184

LAWS OF MARYLAND.

Forfeiture,

fifteen dollars on each share of said stock, to be
paid as the said Board shall direct. On due
notice to the said subscriber, the share of a stock-
holder who omits to make such payment shall be
forfeited, together with all previous payments
made thereon. After the payment of twenty dol-
lars per share on the whole number of two thou-
sand shares of the capital stock of this corpora-
tion, the Bank may commence its business in the
full enjoyment of the privileges of this charter.

Balance due
on subscript
tion.

Sec. 8. And be it enacted, That the Board of
Directors shall have power to call for the payment
of the balance due on the subscription to the said
stock at any time, and in the event of the non-
payment of such balance within ninety days after
due notice, it shall be lawful for the Board of
Directors to enforce such payment, or to sell, by
public auction, the stock of the non-paying stock-
holders ; the proceeds of such sale, after the de-
duction of the costs of sale, shall be paid over to
said non-paying stockholder, who shall thereupon
cease to be a stockholder, and the purchaser of said
stock shall have all the privileges and profits ac-
cruing or accrued thereon, and become -liable for
the payment of all calls then due or thereafter
made on said shares of stock.

Pividends.

Sec. 9. And be it enacted, That the Board of
Directors shall have the power to declare dividends
on the stock of the said Bank at any time after
the accumulation of profits of said corporation
shall exceed five per cent, on the amount of the
capital actually paid in, provided said dividends
do not reduce the surplus of profits of the Bank
below five per cent, on the amount of capital ac-
tually paid in ; but no dividend shall be paid
until the amount of fifty dollars shall have been
paid on every share,

May increase
Capital.

Sec, 10. And be it enacted, That at any time
after the payment of the original capital of two
hundred thousand dollars into the Bank, as here-
inbefore provided, the Board of Directors may in-
crease the capital of the corporation to the amount
limited, or any part thereof, in shares of one
hundred dollars each, and such increased stock
shall be subject to all the liabilities, immunities