The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1870-05-26
LAWS--CEN ERAL
PASSED ny rHs
GencraIAsSembly of Maryland
N The January Session, 1870,
PUBLISHER ny AUTHORITY.
CHATTER 20G.

for carrying on the business Of banking may
be formed by any number of persons, not
less in any case than five, who shall enter
into articles Of association, which shall
specify in general terms the object for which
the association is formed, and may contain
other provisions not inconsistent with the
provisions Of this Act, which the ASSOCIATION
may see tit to adopt for the regulation of the
business Of the association and the conduct
of its affairs, and that the President and
Cashier elect Of any existing bank in the
State Of Maryland, established either under
the laws OF this State or ofthe United States.
together with any five Directors thereof
elect be and they are hereby appointed
commissioners, with authority to establish
Banking Institution in their now locality
or any other within the State, and under
their present style so modified, however, by
omltting the word National where now
existing as to represent a State institution,
and when deemed necessary and advisable,
to adopt new style altogether.
Sec. 2. And be il enacted, That the said
institution under the name and style adopt
ed, is hereby made able aud capable in law
to sue aud be sued, plead and be impleaded,
answer and be answered, defend and be
defended in Courts OF RECORD or any other
place whatsoever; to make, have and use a
common seal, and the same to break, alter
and renew at their pleasure, and generally
to do and execute all and singular such acts,
matters and things as a corporation or body
polite may and can lawfully execute.
Sec. g. Aud be it enacted, That the
capital stock of said corporation, when To-
Gated in the City of Baltimore, shall consist
of not less than three hundred thousand
dollars, divided into shares of Que hundred
dollars each, with the privilege Of so in
creasing from time 10 time the number of
shares to in all twenty thousand, thus max.
ing the entire capital stock two million
dollars, and when three hundred thousand
dollars OF said capital stock shall have been
full paid in the lawful money ofthe United
States," and so certified by majority OF
the said commissioners or Directors to the
Treasurer and Comptroller Of the State, and
n certificate ottheir SO organization be trans
mitted to the Clerk of the Court of Appeals,
to be by him recorded among the records OF
Of his Office. and not before, shall they be
entitled to all the benefits and privileges
herein conveyed or intended to be con.
yeyed.
Sec. A. Aud be it ENACTED, That the
capital stock Of said corporation, when 10.
Gated other than in tic City of Baltimore,
| shall consist of not less than fifty thousand
dollars, divided into shares Of one hundred
dollars each, with the privilege of so in
creasing from time to time the number oi
shares to ia all five thousand, thus making
the entire capital stock five hundred thou.
sand dollars, and when fifty thousand dol
| lars Of said capital stock have been full paid
| in the "lawful money of the United States,
and so certified by majority Of the said
commissioners or Directors to the Ii easurer
and Comptroller of the State, and certif.
cate of their so organization be transmitted
to the Clark of the Court of Appeals, to be
by him recorded among the records of his
office, and not before, all they be entitled
to all the benefits and privileges herein con
yeyed or intended to be conveyed.
Sec. 8. And be it enacted, That the said
commissioners, or a majority Of them, shall
| be and are hereby constituted Board oi
Directors, TO manage the affairs OF the said
corporation until the second Monday oil
July ensuing its or their organization under
| this Act, and until successors shall be chosen,
and in case it should at any time happen
that an election of Directors or appointment,
of President Of the SAID bank should not be
made so as take effect on any day when in
pursuance of the law, the same should take
effect, the corporation shall not for that
cause be deemed TO be dissolved, but it shall
be lawful at any time within thirty days
thereafter, to make such election aud ap.
pointment in such manner as shall be di.
rected and provided by the ordinances Of
the bank, aud in case Of the death, resigna-
ton, removal out of the State, or other dis.
qualification of any Director or of the Pres
ident of the said Bank, the vacancy thereby
occasioned may be filled by the Directors
for the time being, electing Director or
appointing a President, as the case may be,
for the balance of the time
Sec. 6. And be it enacted That the af.
fairs of the several and singular corpora.
tons herein provided for, shall be managed
by President and Directors in each of said
corporations, and the number OF Directors
in any Of the said corporations shall not be
greater than seven nor less than FIVE, and
the number Of Directors in any Of said cor.
porations may be changed by the stockhol.
ders from time to time, within the limits as
to number aforesaid, and no person shall
be Director in any Of the said corpora.
hons who is not stoekholder thereof. aud
who is not also q citizen of the State oi
Maryland.
Sec. 7. And be Il enacted, That the fol.
lowing rules, restrictions, limitations and
| provisions, shall form and be fundamental
areicies OF tha eonstitution Of each of the
said corporations, namely,
ARTICLE l.
Every s,ockholder shall be entitled to one
vote for every share which he, she, it or
they may hold TO the number ofnot exceed
ing ten shares, and to one vote for every
additional two shares to the number of not
exceeding one hundred shares in all, and to
one vote for every additional FIVE shares
hereafter, but no share Of stock shall eutitle
any holder to vote which shall not have
been holden four calendar months previous
to the day of election, and stockholders ac.
tually resident within the United States,
and none others may vote at elections BY
proxy.
ARTICLE II.
None but stockholder, being citizen OF
this State. shall be eligible as Director or
President, and every President or Director,
as the case may be, shall cease 10 be Di
rector or President upon his ceasinr to be
citizen Of this State, or stockholder.
ARTICLE III.
No Director Of any one of the said eorpo.
rations shall be at the same time a Director
OF any other bank in this State, and once in
each year the Directors shall lay before the
stockholders Of each of said corpo. .aiions,
at general meeting, for their information,
an exact and pnriicplar statement Of the
debts which shall have remained unpaid
after the expiration Of the original credit,
and the surplus profits, if any, after deduc.
ting losses and dividends.
ARTICLE ~.
The Treasurer OF this State shall be fur.
pished With statements Of the amount of the
capital stock Of the corporation, and of the
debts due 10 aud from the same, specifying
those due 10 and from other hanks, of the
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