue in office until a new president
and directors shall be appointed and qualified. |
Officers, how established
and appointed. |
7. AND BE IT ENACTED, That the number and
description of
officers, in addition to the president, be from time to time established
by the Farmers Bank, but that the said officers be appointed
annually by the president and directors of the said branch, and that
the amount of the salaries to the president and the other officers be
from time to time fixed by the Farmers Bank, but so as not to be
lessened during the year, or part of the year, for which they may
be appointed. |
Buildings to be
provided and fitted
up. |
8. AND BE IT ENACTED, That the president and
directors at
Frederick-town be empowered to provide, by lease, the proper
buildings for the said branch, and to fit up the same, and to provide
the necessary furniture and stationary, but that no buildings
be purchased for the said branch, except by the Farmers Bank. |
President to attend
to qualification
of officers. |
9. AND BE IT ENACTED, That the president of
the said branch
shall attend to the qualification of the officers who shall be appointed,
and also to require of them bonds, with two securities,
conditioned for the faithful performance of their respective duties,
with penalties adequate to the security of the bank, the president
of the mother bank to be notified of the particulars of such bonds. |
Vacancy of directors,
how to be
filled. |
10. AND BE IT ENACTED, That if before the
next general election
of directors in August, 1808, a vacancy should happen among
the directors of the said branch, by death, resignation, or otherwise,
the president and directors of the said branch, so as aforesaid
to be elected, shall fill up such vacancy. |
Directors, when
and how to be
elected. |
11. AND BE IT ENACTED, That at the time and
place appointed
by law for the general election of directors of the Farmers
Bank of Maryland, the stockholders of the said bank, residing on
the western shore of Maryland, shall, at the same time and place,
elect annually, in addition to the directors of the mother bank,
nine stockholders, residents of Frederick county, to be directors
of the Frederick-town Branch Bank, which said persons, being
duly notified thereof by the president of the mother bank, shall,
as soon thereafter as may be, convene and qualify agreeably to
charter, and when so qualified shall choose a president, which president
and directors shall then constitute the board of the said
branch bank, and the duties of the former directors shall forthwith
cease and determine. |
President may
be elected from
year to year. |
12. AND BE IT ENACTED, That the president
of the branch at
Frederick may be elected from year to year without limitation,
but one director must go out annually. |
Stock held by
citizens of Frederick
to remain on
ledger of Farmers
Bank. |
13. AND BE IT ENACTED, That the stock in the
Farmers Bank
of Maryland, held by citizens of Frederick county, shall remain
on the stock ledger of the Farmers Bank, and may be transferred
at any time, provided the person offering to transfer shall exhibit a |
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