1829.
LAWS OF MARYLAND.
CHAP. 196.
Association shares.
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shall see fit, however, that the whole of said capital
stock
shall not exceed the aforesaid limitation; and the shares in the
said corporation stock, shall be held and construed as personal
property and be so transferable and assignable; but they
shall be transferable and assignable effectually only on the
books of the corporation, and not otherwise, by the holder
or his attorney, and all the provisions of this section and of
this act, shall apply and be in force as to the shares of the
stock of the said association, now held or subscribed for, and
all sums of money payable to the association, or for its benefit,
for or on account of such shares, shall be deemed and held
to be payable to the said corporation, and at the times heretofore
established for payment thereof.
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Election of directors.
Of chairman.
Proviso.
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Sec. 3. And be it further enacted,
That for carrying into
effect the objects, governing and well ordering the affairs and
transacting the business of the said corporation and exercising
all the powers by this act or any clause thereof conferred
upon said corporation, there shall be nine directors, who shall
be chosen by ballot from among the stockholders, on the first
Monday of August, in the year of our Lord eighteen hundred
and thirty, and in every year thereafter on the first Monday
of August, by a plurality of votes of the stockholders present,
voting in person or by proxy, and each stockholder having
as many votes as he shall hold shares; and the said directors
shall serve one year next ensuing the elections aforesaid
respectively, and until others shall be chosen, and no longer;
and the said directors at their first meeting after each election
shall from their body elect a chairman, who shall serve as
such for the term and period of service as aforesaid of said
directors; and in case of the death, resignation, or disqualification
by transfer of stock or otherwise, of a director or
chairman, his place so becoming vacant, may be filled up for
the remainder of the term, by the choice of the board of Directors
for the time being, from among the stockholders of
the corporation, and in case of the sickness or absence from
any cause of the said chairman or of any chairmen successively
appointed in his place by virtue of this section, his and
their place and capacity may be supplied by a director whom
the board of directors shall for that purpose, appoint to act,
for the time of such sickness or absence; Provided however,
That if it should at any time happen that an election of directors
shall not have been made upon the day when pursuant
to the provisions aforesaid, it ought to have been made, the
corporation shall not for that cause be deemed to be dissolved;
but it shall and may be lawful on any other day, within
thirty days after the said day, to make an election in such
manner as hereinbefore directed, and it is hereby declared,
that in regard to all acts and measures of said directors, or
under their deliberation and consideration the said chairman
is, to all intents and purposes, to be deemed a director only,
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