The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1850-03-30

have power tosappoint President and
Cashier, and such officers and servants as
may be necessary for conducting the bus
mess Of the incorporation, and TO allow
to them such compensation for their srr-
VICES as shall by the directors be deemed
reasonable.
Sec. 18th. And be it enacted, That
the President and directors for the time
being, may make all rules, order by laws
and regulations for the government Of
said corporation, its officers and servants
as they, or majority of them from time
to time shall think fit, not inconsistent
with law or the provisions OF this act ,
and the same at pleasure TO reverse, al
ter and amend, and may usa, employ
and dispose of the funds and credits OF
the said Bank, as they or majority OF
them may deem exr-d'ent; subject how
ever 10 the restrictions and Limitations
hereinafter mentioned, and the books,
papers, correspondence and the funds OF
the crporatitn shall at all times be sub
ject to the inspection Of the board OF di-
rectOrs.
Sec. Nth And be it enacted, That
the following rules. restrictions, imita-
Tins and provisions shall form and be
the fundamental articles OF the cons,tu-
ton ofthe said corporation, 10 wit:
lst. The mum e. of votes to which
each s'ookhoIder shall be entitled, shall
be according to the number of shares he
or she shall hold, but no person or body
polite, shall BE- entitled to greater mum
Der than one hundred votes, and no share
or shares shall confer RICH, of suffrage
which shall not have been holden two
Calender months previous 10 the day OF
election, stockholders actually residents
within the United States and none other
may vote by prox, at elections.
2nd. The President and a majority of
the directors shall be residents of Cecil
county, and director OF anv other Bank
shall not be director OF this Bank, ana
provided ALWAYS. that no rule or regula-
ton shall rntitle director or other eli
Ger to obtain discounts on terms differ
rnt from those prescribed for other per-
sons.
Bird. The President and directors for the
time being, shall give six weeks notice in
all the newspapers published in said coun-
ty, OF the time and place of holding the
election Of directors annually.
4th. The President and Directors, be-
fore he or they enter upon the duties Of
his or their Offices shall take the follow
iag oath or affirmation. as the case NAV
bc: 81 A. B. do solemnly swear or affirm,
that | will impartlaIy, faithfully, dilisent-
ly and honestly execute the duties of
President, or director las the case may
bel OF the Cecil Bank, conlormabIy to the
constitution OF the same, and the trust re-
posed in me to the best Of my skill and
and the other officers and SER
wants OF this Bank shall also tskpa similar
oath or affirmation and shall beside give
bonds, with security TO the satisfaction Of
the President aid directors, Tor the faith
ful discharge OF their duties.
9th. The corporation shall in no case
deal trade or be concerned in any thing
but notes, bills of exchange, mortgages,
stock Of the United States or bullion, ex-
crpt in cases of debt due them, when they
shall be fully empowered to take any kind
OF security which they can obtain, nor
shall the corporation in any case d.
rectly or Indirectly, be concerned in trade
or in importation or expectation, purchase
or sale of any goods, wares or merchan-
disc, lands, tenements, or Entertainments,
whatsoever, except goods, wares ar mer-
chandzr, lands, tenements or heredlta-
mcnts,) as shall be pledged to them b.
way OF security or for debts due, owing or
growing due to the said corporation, or
purchased by them to secure such debts
due to the said corporation, neither shall
the said company take more than at the
late OF six per centum for or upon their
loans or discounts.
9th. The President and Directors nav
discount notes or bills at any length OF
time net exceeding six months.
7th. No loan shall be made by the said
for the use, or on account of
this State, or the United States or any
particular State, TO an amount exceeding
the sum Of twenty thousand dollars, or to
any foreign power or State without the
previous consent of the Legislature OF this
State.
Sth. The President and five Directors
shall constitute board for the transaction
Of business, but ordinary discounts may BE-
done by the President and three direc-
tors.
9th. In case of the sickness. or neces-
sary absence Of the President, his place
may be. supplied by a director to be APP
pointed President pro tempore by the Pres
ident, or IN case OF his inability or omis-
sion to make the appointment, by the di-
rectors for the time being. ...
10th. in case Of the death, disqualified
ton, resignation or removal out OF Cecil
('Ounfv IF tho proe,d,nt tho 1;p,.sor.