T. WATKINS LIGON, ESQUIRE, GOVERNOR.

219

the ratio hereinafter prescribed as to all elections or
votes of the stockholders.

SEC. 6. And be it enacted, That the said bank
shall and may go into operation when two thousand
shares of the stock shall be subscribed and fifty
thousand dollars shall have been paid in by the stock-
holders in gold and silver, the facts of the subscrip-
tion of the said two thousand shares of stock and the
payment of the said fifty thousand dollars in gold and
silver coin being first certified to the Comptroller of
the State of Maryland, by such person or persons as
may be by him appointed at the request of the said
board of directors to examine and certify the same
and the said bank shall thenceforth and not before
be entitled to all the rights, powers and privileges
and be subject to all the duties, restrictions, limita-
tions and conditions of the several banks compre-
hended in an act, entitled an act to continue the
corporate existence of the several banking institu-
tions therein mentioned, passed at January session,
eighteen hundred and fifty-three, chapter four hun-
dred and forty-one, also an art passed at the January
session eighteen hundred and fifty-four, chapter one
hundred and fifty-two, except that the provisions of
said acts shall have immediate effect and operation
so far as they are applicable to the Farmers' and
Merchants' Bank of Cecil county.

May go into
operation.

SEC. 6. And be it enacted, That to continue the
succession of the president and directors of said
company, nine directors of said company, shall be
chosen on the first Monday of May, in each and
every year after the first election, by the stockhold-
ers or proprietors of the capital stock of said com-
pany by a plurality of votes, and those who shall be
chosen at any election, shall be capable of serving
as directors by virtue of such choice until the first
Monday in May next, ensuing the time of such elec-
tion, or in case of failure of an election on the day
appointed until such election takes place and until a
number of such new directors, competent to form a
board, shall have qualified as provided by law, and
the said directors at the first meeting after each elec-
tion shall choose a president, and in case of the
death, resignation, disqualification or removal out of
the county or State of a director, or his being ap-
pointed president of the bank, his place may be
filled up by the directors for the remainder of the
year.

Election of
officers.