| 1808.
CHAP. 49.
Stockholders to
meet annually
and appoint directors. |
LAWS OF MARYLAND.
4. AND BE IT ENACTED, That the stockholders
shall meet on
the first Monday in May next, and on the first Monday in May in
every year thereafter, at such place in the city of Baltimore as
the president and directors, or a majority of them, for the time
being, shall appoint, and shall there elect, by ballot, twelve directors,
to serve for one year, and until successors to them shall be
chose; the present directors shall continue in office until the said
first Monday in May next, and until successors to them shall be
chosen. |
Number of votes
allowed. |
5. AND BE IT ENACTED, That in the choice of
directors, and
on all other questions whereon the votes of the stockholders are
to be taken, the number of votes to which each stockholder shall
be entitled shall be in proportion to the stock he may hold, as follows,
viz. For one share, and not exceeding two shares, one vote
each; for very 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 over sixty, and not exceeding
one hundred, one vote; and for every ten shares above that number,
one vote; but no person or persons, body politic or otherwise,
shall be entitled to a greater number than fifty votes; no share
or shares shall confer a right of suffrage which shall not have
been held four calendar months previous to the day of election; all
stockholders actually resident within the United States, and none
other, may vote at elections, by ballot, in person or by proxy,
which shall, in all elections after the first, be made in such form as
the board of directors may appoint; none but stockholders, being
citizens of the United States, and residing within this state, shall
be eligible as a director or president. |
Directors to
choose a president. |
6. AND BE IT ENACTED, That the directors,
or a majority of
them, immediately after their appointment, and so after every subsequent
appointment as aforesaid, shall choose from among the
stockholders, by ballot, a president, to serve for one year from the
time of his appointment, and until a new election of directors shall
take place, and a successor to him shall be appointed; and the said
president, and his successor, for the time being, shall perform such
duties, and receive such compensation for his services, as the directors,
or a majority of them, shall from time to time appoint. |
Vacancies, how to
be filled. |
7. AND BE IT ENACTED, That in case any director
shall be chosen
president, the remaining directors shall immediately choose,
by ballot, from among the stockholders, a person to supply his
place; and whenever a vacancy shall happen in the office of director
or president, by death, resignation, removal from the state, or
by any other means, it shall immediately be filled, by ballot, by the
directors, from among the stockholders, till the next election in
course. |
| President pro-tem. |
8. AND BE IT ENACTED, That in case of the
necessary absence
of the president, he may, by writing under his hand, appoint one
of the directors, who shall in all respects act for him during his
absence, and in default of such appointment, the directors shall
have power to appoint a president pro tempore, who shall in all
things act as president during the said absence. |
| Forfeitures. |
9. AND BE IT ENACTED, That if any stockholder
shall fail to
pay his, her or their instalments to the amount of ten dollars on |
|
 |
