216

LAWS OF MARYLAND.

1812.

to secure the regular payment of the subsequent instal-
ments, if any stock-holder shall fail to make regular
payments of any instalment after ten dollars shall
have been paid on each share, such stock-holder's
money in bank shall remain free from interest, and not
entitled to dividend until such instalments shall be
made good; and the dividend thereafter to be paid to
such stock-holder (as well upon the money by him re-
gularly paid as upon the money paid after default)
shall be calculated only from the time such instal-
ment was made good.

Members of
said company
shall not be an-
swerable in per-
son or indivi-
dual property
for any de-
mands.

5. AND BE IT ENACTED, That no member of
the said company shall be answerable 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 al!
property, rights and credits belonging to the said insti-
tution; and nothing more, shall at all times be answer-
able for the demands against the said company.

Affairs of the
bank— by
whom to be
managed.

6. AND BE IT ENACTED, That the affairs
of the said bank shall be managed by sixteen directors
and a president, eight of the directors to be resident
in Worcester county, and eight in Somerset county.

Stock-holders
may vote in
person or by
proxy for direc-
tors;

7. AND BE IT ENACTED, That in choosing
directors, the stock-holders shall be entitled to vote
either in person or by proxy, according to the number
of shares held by them.

Directors shall
be stock-hold-

ers.

'8. AND BE IT ENACTED, That no person
can be admited to take a seat as director, unless he
shall at the time be a stock-holder.

President and
directors shall
be chosen annu-
ally.

9. AND BE IT ENACTED, That the president
and directors first chosen, shall hold their seats for
twelve months; and the president and sixteen direc-
tors may be annually chosen at the regular annual
elections; one of the directors for the county of Som-
erset, and one for the county of Worcester being
changed each year. If the president shall be chosen
out of the number of directors, his place shall be sup-
plied by the directors, from among the stock-holders;
and if a vacancy shall at any time happen among the
directors by death, resignation or otherwise, the direc-
tors shall fill the vacancy for the remainder of the
year from among the stock-holders of the county im
which the director whose seat has become vacated
resided.

President pro
tem.

10. AND BE IT ENACTED, That in case of
sickness or absence of the president, he shall desig-