PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

SEC. 6. And be it enacted, That no subscriber, or
stockholder, or member of said company shall be an-
swerable in his person or individual property for any
contract, or engagement of said company, or for any
losses, deficiencies, or failures of the capital stock of the
said company, but the whole of the said capital stock,
together with all property, rights and credits belonging to
the said institution, and nothing more, shall at all times
be answerable for the demands against said company.

CHAP. 246.

Not individual-

ly responsible.

Sec. 7. And be it enacted, That the affairs of the
said bank shall be managed by twelve directors and a
president, a majority of whom shall reside on the Eas-
tern Shore of Maryland, and stockholders actually resi-
dents within the United States, and none other to vote
by proxy; and after the first election, no share or shares
which shall not have been holden two, calender months
prior to the day of election, shall confer a right of
suffrage.

Affairs — how
managed.

SEC. 8. And be it enacted, That in choosing direc-
tors the stockholders shall be entitled to vote, as follows:
for one share and not more than two shares one vote
each, for every two shares above two and not exceed-
ing ten one vote, for every four shares above ten and,
not exceeding thirty one vote, for every six shares
above thirty and not exceeding sixty one vote, for eve-
ry eight shares above sixty and not exceeding one hun-
dred one vote, and for every tea shares above that num-
ber one vote, but no person or persons, or body politic,
shall be entitled to a greater number than thirty voles,
and all votes at elections shall be by ballot, delivered in
person or by proxy.

Voting regulat-
ted.

SEC. 9. And be it enacted, That no person can be
admitted a director unless he shall be at the same time
a stockholder, and if, at any time, he shall cease to be a
stockholder he shall cease to be a director.

Eligibility of
directors.

SEC. 10. And be it enacted. That the president and

directors, first chosen, shall hold their seats for twelve
months, or until the next annual election thereafter,
and the president and twelve directors may he re-elect-
ed at the regular annual elections, if the president shall
be chosen out of the number of directors, his place shall
be supplied from among the stockholders, and if a va-
cancy shall at any time happen among the directors by
death, resignation, or otherwise, the directors shall elect
a director to fill the vacancy for the residue of the year
from among the stockholders.

First board of
directors

SEC. 11. And be it enacted, That in case of sickness
or necessary absence of the president, he shall, in writ-

Absence of the
president.