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nothing more, shall at all times be answerable fur the demands
against the said company.
6. And be it enacted, That the affairs of the bank shall be ma-
naged by twelve directors, and a president to be chosen by the di-
rectors; all of whom shall reside in Dorchester 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 four calendar mouths prior to the day of elec-
tion shall confer a right of suffrage.
7. And be it enacted, That in choosing directors the stockholders
shall be entitled to vote as follows: for one share and not more
than two shares, one vote each; for every two shares above two
and not exceeding ten, one vote; for every four 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 eve-
ry ten shares above that number, one vote; but no person or per-
sons, 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.
8. And be it enacted, That no stockholder shall be entitled to vote
on his stock for president and directors, unless he shall have com-
plied with the calls of payment made by the president and directors,
and that each and every stockholder may pay on as many shares
as 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.
9. And be it enacted, That no person can be permitted to take
his seat as director, unless he shall be at the time a stockholder,
holding at least live shares, and if he shall at any time cease to be
a stockholder as aforesaid, he shall cease to be a director.
10. And be it enacted, That the president and directors first cho-
sen shall hold their seats for twelve months, and the president and
eleven 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 he supplied by the directors from among the stockhold-
ers; and if a vacancy shall at arty time happen among the directors
by death, resignation or otherwise, the directors shall elect a di-
rector to fill the vacancy for the residue of the year, from among
the stockholders.
11. And be it enacted, That in case of sickness or necessary ab-
sence of the president, he shall signify the same to the directors,
who shall appoint one of the board of directors to act as president
pro tempore.
12. And be it enacted, That the board of directors for the bank
shall have power to appoint a cashier, and other officers, and ser-
vants, for executing the business of the. company, and to allow
such compensation for their services as shall be reasonable; no di-
rector shall be entitled to any emolument unless the same shall have
been allowed by the stockholders at a general meeting; the stock-
holders shall make such compensation to the president for his ex-
traordinary attendance at the bank, as shall appear to them rea-
sonable.
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Dec. Ses. 1817
Affairs of bank
how to be
managed.
Votes.
No stockhold-
er entitled to
vote unless he
has complied
with call for
payment.
No person to
act as director
unless he is a
stockholder.
Elections.
President pro
tem.
Directors to
appoint presi-
dent, &c.
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