66

LAWS OF MARYLAND.

Dec. Sess.

1814.

Elections of
president and
directors ——
vacancies.

of directors on behalf of the state; and if he shall at any
time cease to be a stockholder, he shall cease to be a di-
rector.
10. AND BE IT ENACTED, That the president
and directors first chosen, shall hold their scats for
twelve months, and the president and eight directors,
may be re-elected at the regular annual elections; if the
president shall be chosen out of the number of directors,
is place shall be supplied by the directors from among
the stockholders; and if a vacancy shall at any time hap-
pen among the directors by death, resignation or other-
wise, the directors shall elect a director to till the vacan-
cy for the residue of the year from among the stock-
holders.

President pro-
tem.

11. AND BE IT ENACTED, That in case of
sickness, or necessary absence of the president, he shall,
in writing, signify the same to the directors, who shall
appoint one of the board of directors to act as president
pro tempore.

Cashier &c.—

how to be ap-
pointed—their
compensation.

12. AND BE IT ENACTED, That the board of
directors for the bank shall have power to appoint a
cashier, and other officers and servants, for exerting
the business of the company, and to allow such com-
pensation for their services as shall be reasonable No
director shall be entitled to any emolument, unless the
same shall have been allowed by the stockholders at a
general meeting. The stockholders shall make such
compensation to the president for his extraordinary at-
tendance at the bank, as shall appear to them reason-
able.

Buildings.

13. AND BE IT ENACTED, That the board of
directors shall have power to purchase, erect, rent or
lease, proper buildings for the bank, and to have such
buildings fitted up and secured with vaults, &c. at the ex-
pense of the company.

Rules, orders,

&c.

14. AND BE IT ENACTED, That the board of
directors and president shall have power to make, revise,
alter or annul, rules, orders, by-laws and regulations,
for the government of the company and that of their
officers, servants and affairs, as a majority of them shall
deem expedient, provided they are not contrary to law

Provisos.

or the constitution; Provided always, that no rule or
regulation shall entitle the president or any director,
to obtain discounts on terms different from those prescrib-
ed for other persons; and Provided also, that neither of
them shall be indulged with discounts or accommodation
paper beyond one thousand dollars per week, and that
not to exceed in the whole, at any one time, five thous-
and dollars.

Liability.

15. AND BE IT ENACTED, That the company
shall in no case be concerned in any article but notes,
bills of exchange, mortgages, stock of the United States,
specie or bullion, except in the case of debts due to the