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ROBERT WRIGHT, ESQUIRE, GOVERNOR.
on the western shore, and in the paper printed at Easton, on
the eastern shore, and the subscribers who shall assembly in consequence
of such notice, or appear by proxy, shall choose, by ballot,
from among the stockholders, by a plurality of votes, twelve directors,
who shall continue in office until the first Monday in
March, eighteen hundred and nine, on which day in every succeeding
year thereafter an election shall be held for twelve directors as
aforesaid, who shall continue in office for one year from the time
of their election, and until others be chosen in their stead; and the
said directors, at their first meeting, shall choose from amongst
the stockholders a president, and allow him a reasonable compensation
for his services; and in case of death, removal, resignation,
or other disqualification of the president, or any of the directors,
the board may elect others to supply their place. |
1807
CHAP. 68. |
8. AND BE IT ENACTED, That in choosing directors
the stockholders
shall be entitled to vote as follows: For every share not
exceeding ten, one vote each; for every two shares above ten and
not exceeding twenty, one vote; for every four shares above twenty
and not exceeding forty, one vote; for every six shares above
forty and not exceeding sixty, one vote; for every eight shares above
sixth and not exceeding eighty, one vote; for every ten shares
above eighty and not exceeding one hundred, one vote; for every
twenty shares above one hundred and not exceeding one hundred
and sixty, one vote; but no person or body politic shall be entitled
to a greater number than thirty votes. |
Number of votes
allowed stockholders. |
9. AND BE IT ENACTED, That the affairs of
this institution
shall be conducted by the president and directors, elected as aforesaid;
that the president shall preside at all meetings of the directors,
and in case of absence his place may be supplied by one of
the directors, whom the board may appoint; the president and directors
shall have power and authority to make all kinds of insurances
against fire, insurance on lives, and insurances on inland
transportation of goods, wares, merchandises and country produce,
and to invest the funds of the said institution in any stock which
in their judgement may be most advantageous to it; they shall have
full power and authority to appoint a secretary, and such other
clerks and servants under them as shall be necessary for transacting
the business of the said institution, and may allow them such
salary as they shall judge reasonable; to ordain and establish such
by-laws, ordinances and regulations, as shall appear to them necessary
for regulating and conducting the concerns of the said institution,
not being contrary to, or inconsistent with, this act, the
constitution and laws of this state, or of the United States; that
they shall keep full, fair and correct entries of their transactions,
which shall be at all times open to the inspection of the stockholders;
they shall also have power to hire or purchase a suitable
building or buildings, in or near the city of Baltimore, for the
purpose of transacting the affairs of the institution, and generally
to conduct the entire business to the objects thereof; the president,
or such person as may be appointed in his place, and four directors,
shall form a quorum for transacting business, and all questions
which may come before them shall be decided by a plurality
of votes. |
Affairs of institution,
how and by
whom to be conducted. |
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