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10. And be it enacted, That each and every stockholder may pay
on as many shares an he pleases, agreeably to the calls made by
the president and directors, and shall be entitled to vote on such
shares, so paid, according to the calls aforesaid.
11. And be it enacted, That no person can be admitted to take
his seat as a director, unless he shall he at the time a stockholder, a
and ceasing to be a stockholder he shall, ipso facto, cease to be a di-
rector.
12. And be it enacted, That the president and directors first cho-
sen shall hold their seats for twelve months, and until others shall
be chosen, and the president and six directors may be re-elected at
the regular annual elections; if the president shall be chosen out of
the number of directors, his place shall be supplied by the directors
from among the stockholders; and if a vacancy shall at any time
happen among the directors by death, resignation or otherwise, the
directors shall elect a director to fill the vacancy for the residue of
the year, from among the stockholders.
13. And be it enacted, That in case of sickness or necessary ab-
sence 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.
14. And be it enacted, That the board of directors for the bank
shall have power to appoint a president, cashier, and other officers
and servants, for executing the business of the company, and to
allow such compensation 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.
15. And be it enacted, That the board of directors shall have
power to purchase or build, rent or lease, proper buildings for the
bank, and to have such houses fitted up and secured with vaults,
&c. at the expense of the company.
16. 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 this law
or the constitution; Provided always, that no rule or regulation
shall entitle the president, or any director, to obtain any discounts
on terms different from those prescribed for other persons: And
provided also, that no person 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, more than five
thousand dollars.
17. And be it enacted, That the company shall in no case be con-
cerned in any article but notes, bills of exchange, mortgages, stock
of the United States, stock of the state of Maryland, specie or bul-
lion, except in the case of debts due to the bank, then they shall be
fully justifiable in taking any kind of security they can ob-
tain.
18. And be it enacted, That ordinary discounts shall be made by
the president and three directors, but the president and five direc-
tors shall be necessary for the purpose of transacting the general
business of the company.
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Dec. Ses. 1817
May pay on
shares agreea-
bly to call, &c
No person to
act as director
unless he is a
stockholder.
Elections.
President pro
tem.
Directors to
appoint presi-
dent, &c.
To procure
proper build-
ings.
To make by-
laws, &c.
Provisos.
Articles in
which compa-
ny may be con-
cerned.
Ordinary dis-
counts.
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