LEVIN WINDER, ESQ. GOVERNOR.

59

have been paid on each share, such stockholder's mo-
ney in bank, shall remain free from interest and hot
entitled to dividend until such instalments shall he made
good; and the dividend thereafter to be paid to such
stockholder, as well upon the money by him regu-
larly paid, as upon the money paid after default, shall
be calculated only from the time such instalment was

made good.

DEC. SESS.
1814.

7. AND BE IT ENACTED, That any two of the

directors of the mother bank, shall in the first instance,
be the judges of the election of directors, and that at all
subsequent elections for the same, any two justices of the
peace of Maryland are authorised to act as judges on ap-

plication of the board of directors.

Judges of e-
lection.

8. AND BE IT ENACTED, That a president and
eight directors shall compose the board of the said branch,
but that the president and four directors shall be com-
petent to the transaction of business, and in the case
of the absence of the president he shall appoint under his
hand a director who snail act as president.

Quorum.

9. AND BE IT ENACTED, That after the first in-
stalment shall be paid in to the directors of the mother
bank, they shall appoint a day to be annually observed
for the same purpose, and a place in the town of Salis-
bury for the election of the directors, which day shall be
within thirty days thereafter, and of which notice shall
be given at least twenty days previous to said election in
the most public places in said counties, at which time and
place the stockholders of said branch shall elect from among
themselves nine directors to govern the said branch, and
the directors so chosen, after qualifying agreeably to the
nineteenth section of the act of which this is a supplement
shall elect one of their number as president, a certificate
of which qualification and election shall be transmitted to
the president of the mother bank; and the president and
directors so as aforesaid appointed shall serve until others

Election of di-
rectors.

shall in like manner be elected and qualified: Provided,
That no director of the mother bank, nor of any other
bank, shall be eligible to the office of president or direc-
tor in this bank.

Proviso.

10. AND BE IT ENACTED, That the same presi-
dent and directors may be elected from year to year with-

out limitation.

Eligibility.

11. AND BE IT ENACTED, That the number and
description of officers, in addition to the president, shall
be from time to time established by the mother bank, but
the said officers shall be appointed annually by the presi-
dent and directors of the said branch, and the salary of
the president, and the other officers, from time to time,
shall be fixed by the Farmers' Bank of Somerset and
Worcester, and shall not be lessened during the year, or
part of the year, for which they shall be appointed.

Officers— by
whom to be
appointed.