224

LAWS OF MARYLAND.

on the three first days aforesaid, the said Commis-
sioners or a majority of them shall so apportion the
shares among the several subscribers as will reduce
the whole to the requisite number; but if the said
subscription shall not be filled up on the three first
days, the said Commissioners or a majority of them
shall receive subscriptions from all persons whom-
soever, and as soon as said subscription shall be com-
pleted, it shall be their duty to close the said books;
and if any of the Commissioners hereby appointed
shall die, resign or refuse to act during the continu-
ance of the duties prescribed by this act, the vacancy
thereby created shall be filled by the remaining Com-
missioners.

Stockholder
to elect Presi-
dent and Di-
rectors.

SEC. 3. And be it enacted, That when the whole
capital stock shall have been subscribed, and appor-
tioned, the said Commissioners, or a majority of them
shall notify the said subscribers, by advertisement
published at least three weeks previously in the news-
papers, printed in Queen Anne's County, to meet at
Centreville on some day to be named therein, and
make payment to them of twelve and a half dollars
per share of the stock subscribed for, or apportioned ;
and immediately after such payment shall have been
made, the said subscribers shall proceed to elect by
ballot, under the direction of said Commissioners, or
a majority of them, nine Directors to manage the af-
fairs of said Company; each subscriber voting at that
and all future elections upon the block held, in the
ratio hereinafter prescribed.

Shares of stock
— how voted.

SEC. 4. And be it enacted, That in choosing Di-
rectors, the shareholders shall be entitled to vote as
follows: for one share, and not more than two shares,
one vote; for every two shares above two, and not
exceeding 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 every eight shares above sixty, and not
exceeding one hundred, one vote; and for every
ten shares above that number, one vote; but no per-
son or body politic shall be entitled to more than
thirty votes; and all votes at elections shall be by
ballot, in person or by proxy.

Qualification.

SEC. 5. And be it enacted, That the Directors
of said bank, the President, and all other officers and
servants shall have been at the time of their election
or appointment, residents of the county of Queen
Anne's, at least twelve months; and the Directors