1829.
LAWS
OF MARYLAND.
CHAP. 84.
Notice thereof.
Privilege to pay.
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further sum of five dollars, and within sixty days
thereafter
the further sum of five dollars, and within sixty days thereafter
the further of five dollars, and the remaining seven dollars and
fifty [ ] on each share shall be paid by such instalments, and
at such time, as the Directors shall appoint, upon giving not
less than sixty days notice of such demand, in some newspaper
published in Somerset county, and also in some newspaper
published in Worcester county, provided any such papers be
published in said counties, and if not, then by public advertisement
set up at the most public places in the county which may
have no such paper, and which demand or instalment shall not
at any time, exceed two dollars and fifty cents on each share;
but any person who may find it convenient, may at the time of
paying his, her or their third instalment, pay upon each instalment
share by him, her or them hold, to the amount of twenty
dollars, and shall receive a dividend accordingly.
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Remedy in case of
failure to pay.
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Sec. 4. And be it enacted,
That if any stockholder shall fail
to pay his, her or their instalment, to the amount of seven dollars
and fifty cents on each share, at the time and in the manner
before specified, such stockholder shall forfeit to the use of the
company all monies paid antecedently to such failure or default,
but no forfeiture shall take place after seven dollars and
fifty cents on each share shall have been paid; but if any stockholder
shall fail to make regular payments of any instalment or
call, after seven dollars and fifty cents shall have been paid,
such stockholders money in Bank shall remain free from interest
and not entitled to any dividend until such instalment or
call shall be made good, and the dividend thereafter to be
made to such stockholder, as well upon the money regularly
paid, as upon that after default, shall be calculated only from
the time when such instalment shall be made good.
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Officers—election.
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Sec. 5. And be it enacted,
That the affairs of the Bank
shall be managed by a President and twelve Directors, which
Directors shall be chosen by the stockholders in person or by
proxy, in Salisbury, on the first Monday of June next, and on
the first Monday of June in every year thereafter.
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Right of voting.
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Sec. 6. And be it enacted,
That in choosing Directors of
the Bank of Salisbury, the stockholders shall be entitled to
vote either in person or by proxy, according to the number of
shares held; all elections for directors shall be by ballot, and
no share shall confer a right of suffrage after the first election,
which shall not have been holden at least three months previous
to the day of election.
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Directors must be
stockholders.
Vacancies filled.
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Sec. 7. And be it enacted,
That no person shall be admitted
to take his seat as a Director unless he shall be at the time a
stockholder, and if he shall at any time cease to be a stockholder
he shall cease to be a Director; and if a vacancy shall at
any time happen by death, resignation or otherwise, the Directors
shall elect another to fill the vacancy for the residue of
the year, from among the stockholders.
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