The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1856-05-10
Earners' and Merchants Bank
OF CECIL, COUNTY.


Mn. EpiroR 1T has been deemed ad-
visable. for the information of such rcr.
sons AS may feel an interest in the proposed
bank. t" publish synopsis of the act OF In
corporation.
The commissioners have, therefore, pre-
pared the following and respectfully submit
ii for your consideration. if it shall suit Your
convenience to give it place in your paper.
SYNOPSIS.
The act passed at the late session of the
Legislature Incorporating The Farmers and
Merchants Bank OF Cecil county,
LIST. Enacts that the stock shall consist OF
1000 shares Of Is each, making = capital
uf$IOO,0
2nd. Authorizes the commissioners ap-
!" inted to open books for subscription. and
Ak soon az 1000 shares are subscribed to call
meeting OF the subscribers to elect 8
directors.
3Id. Allows the bank to go into operation
when 2G00 shares are paid up or when $780,,
Geo are paid in in gold and silver, so to be
certified t" the Conn truIcr of the State by
aperson Of his appointment.
4th The stockholders are to elect 3
directors on the first Monday Of every May
who shall elect the President. The direct
ors to he elected by a plurality of votes.
9th. The President may be elected from
year to year; but = directors shall 60 out
annually.
9Th. No one eligible as President or
director who has not resided years in the
State before the day Of election. and ina
jority of the directors to be residents Of
Cecil county.
9th. The directors appoint the President
ana Cashier and other officers necessary and
compensate them reasonably.
9TH. The president and directors author.
lZcu to sell the stock
for, after giving one mouths notice.
18Th. The churtcr expires af ter 1877.
The acts Of 1853, chap. AL and 1851
chap. l52 have immediate effect as to this
hank, aud
LIST. Require that no person shall be a
director, who is not Il stakeholder and II
citizen OF Maryland
Ind. Every stakeholder is entitled to ono
vote for each share he holds, to the number
. oi III shares, and to one vote every >
shares beyond 10 and less than 100 shares
and to one vote for every ) shares addition
al.
3rd. No share sli:ll cntitIc any holder to
vote which shall not have been held i
months previous to AN election.
4th. No director in this shall be director
III any other bank.
9th. A report to be laid before the stock
holders once in every year by the directors.
bank to be made by the directors twice
every year to the Treasurer Of the State and
to be published.
tth. Issue OF bank nOIes not to exceed
d'uhle the amount Of the stock actually paid
IN, and no note to be Of less denomination
than five dollars.
9Th. The amount of the debts which the
bank shall at any time owe exclusive of its
issue OF bank notes and exclusive of none V
deposited for safe kecping) shall not exceed
the amount Of tie capital actually paid
In, ana IN case of excess the d rectors
shall be liable for the same in their natu. a:
and private capacities: any director may,
however, exoncrate himself by giving notice
TO the Governor and to the Stockholders, OF
his dissent to the creation Of said excess;
nothing herein contained, to be construed to
confer power to pay interest On deposits be-
you'd per cent per annum.
9th. Half-yearly dividends of profits to be
declared ana To be paid within 90 days after.
10th. A dividend declared impariny the
capital stock makes the directors individual.
~ Liable.
1iih. A call for a general meeting of the
htockhollcrs may be made by the directors
or stockholders owning one fifth OF the stock.
l2th. The Cashier is to give bond with 2
OR more securities for S2O,UOO
1911. The bank not allowed to hold land
eAcSP' "iia' 10 necessary LOT It's use; and any
obtained by Jndmcnts, &c, not to BIZ held
longer than 3 years.
18th. Bona flde stockholders only, allowed
TO vote either in person or by Lroxy.
l3th. 10 pay the State an annual tax Of 20
cents On the hundred dollars Of capital paid
in.
10Th. The continuance of the corporation
shall he on the condition that the stock hold
ers and directors shall be liable to the amount
Of their respective shares, for all its debts
and liabilities, and that no directors or other
officer shall borrow any money from said cor
poration, and any director or other officer
convicted upon indictment of violating this
section shall be punished by fine and i'm
prisonment at the discretion of the court;
and upon tic further condition that this act
may be Uttered or repealed by the Lcgisa-
ture. [may LOW.