1795.

LAWS of M A R Y L A N D.

C H A P.
XXVII.

ninety-feven; but it fhall be lawful for any fubfcriber to pay the whole of any
inftalment, or any greater part thereof than is hereby required, before the times
limitted as aforefaid; and each and every fubfcriber, fo paying in advance, fhall
draw a proportionable dividend on the profits and emoluments of the bank, com-
puting faid dividend from the firft day of the month next fucceeding each pay-
ment.

Subfcribers
created a cor-
poration, &c.

VI. And be it enacted, That all fuch perfons as fhall become fubfcribers to the
faid bank, their fucceffors and affigns, fhall be and are hereby created and made
a corporation and body politic, by the name and ftyle of The Prefident, Direc-
tors and Company, of the Bank of Baltimore, and by that name fhall be and
are hereby made able and capable in law to have, purchafe, receive, poffefs, en-
joy and retain, to them and their fucceffors, lands, tenements, hereditaments,
goods, chattels and effects, of what kind, nature and quality foever, and the
fame to grant, demife, alien or difpofe of, to fue and be fued, plead and be im-
pleaded, anfwer and be anfwered, defend and be defended, in any courts of re-
cord, or any other place whatfoever, and alfo to make, have and ufe, a common
feal, and the fame to break, alter and renew at pleafure, and alfo to ordain, efta-
blifh and put in execution, fuch by-laws, ordinances and regulations, as fhall
feem neceffary and convenient for the government of the faid corporation, not
being contrary to law, or to the conftitution thereof, for which purpofe general
meetings of the ftockholders fhall and may be called by the directors, and in the
manner hereafter fpecified, and generally to do and execute all fuch acts, matters
and things, as to them fhall or may appertain to do, fubject, neverthelefs, to the
rules, regulations, reftrictions, limitations and provifions, hereafter prefcribed and
declared.

Fifteen direc-
tors to be
chofen, &c.

VII. And be it enacted, That there fhall be fifteen directors, of whom there
fhall be an election on the firft Monday of December, in each year, or within
ten days thereafter, by the ftockholders or proprietors of the capital ftock of the
faid corporation, and by plurality of the votes actually given, and thofe who fhall
be duly chofen at any election fhall be capable of ferving as directors by virtue of
fuch choice until the end or expiration of the firft Monday of December next en-
fuing the time of fuch election, and no longer, except in cafe of failure of elec-
tion on the day appointed, and in that cafe until fuch election takes place; and
the faid directors, at their firft meeting after each election, fhall choofe one of
their number as prefident, but no fubfcriber fhall be permitted to vote for direc-
tors on the firft election who has not paid to the commiffioners aforefaid the
whole third part of his or their firft inftalment, nor fhall any ftockholder, at
any time, be permitted to a vote or votes at any fubfequent election on any occa-
fion where votes are taken for fuch fhare or fhares as, he or they may have for-
feited by a failure of payment.

As foon as
3000 fhares
are fubfcribed
notice to be
given, &c.

VIII. And be it enacted, That as foon as three thoufand fhares fhall be
fubfcribed, and one hundred and fifty thoufand dollars fhall have been actually
paid to the commiffioners aforefaid, in gold or filver, on account of the fubfcrip-
tions to the faid ftock, notice thereof fhall be given by the faid commiffioners
in at leaft two public gazettes printed in Baltimore-town, and one at Annapolis
and Eafton refpectively, and the faid commiffioners fhall at the fame time, in like
manner, notify a time and place within the faid town, at the diftance of thirty
days from the time of fuch notification, for proceeding to the election of direc-
tors, and it fhall be lawful for fuch election to be then and there made, and the
perfons who fhall then and there be chofen fhall be the firft directors, and fhall
be capable of ferving, by virtue of fuch choice, until their fucceffors fhall be
duly elected in purfuance of this act, and fhall, as foon as three hundred thou-
fand dollars are actually paid in fpecie, and not before, commence the operations
of the faid bank at Baltimore-town aforefaid; and in cafe it fhould happen that
an election of directors fhould not be made upon any day when purfuant to this
act: it ought to have been made, the faid corporation fhall not for that caufe be
deemed to be diffolved, but it fhall be lawful on any other day to hold and make
an election of directors in fuch manner as fhall have been regulated by the laws