LEVIN WINDER, ESQ. GOVERNOR.

65.

main free from interest, and not entitled to dividend, until
such instalments or call shall be made good; and the di-
vidend thereafter to be paid to such stockholder, (as well

upon the money by him regularly paid as upon the mo-
ney paid after default,) shall be calculated only from the

time when said instalment was made good.

DEC. SESS.

1814.

6. AND BE IT ENACTED, That no subscriber or

stockholder or member of the said company, shall be
answerable in his person or individual property for any
contract or engagement of said company, or for any
losses, deficiencies or failures of the capital stock of the
said company; but the whole of the said capital stock,
together with all property, rights and credits, belonging
to the said institution, and nothing more, shall at all
times be answerable for the demands against the said

company.

Stockholders'
individual pro-

perty shall not
be liable for
debts, &c.

7. AND BE IT ENACTED, That the affairs of
the bank shall be managed by nine directors, exclusive

of those hereafter to be appointed by the state, and
a president, all of whom shall reside in Harford coun-
ty; and after the state shall have, paid her instalments to
the amount of ten dollars on each share by her so sub-

Affairs— by

whom to be
managed ——
state's direc-

tors &c.

scribed, she shall be entitled to choose one director; Pro-
vided, the whole sum by her subscribed shall not be less
than ten thousand dollars; and if the directors shall at
any time after the sum of twenty five dollars shall have
been paid by the stockholders on each share, deem it ne-
cessary, for the benefit of the institution, to call in the
remaining twenty five dollars due on each share, then and
in such case the state shall have a right to elect another
director, but in no other case, both of which shall be re-
sidents in Harford county. Stockholders actually resident
within the United States, and none other, to vote by
proxy; and after the first election no share or shares
which shall not have been holden two calender months
prior to the day of election, shall confer a right of suff-

rage.

Proviso.

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 every
eight shares above sixty and not exceeding one hundred,
one vote; and for every ten shares above that number,
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 ballott, delivered in per-

son or by proxy.

Ratio of votes.

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, except in the appointment

Directors must
be stockhold-
ers except on
the part of the

state.