E. LOUIS LOWE, ESQUIRE, GOVERNOR.
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thousand dollars, in shares of twenty-five dollars
each;
of the Bank of Westminster, of one hundred thousand
dollars, in shares of twenty-five dollars each; and
of the Patapsco Bank of Maryland, of one hundred and
twenty-five thousand dollars, in shares of twenty-five
dollars each.
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SEC. 3. And be it enacted,
That the affairs of the
several corporations shall be managed by a president
and directors in each of said corporations, and the number
of directors in any of the said corporations shall not
be greater than twelve, nor less than five, the number
in each case to be determined by the stockholders of
the corporation at a general meeting to be held for the
purpose of the first election of directors to be made after
this act shall as to such corporation take effect, and
the number of directors in any of said corporations may
be changed by the stockholders from time to time,
within the limits as to number aforesaid, and no person
shall be a director in any of the said corporations
who is not a stockholder thereof, and who is not also a
citizen of the State of Maryland, is entitled to elect directors
shall determine that the number of directors therein
shall be reduced, then the number of directors to
which the State is entitled in such corporation, shall
be reduced in proportion to the reduction of the whole
number of directors.
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Affairs—how
managed.
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SEC. 4. And be it enacted,
That the following rules,
restrictions, limitations and provisions shall form and be
fundamental articles of the Constitution of each of the
said corporations, namely:
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Votes stockholder
are entitled
to.
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ARTICLE 1. Every stockholder
shall be entitled to
one vote for every share which he, she or it, or they
may hold to the number of not exceeding ten shares,
and to one vote for every additional two shares to the
number of not exceeding one hundred shares in all,
and to one vote for every additional five shares thereafter;
but no share of stock shall entitle any holder to a
vote which shall not have been holden four calendar
months previous to the day of election; and stockholders
actually resident within the United States, and none
others, may vote at elections by proxy.
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Eligibility of
director or
president.
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ART. 2. None but a stockholder
being a citizen of
this State shall be eligible as a director or president, and
every president or director, as the case may be, shall
cease to be a director or president upon his ceasing to
be a citizen of this State, or stockholder.
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Rules and
articles.
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