| 1810.
CHAP. 51.
Payments, how to
be made. |
LAWS OF MARYLAND.
5. AND BE IT ENACTED, That every subscriber
shall pay to the
commissioners who shall attend for opening the books, at the time
of subscribing for the same, the sum of five dollars on each share
that shall be by hum subscribed, and each subscriber shall, within
thirty days thereafter, pay the further sum of five dollars on each
share, to the commissioners aforesaid, and within every thirty days
thereafter the sum of five dollars on each share, to the directors
of
said bank, until the sum of twenty-five dollars shall be paid on each
share, but any person who may find it convenient, may, at the time
of paying his third or fourth instalment, pay upon his shares to
the amount of twenty-five dollars on each share, and shall receive
a dividend accordingly, and the remaining twenty-five dollars on
each share shall be paid by such instalments, and at such times, as
the directors shall appoint, upon giving not less than three months
notice of such demand in the most public places in the county, and
in some public print in the city of Baltimore, and receipts shall be
given for the several payments so made, but when a subscriber
shall have paid the sum of twenty-five dollars on each share, such
subscriber shall be entitled to receive a certificate, under the seal
of the bank, and subscribed by the president, for the number of
shares by him or her held. |
Stockholder failing
to pay instalment
of 10 dollars
on each share to
forfeit monies paid
antecedently, &c. |
6. AND BE IT ENACTED, That if any stockholder
shall fail to
pay his or her instalments to the amount of ten dollars on each
share, at the times and in the manner before specified, such stockholder
shall forfeit, to the use of the company, all monies paid
antecedently to such failure or default, but no forfeiture shall take
place after ten dollars in each share shall have been paid; but as
it
is requisite that means shall be taken to secure the regular payment
of the subsequent instalments, therefore if any stockholder
shall fail to make regular payment of any instalments after ten
dollars shall have been paid, such stockholder's money in bank
shall remain free from interest, and not entitled to dividend until
such instalments or call shall be made good, and the dividend
thereafter to be paid to such stockholder, (as well upon the money
by him regularly paid as upon the money paid after default,) shall
be calculated only from the time when said last instalment was
made good. |
No subscriber to
be answerable in
his individual property
for losses,
&c. |
7. AND BE IT ENACTED, That no subscriber or
stockholder, or
member of the said company, shall be answerable in his person or
individual property for any contract or engagement of said company,
or for any losses, deficiencies or failures, of the capital stock
of the said company, but the whole of the said capital stock, together
with the all property, rights and credits, belonging to the said
institution, and nothing more, shall at all times be answerable for
the demands against the said company. |
Affairs of bank to
be managed by
eleven directors
and a president. |
8. AND BE IT ENACTED, That the affairs of
the bank shall be
managed by eleven directors, exclusive of those hereafter to be appointed
by the state, and a president, all of whom shall reside in
Cecil county (a); and after the state shall have paid her instalments
to the amount of ten dollars on each share by her so subscribed,
she shall be entitled to choose one director, provided the whole sum
by her subscribed shall not be less than ten thousand dollars; and
(a) By 1815, ch. 148, the directors
are to be elected annually on the fourth
Monday in May. The several elections of directors heretofore held,
are confirmed.
See 1816, ch. 39. |
|
 |
