Commission-
ers to receive
subscriptions.

Sec. 5. And be it enacted, That the said Budd
S. Ford, Joel C. Slaughter, John J. Shabb, Jacob
Barkman and Samuel M. Lawder be and they are
hereby appointed Commissioners to receive sub-
scriptions and payments for the shares of capital
stock of the said corporation, and so soon as seven
hundred and fifty shares shall have been sub-
scribed for, and three-fourths of said subscription
shall have been paid in, the said corporation may
commence business, but before they proceed to do
so the said corporators or a majority of them shall
by public notice, to be published in a newspaper
in Kent and Queen Anne's counties for three suc-
cessive weeks, call a meeting of the stockholders'
at some convenient place, and the stockholders or
a majority of them who may be convened, shall
proceed to elect a President, Treasurer, five Di-
rectors and any other officer they may deem neces-
sary to carry on the business or operation of said
company, all of whom shall serve one year and
until their successors shall be appointed. The

Treasurer to
give bond

Treasurer shall give bond with security to the said
company in such penalty as they may prescribe,
with a condition well and faithfully to discharge
the duties of his office, and to account for and pay
over all monies that may come into his hand; that
the President and Directors shall advertize as
aforesaid and hold the said elections annually at
such place convenient as aforesaid, that they may
select; and that the said company may have a seal
and make by-laws for the better regulation and
carrying out the objects of the corporation, and to
change, alter and amend the same at pleasure;

Proviso.

provided, that nothing to be contained therein
shall be contrary to the Constitution and Laws of
the State or of the United States.

Stock liable
for the debts of
the Company

Sec. 6. And be it enacted, That the stock of
said company shall be deemed personal estate, and
that all the property, estate and joint stock of the
corporation shall be bound and answerable for its
debts and liabilities.

Banking pri-
vileges prohib-
ited.

Sec. 7. And be it enacted, That nothing herein
contained shall be construed as granting banking
privilege to said corporation.