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dollars on each share, and the same sum at the expiration of every
month thereafter, until five instalments shall have been paid in;
and the remaining ten dollars on each share shall be paid by such
instalments as the directors may appoint, alter notice as aforesaid.
12. And be it enacted, That receipts shall be given by two or more
of the commissioners, or the president, as the case may be, for the
several payments herein provided; but after a subscriber shall have
paid his or her shares up to ten dollars each, he or she may receive
a certificate of certificates for the number of shares by him or her
held, subscribed by the president, under the seal of the bank.
13. And be it enacted, That if any stockholder shall fail to pay
his or her instalment to the amount of six dollars on each share, at
the times and in the manner before specified, such stockholder shall
forfeit, for the use of the bank, all antecedent payments; but no
forfeiture shall take place after six dollars shall have been paid; but
as it is requisite that means shall be taken to secure the regular
payments of the subsequent instalments, if any stockholder shall
fail to make regular payment of any instalment after six dollars
shall have been paid on each share, such stockholder's money in
bank shall remain free from interest, and not entitled to dividend,
until such instalment shall have been made good, and the dividend
thereafter to be made to such stockholder, as well upon the monies
regularly paid, as upon those paid after default, shall be computed
only from the time that such instalment was made good.
14. And be it enacted, That no member of the said company shall be
answerable in his person or individual property for any contract or
engagement of the said bank, or for any losses, deficiencies or fail-
ures, of the capital stock thereof, but all the said capital stock, to-
gether with all property, rights and credits, of the said institution,
shall at all times be answerable for demands against the said bank.
15. And be it enacted, That the president and directors shall de-
termine the manner of conducting the concerns of the said bank,
and the rales and forms to be pursued therein; they shall appoint
and pay all subordinate agents by them deemed necessary, and dis-
pose of the funds and credits of the said bank, in the common course
of banking, for the use and benefit of the said stockholders, and
make a dividend of profits after the end of the first year, and semi-
annually thereafter.
16. And be it enacted, That the president and directors of the said
bank may hold an annual election at the banking house, alter no-
tice as aforesaid, and in the meantime should a vacancy hap-
pen the president and directors may supply the same from among
the stockholders.
17. And be it enacted, That in case of sickness or absence of the
president, the board of directors shall choose one of their body to
act as president pro tern.
18. And be it enacted, That the president and directors may pur-
chase or lease real property, and cause to he erected all necessary
buildings, conveniences and securities, for said bank.
19. And be it enacted, That the said bank may be concerned in bul-
lion, gold and silver coin of the United States, mortgages, bills of
exchange, and notes, or any collateral securities, that may appear
expedient to the president and directors.
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Dec. Ses. 1817
Certificates
for shares.
Forfeitures.
Capital stock
only answera-
ble for losses,
&c.
President, &c.
to conduct
concerns of
Bank.
Elections--
Vacancies.
President pro
tem.
Erection of
buildings, &c.
In what to be
concerned.
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