1831.

LAWS OF MARYLAND.

CHAP. 133.

Responsibility

Sec. 7. And be it enacted, That no subscriber or stockhold-
er, or member of said corporation, shall be answerable in
his person or individual property, for any contract or any
engagement of such company, or for any losses, deficiencies
or failures of the capital stock of the said company, but the
whole of the capital stock, together with all property, rights
and credits belonging to the said institution, and nothing more,
shall at all times be answerable for the demands against the
said company.

Animal elections
of directors.

Sec. 8. And be it enacted, That to continue the succes-
sion of the president and directors of said company, a pre-
sident and eight directors of said company, shall be chosen
on the first Monday of May in each and every year after
the first election, by the stockholders or proprietors of the
capital stock oi the said corporation, and by a pleurality of
votes, at such place, and in such manner as the president
and directors for the time being shall appoint, and those
who shall be chosen at any election, shall be capable of
serving as directors by virtue of such choice, until the end
or expiration of the first Monday in May next ensuing the
time of such elections, or in case of failure of an election
on the day appointed, until such election takes place, and
until a number of such new directors competent to form a
board, shall have qualified agreeably to the provisions of
this act; and the said directors, at the first meeting after

Of president.

Case of neglect to
elect.

each election, shall choose a president, and in case it should
happen that an election of directors should not be made
upon the day, when pursuant to this act, it ought to be made,
the said company shall not for that cause be deemed to be
dissolved, but it shall and may be lawful on any other day,
within twenty days thereafter, to hold and make an election

Of vacancy.

in such manner as shall have been regulated by the laws
and ordinances of the said corporation, and in case of the
death, resignation, disqualification or removal out of the
county, of a director, or his being appointed president of
the Bank, his place may be filled up by the directors for
the remainder of the year.

Tenor of office

Sec. 9 And be it enacted, That the president of the Bank
may be elected from year to year without limitation, but
one director at least shall go out annually.

State directors,

Sec. 10, And be it enacted, That when the state shall be-
come a stockholder to the amount of twenty thousand dol-
lars, it shall be entitled to appoint two directors, to be
chosen by joint ballot by the Senate and the House of Dele-
gates, which state directors shall be only entitled to hold
their seats for one year after their appointment, unless re-
elected.