32

LAWS OF MARYLAND.

Dec. Sess.

1813.

President pro
tem.

board for the transaction of business; but ordinary dis-
counts may be done by the President and three Directors.
11. In case of sickness, or necessary absence of the
President, his place may be supplied by a Director, to be
appointed President pro tempore, by the President; or
in case of his incapability to make the appointment, by the
Directors for the time being.

Vacancy of
directors.

12. In case of the death, disqualification, resignation,
or removal out of Washington county, of the President.
the Directors shall meet as soon as can be thereafter, and
elect another person for President for the residue of the
year.

Directors not
entitled to pay.

13. No Director shall be entitled to receive any emolu-
ment for his services as Director, unless the same shall
have been allowed at a general meeting of the stock-
holders.

General meet-
ing.

14. The President and Directors may call a general
meeting of the stock-holders, for any purpose relative to
the institution, giving at least six weeks notice in the two
news papers published in Elizabeth Town, and in one
news paper published in the city of Baltimore, specifying
in such notice, the object or objects of such meeting; ana
any number of stock-holders, not less than thirty, who
together shall be proprietors of not less than five hundred
shares, may at any time apply to the President and Di-
rectors, to call a general meeting of the stock-holders, for
any purpose relative to the institution; and if the Presi-
dent and Directors shall refuse to call such meeting, the
said number of stock-holders, proprietors of not less than
the aforesaid number of shares, shall have power to call
a general meeting of the stock holders, giving at least
sixty days notice in the news papers printed at Elizabeth
Town, and in one news paper printed in the city of Bal-
timore, and specifying in such notice, the object or ob-
jects of such meeting.

Dividends.
Surplus.

15. The dividend of the profits of the said corporation,
or so much of the said profits as shall be deemed expe-
dient and proper, shall be declared half yearly in the
months of April and October, (and payable in the months
of May and November, in every year,) as shall from time
to time be determined by a majority of the directors, at
a meeting to be held for that purpose, and shall in no case
exceed the neat profits actually acquired by the corpora-
tion, so that the capital stock of the corporation shall
never be impaired by dividends; and at the expiration of .
every three years, a dividend of surplus profits shall be
made; but the directors shall then be at liberty to retain
at least one per cent for the time being, as a fund for fu-
ture contingencies. It shall be the duty of the President,
to cause a correct statement of all surplus profits remain-
ing in the Bank, not divided among the stock holders
antecedent to the annual election, to be made out and kept
in the Bank, for the inspection of stock-holders, between