1832.

LAWS OF MARYLAND.

CHAP. 195.

rectors, all of whom shall be residents of the States of
Maryland and Delaware, and not confined to the counties
of Kent and Queen Ann's, as heretofore directed by the
act to which this is a supplement; and there shall be an
election of eight directors, by ballot, on the first Monday

Annual elections

of May, in the year one thousand eight hundred and thirty
four, and on the first Monday in May, in each and every
year thereafter, by the stockholders or proprietors of the
capital stock of the said Corporation, and by a plurality 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 election; or, in case of failure of an election
on the day appointed, in that case, until such election

competent to form a board, shall have qualified agreeably
to the provisions of the act to which this is a supplement;

Choice of Presi-

dent

and the said directors, at the first meeting after each elec-
tion, shall choose a President; and in case it should hap-

Case of omitting

pen that an election of Directors should not be made upon
the day when, pursuant to this act, or the act to which this

Charter not vacated

is a supplement, 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 in
such manner as shall have been regulated by the laws
and ordinances of the said Corporation; and in case of

Case of vacancy.

the death, resignation, disqualification, or removal out of
the State, 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.

Capital stock 100,-
000 dollars, shares
25 dollars

Sec. 4. And be it enacted, That the capital stock of the
said bank, shall consist of one hundred thousand dollars,
money of the United States, divided into shares of twenty-
five dollars each, and the institution shall and may go into
operation when fifty thousand dollars shall have been sub-
scribed, and twenty-five thousand dollars shall have been
paid in by the subscribers, in the manner indicated by the
act, to which this is a supplement.

Eleigiblity of Di-

rectors.

Sec. 5. And be enacted, That the election of the direc-
tors of the said bank, shall not be confined to Kent, and
Queen-Anne's counties, but that the same shall be eligible
from any part of the states of Maryland, or Delaware, or
either of them, according to the regulations of the original