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ROBERT BOWIE, ESQUIRE, GOVERNOR.
4. 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 him subscribed; and each subscriber shall, within
sixty days thereafter, pay the farther sum of ten dollars, and ninety
days thereafter, the farther sum of ten dollars, so as to make up
twenty-five dollars on each share, and the remaining twenty-five
dollars on each share shall be pay 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, a 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. |
1811.
CHAP. 207.
Payments, how &
when to be made. |
5. AND BE IT ENACTED, That if any stockholder shall
fail to
pay his or her instalments of ten dollars 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 on 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 fifteen 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. |
Stockholder failing
to pay instalment
to forfeit monies
paid antecedently. |
6. 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 capital stock, together
with 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. |
Capital stock only,
answerable for
contracts, &c. |
7. AND BE IT ENACTED, That the affairs of
the bank shall be
managed by eight directors, (exclusive of those hereafter to be appointed
by the state,) and a president to be chosen by the directors,
all of whom shall reside in Allegany county; and after the state
shall have made an investment, she shall be entitled to one director;
and after twenty-five thousand dollars shall have been paid up by
her, she shall be entitled to two directors, which number she shall
not exceed, both of which shall be residents of Allegany county;
stockholders actually resident within the United States, and none
other, to vote by proxy; and after the first election, no share or
shares which shall not have been holden four calendar months prior
to the day of election shall confer a right of suffrage. |
Affairs of bank to
be managed by
eight directors and
a president. |
8. AND BE IT ENACTED, That in choosing directors
the stockholders
shall be entitled to vote as follows: For one share, and not
more than two shares, one vote each; for every two shares above |
Number of votes
allowed. |
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