|
calls so made, and shall be entitled to vote on as many shares only
as are so paid upon.
6. And be it enacted, That no subscriber or stockholder or mem.
ber of the said company, shall be answerable in his person or indi-
vidual 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 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.
7. And be it enacted, That the affairs of the bank shall he ma-
naged by twelve directors, and a president to be chosen by the di-
rectors, all of whom shall reside in Frederick 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 months prior to the day of elec-
tion shall confer a right of suffrage.
8. 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 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 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.
9. And be it enacted, That no person can be admitted to take
his seat as director, unless he shall be at the time a stockholder,
holding at least ten 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 scats 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 be supplied by the directors from among the stockhold-
ers; and if a vacancy shall at any 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 in writing signify the same to the di-
rectors, who shall appoint one of the board of directors to act as pre-
sident 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 di-
rectors shall make such compensation to the president for his ex-
traordinary attendance at the bank, as shall appear to them rea-
sonable.
|
Dec Ses 1817.
Capital stock
only answera-
ble for losses,
&c.
Concerns of
bank—how to
be conducted.
Votes.
No person ad-
mitted to a seat
as director,
unless he is a
stockholder.
Elections—
Vacancies.
President pro
tem.
Directors to
appoint cashier
and other offi-
cers.
|
