|
CHAP.
XIX.
|
corporation, neither shall the said corporation take more than at the rate of six per centum per annum
for or upon their loans or discounts.
10th. The president and directors may discount notes or bills at any length of time, not exceeding
one hundred and twenty days, and may loan money on property security to practical mechanics or
manufacturers only, but not exceeding one eighth part the stock actually paid into the bank at the
time of making such loan or loans,
11th. Neither the president nor any director shall be entitled to receive, on accommodation paper
discounts or loans exceeding in the whole, at any time, the sum of nine thousand dollars, renewal
however from time to time at the discretion of the president and directors; nor shall any person or
firm receive on property security any greater sum than three thousand dollars, nor for a longer term
than two years.
12th. No loan shall be made by the said corporation for the use or on account of this state
for the United States, nor of any particular state, to an amount exceeding twenty thousand
dollars, or to any foreign prince or state whatsoever, without the previous consent of the legis-
lature.
13th. The president and eight directors shall constitute a board for the transaction of business
but ordinary discounts may be done by the president and five directors.
14th. In case of sickness or necessary absence of the president, his place may be supplied by a
director to be appointed president pro tempore by the president, or in case of his incapability to make
the appointment, by the directors tor the time being.
15th. In case of death, disqualification, resignation, or removal out of the city of Baltimore and
its precincts, of the president, the directors shall meet as soon as can be thereafter and elect ano-
ther person for president for the residue of the year.
16th. No director shall be entitled to receive any emolument for his services, unless the same
shall have been allowed at a general meeting of the stockholders.
17th. The president and directors may call a general meeting of stockholders for any purpose re-
lative to the institution, giving at least three weeks notice in two or more news-papers printed in
the city of Baltimore; any number of stockholders, not less than fifty, who together shall be pro-
prietors of not less than one thousand shares, may at any time apply to the president and directors,
to call a general meeting of stockholders for any purpose relative to the institution, and if the pre-
sident and directors shall refuse to call such meeting, the said number of stockholders, proprietors,
of not less than the aforesaid number of shares, shall have power to call a general meeting of stock
holders, giving at least sixty days notice in two or more news-papers printed in the city of Balti-
more, and specifying in such notice the object or objects of such meeting.
18th. The dividends of the profits of the corporation, or of so much of the said profits as shall
deemed expedient and proper, shall be declared, half yearly during the months of May and Novem-
ber, (and be paid in the months of June and December in every year, ) and shall, from time to time
be determined by a majority of the directors, at a meeting to be held for that purpose, and shall in
no case exceed the amount of the neat profits actually acquired by the corporation, so that the capi-
tal stock of the corporation shall never be impaired by dividends; and at the expiration of every
three years a dividend of surplus profits shall be made, but the directors shall then be at liberty
retain at least one pet cent, upon the capital for the time being, as a fund for future contingencies
It shall be the duty of the president to cause a correct statement of all surplus profits remaining
the bank, not divided among the stockholders antecedent to each annual election, to be made out and
kept in the bank free for the inspection of stockholders, between the times of such dividends being
declared, and each annual election.
19th. If the directors shall at any time wilfully and knowingly make or declare any dividend which
shall impair the capital stock, all the directors present at the making or declaring such dividend, and
consenting thereto, shall be liable in their individual capacities to the corporation for the amount of
proportion of the said capital stock so divided by the directors, and each director who shall be pre-
sent at the making or declaring of such dividend, shall be deemed to have consented thereto, unless
he shall immediately enter his dissent, in writing, on the minutes of the proceedings of the board
or give public notice to the stockholders that such dividend has been declared.
20th. The shares of stock shall be transferrable on the books of the bank only, according to such
rules as shall be established by the president and directors, but all debts, actually due and payable
to the bank by a stockholder requiring a transfer, must be satisfied before such a transfer shall be
made, unless the president and directors shall direct otherwise.
21st. The lands, tenements and hereditaments, which it shall be lawful for the corporation to
hold, shall be only such as shall be requisite for their immediate accommodation in relation to to
convenient transaction of their business, and such as shall have been bona fide mortgaged or convey
ed to them by way of security, or in satisfaction of debts contracted in the course of their dealing
or purchased at sales upon judgments which shall have been obtained for such debts.
|
