74

LAWS OF MARYLAND.

DEC. SESS.
1813.

amount of five dollars on each share, at the times and
in the manner before specified, such stockholder shall
forfeit to the use of the company all monies paid antece-
dently to such failure or default, but no forfeiture shall
take place alter five dollars on each shore shall have been
paid; but as it is requisite that means shall be taken to
secure the regular payment of the subsequent instal-
ments, therefore if any stockholder shall fail to make re-
gular payment of any instalments after five dollars shall
have been paid, such stockholder's money in bank shall
remain free from interest, and not entitled to dividend
until such instalments or call shall be made good, and
the dividend thereafter to be paid to such stockholder (as
well upon the money by him regularly paid, as upon the
money paid after default,) shall be calculated only from
the time when said last instalment was made good.

Stockhold-
ers out per-
sonally respon-
sible for losses.

6. AND BE IT ENACTED, That no subscriber of
stockholder, or member of the said company shall be
answerable in his person or individual property for any
contract or engagement of said company except as here-
in after excepted, or for any losses, deficiencies, or fail-
ures of the capital stock of the said company, but the
whole, of the said capital stock, together with all proper-
ty rights and credits, belonging to the institution, and
nothing more except as aforesaid, shall at all times be an-
swerable for the demands against the said company.

Management
of affairs.

7. AND BE IT ENACTED, That the affairs of the
bank shall be managed by nine directors, and a president,
all of whom shall reside in Caroline county; stockhold-
ers actually resident within the United States, and none
other, to vote in person or by proxy; and after the first
election, no share or shares which shall not have been
holden four calender months prior to the day of election,
shall convey a right of suffrage.

Ratio of votes.

8. AND BE IT ENACTED, That in choosing di-
rectors the stockholders shall be entitled to vote as fol-
lows: for one share, and not more than two shares, one
vote each: for every two shares above two, and not ex-
ceeding 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 eve-
ry eight shares above sixty, and not exceeding one hun-
dred, one vote; and for every ten shares above that num-
ber, one vote; but no person or persons, or body politic,
shall be entitled to a greater number than thirty votes;
and all votes at elections shall be by ballot delivered in
person or by proxy.

Directors
must be stock
holders.
President &
directors first
chosen Fu-
ture elections.
Vacancies.

9. AND BE IT ENACTED, That no person can
be admitted to take his seat as a director, unless he shall
be at the time a stockholder, and ceasing to be a stock-
holder, he shall ipso facto cease. to be a director.
10. AND BE IT ENACTED, That the president
and directors first chosen, shall hold their seats for twelve