1849.

LAWS OF MARYLAND.

CHAP. 506.

Deposit, and the same shall be recoverable by said
bank in any court of law or equity, and be good and
valid to all intents and purposes.

Not individu-
ally liable.

SEC. 9. And be it enacted, That no subscriber,
stockholder or member of said corporation, shall be
answerable in his person or individual properly, for
any contract or any engagement of such company, or
for any losses, deficiences or failures of the capital
stock of said company, but the whole of the capital
stock, together with all the property, rights and credits
belonging to said institution, and nothing more, shall
at all limes be answerable for the demands against the
said company.

Directors—how
and when cho-
sen, &c.

SEC. 10. And be it enacted, That to continue the
succession of the president and directors of said compa-
ny, nine directors of said company shall be chosen on
the first Monday of May, in each and every year, after
die first election, by the stockholders or proprietors of the
capital stock of said company, and by a plurality of
votes, at such place and in such manner as the presi-
dent 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 Mon-
day in May next ensuing the time of such elections
or in case of failure of an election on the day appoint-
ed, until such election takes place, and until, a num-
ber of such new directors, competent to form a board,
shall have qualified agreeably to the provisions of
this act, and the said directors at the first meeting af-
ter 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
to this act, 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 the death, resignation, disqualification or re-
moval out of the county, of a director, or his being ap-
pointed president of the bank, his place may he filled
up by the directors for the remainder of the year.

President and
directing.

SEC. 11. And be it enacted, That the president of
the bank may be elected from year to year without
limitation, but one director at least shall go out an-
nually.

Cashier, presi-
dent, etc.

SEC. 12. And be it enacted, That the directors, for
the time being, shall have power to appoint a president