Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1870-06-09

LAwS-GENERAL.
Directors ~ho may have been absent when
the said excess sas created. or who may
have dissented from the rseolusion O. At
Whereby the ssmr vae erease1 = nav ~
s?ecsivcly exoner1te shemseir6s from bel
ing % liable By fcrth~i:A etvjsg sosies
of the taes. and a their shsesce o. dis
1kss b. The 6clernsr sef tsss Sezis. ami 90
the stcckholders q genera! meeting /
which they shall have power to cali for thaf
pszpcst.
ARTICLE VIlf. kj
The President and q majority Of the
Directors shall constitute Board for the
transaction OF business. and in the event
Of the election of one Of the Directors
elect, to the Office Of President, then in
that cas-, the President and three Direc-
tors shall constitute Board aud quorum
for the transaction of business generally.
bu. ordinary discounts may be made by
the President and three Directors, or
majority Of any Board Of Directors. and
in ease Of sickness or necessary absence
Of the President. his place NAV be sup.
piled by Director. whom he. by writing
under his hand. shall nominate for the
purpose.
ARTICLE TX.
Half yearly dividends shall be made to
the stockholders of so much Of the net
profits of the corporation, as shall appear
to the President and Directors advisable,
and such dividends shall he declared in
the months of June and December, and
shall be paid on the second Monday Of the
ensuing month after they are declared.
and If the Directors shall at any time will
fully and knowingly make or declare any
dividend. which shall impair the capital
| stock, al! the Directors present at the
making or declaring such dividend, and
consenting thereto, shall be liable in their
individual capacities to the corporation.
for the amount Or proportion Of the said
capital stock so divided BY the Directors,
and each Director, who shall be present
at the making or declaring Of such divi-
dend, shall be deemed to have consented
thereto, unless he shall Immediately enter
his dissent in writing. on the minutes of
the proceedings Of the board. and give
public notice TO the stockholders that such
dividend has been declared.
ARTICLE y.
M Director shallr rc entitled ~ --~r;vn
any emolumens g. lis services. unless
the same shall have been allowed at a
general meeting of the stockholders, and
the Directors shall make such compeusa-
ton to the President for his extraordina-
ry attendance at the bank, as shall ap-
pear to them reasonable.
ARTICLE NJ.
The President and Directors of the cor.
pCration NAV at any time call a general
meeting Of its stockholders for anv pur.
pose relative to the institution, giving at
least six weeks no'ice in two or more .ai-
ly newspapers printed in baltimore city,
it the corporation be located in said city.
or in n newspaper printed in tho county
town of the county in which the corpora
ton may be located, il not located ia the
!. said city, and any number of stockhol-
ders owning not less than oue-ffth of the
stock OF the corporation, may at any time
. apply to the said President and Directors
to call general meeting of the stockhol-
ders for any purpose relative to the in
stitution, aud if the President and Dire
tors shall refuse to call such meeting, the
:, said number Of stockholders, proprietor.
Of not less than the aforesaid number o.
shares, shall have power to call genera
meeting Of the stockholders, giving notice
as aforesaid, and specifying in such no.
tie the otjectsof such meeting; ana
it is hereby made the'duty of the Presi
: deat and directors Of said kank, upon tn
application OF any ten stocRts,3srs fo
tha, purpose, TO give such s.cckh MIR );
iu!l list Of the names Of all the stocS
ders in said bank.
ARTICLE XII.
r Every Cashier or Treasurer hefore h
, enters Upon the duties of his offi,c shal
be required u give bpnd. with tao o
more securities, to the satisfaction of tis,
| President aud Directors, in sum no
less than Fifty Thousand dollars fer tn
: larger banks, nor less than twenty shou
{ sand dollars for those banks whose capi
] tails do not exceed three bundrei thnus
and dollars, With condition for the faah
ful discharge of their duties.
ARTICLE XIII.
! The lands. tenemaeuts and he.elitameni
which it shall be lawful for the said csr
porsiion to held, shall be oa.y such =
shall be requisite CIR It's immediate %
: commoda,ioa in relakion To the convenieal
transaction Of its business, and such q,
; shall have been baaa fsx, mortgagea o
conveyed to it by way of security, or i
: satisfaction Of debts. contracted in Oh
: course of its dealings, OF purchased >
= sales upon juds,nsns. which shall hav
/. been obtained fos such debts; provided
: however, ;ba: it shall not be lawful {,
j. any such corporation 20 hold any real es
: tate purchased at sales upon judgments q
q aforesaid. for moro than thrvc years. fro,
4 and after TIE time Of such purchase. whe
: judicious ssae thereof nav b effected wish
( In the said three pears. .s.
: ARTICLE XIV. w.
!, That the corporation shall not. dead .
o trade IN anything except bills Of e,
= chapgesprcmissory notes and tuiiion,
o in the psedsce ef their laads or Of 500