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under Fridge, and Henry Robinson, are hereby appointed trustees
of the Baltimore Museum, and they, or any two of them, are
hereby authorised to receive subscriptions of stock, to an amount
not exceeding twenty thousand dollars, in shares of one hundred
dollars each, to be by them applied to the payment of the charges
and expenses which have been or may he incurred in building,
furnishing and improving, the museum lately erected, and partly
furnished by Rembrandt Peale, in the city of Baltimore.
2. And be it enacted, That it shall be made a condition of the
said subscriptions for stock, that the same, shall be redeemable by
the said Rembrandt Peale, or his assigns, at any time after the ex-
piration of eight years, by paying to each stockholder, or his as-
signs, the sum of one hundred dollars for each share of stock
so subscribed and paid for, together with all dividends which
shall be due thereon, pursuant to this act; and a certificate,
signed by the said trustees, or some two of them, shall ho
delivered" to each stockholder for each share of stock he shall
subscribe and pay for; and the said shares of stock shall be
transferable by the stockholders, in person, or by attorney, on a
book to be kept by the aforesaid trustees, or the survivors or sur-
vivor of them for that purpose.
3. And be it enacted, That a semi-annual dividend of the re-
ceipts and profits of the said museum, to the amount and not ex-
ceeding eight per centum per annum, shall be, made by the said
trustees, and paid to the stockholders in the first week of January
and the first week in July in each and every year, until the said
stock shall be redeemed as before provided; and the residue of the
receipts and profits of the said museum shall be paid to the afore-
said Rembrandt Peale, or his assigns.
4. And be it enacted, That before the said trustees shall proceed
to pay or apply the amount which they shall receive for subscrip-
tions of stock as herein before authorised, the. said Rembrandt Peale
shall convey and assign, or cause to be conveyed and assigned to
them, the house erected by him for the museum as aforesaid, the
lease or term of years in the lot on which the same is erected, and
the paintings, curiosities, natural and artificial, therein, constitut-
ing the museum, to hold to the said James Mosher, John M'Kim,
junior, Robert Carey Long, Alexander Fridge, and Henry Robin-
son, and the survivors and survivor of them, in trust, to secure to
the stockholders aforesaid the payment of the semi-annual divi-
dends on each share of stock pursuant to this act, and the repay-
ment of the principal of the said shares of stock to each stock-
holder, or his assigns, on or after the first day of January one
thousand eight hundred and twenty six.
5. And be it enacted, That if at any time the semi-annual divi-
dend, payable to any stockholder, shall be unpaid for the space of
six months after the same shall be due and demanded of the said
trustees, or of any one of them, it shall be lawful for the chancel-
lor, on application of such stockholder, to decree a sale of the said
museum, and other property, or any part thereof, for the purpose
of paying out of the proceeds of such sale, as well the amount of
the principal stock, as also of all dividends which shall be due
thereon to the time of such sale.
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Dec. Ses. 1817.
To be redeem-
able by Rem-
brandt Peale.
Dividends to
be made half-
yearly.
Before paym't
to R. Peale he
is to convey
house &c.
On Failure to
pay dividend
chancellor to
decree sale of
property.
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