1806.

NOVEMBER. LAWS OF MARYLAND.

CHAP.

XIX.

corporation, and generally to do and execute all and singular such acts, and matters and things
as to them shall or may appertain to do.

No subscriber
to be answera-
ble, &c.

V. AND BE IT ENACTED, That no subscriber or stockholder, or member. of the said company
shall be answerable in his person or individual property for any contract or engagement of said com-
pany, or for any losses, deficiencies or failure, of the capital stock of said company, but the whole
of the said capital stock, together with all property, rights and credits, belonging to the said insti-
tution, and nothing more, shall at all times be answerable for the demands against the said company

President, &c.
to continue, &c.

VI. AND BE IT ENACTED, That the present president and directors of the said bank, to wit;
John Weatherburn, president, James Mosher, George Winner, William M'Donald, Thomas Shep-
pard, William Jackson, Robert Steuart, Jacob Hoffman, William Jessop, William Gwynn, Christi-
an Mayer, Robert Carey Long, Adam Welsh, Adam Fonerden, Owen Dorsey and Peter Little,
shall continue to act as such until the first Monday in June, in the year eighteen hundred and seven,
and until a new election of directors shall take place,

To be conduct-
ed by a presi-
dent, &c.

VII. AND EE IT ENACTED, That the affairs of the said corporation shall be conducted by a presi-
dent and fifteen directors, together with such others as may hereafter be appointed by the state,
nine of which fifteen directors shall be practical mechanics or manufacturers, in the manner
herein after directed; and that there shall be an election of fifteen directors, by ballot, on the
first Monday in June next, and on the first Monday in June of each and every year thereafter,
by the stockholders or proprietors of the capital stock of the said corporation, and by 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 of June next ensuing
the time of such election, and no longer, except in case of failure of election on the day appoint-
ed, and in that case, until such election takes place; and the said directors, at the first meeting after
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 have been made, the said
corporation shall not for that cause be deemed to be dissolved, but it shall be lawful, on any other
day within ten days thereafter, to hold and make an election in such manner as shall have been regu-
lated by the laws and ordinances of the said corporation; and in case of the death, resignation,
disqualification, or removal out of the city and precincts of Baltimore, 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.

State, when to
appoint direc-
tors, &c.

VIII. AND BE IT ENACTED, That whenever the state shall become a stockholder to the amount
of fol ty thousand dollars, she shall be entitled to appoint two directors; and when the state shall
be a stockholder to the amount of one hundred thousand dollars, she shall be entitled to three di-
rectors; and the election of said directors shall be annually made by joint ballot of both houses,
either during the session of the general assembly at which such investment shall be made, or is di-
rected to be made, or the first session after the state shall so have become a stockholder to the re-
spective amounts aforesaid; and after the state shall have subscribed and elected directors aforesaid,
the stockholders, at the next election of directors, shall only elect as many directors as, together with
the state directors, will amount to the number of fifteen.

Directors to ap-
point a cashier,
&c.

IX. AND BE IT ENACTED, That the directors for the time being shall have power to appoint a
cashier, and such other officers and sen ants under them as may be necessary for executing the busi-
ness of the said corporation, and to allow to them, and to the president, such compensation lor
their services respectively, us shall by them be deemed reasonable.

President, &c.
may make
rules, &c.

X. AND BE IT ENACTED, That the president and directors for the time being may make all
such rules, orders, by-laws and regulations, for the government of the said corporation, its officers
and servants, as they, or a majority of them, from time to time shall think fit, not inconsistent with
law, or the provisions of this act, and the same at pleasure to revise, alter and annul, and may use,
employ and dispose of, the funds, money and credit, of the said bank, as they, or a majority of
them, may deem expedient, subject however to the restrictions and limitations herein after mention-
ed; and the books, papers, correspondence and funds, of the corporation, shall at all times be sub-
ject to the inspection of the directors.

Fundamental
articles.

XL AND EE IT ENACTED, That the following rules, restrictions, limitations and provisions,
shall form and be the fundamental articles of the constitution of the said corporation, to wit: