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LEVIN WINDER, ESQUIRE, GOVERNOR.
William Hughlet and John Tillottson; Charles county, for twelve
hundred shares, under the superintendance of Messrs. Caleb Hawkins,
John Fergusson and John B. Wills; that four thousand shares
thereof be reserved for the use and benefit of the state of Maryland,
to be subscribed for by the said state when desired by the
legislature thereof, and that a majority of the said commissioners
at the places above mentioned respectively, shall be sufficient to
perform the duties of their appointments, and that they shall keep
the subscription open for at least the term of three days, and if
not completed at the expiration of that term, then they shall keep
the same open for ten days thereafter, unless sooner completed, and
no longer; but if the subscription shall be filled at any time before
the expiration of the said term of three days, then and immediately
after the same shall be so filled, no person, copartnership or body
politic, shall, during the remainder of the term of three days aforesaid,
be permitted to subscribe for more than twenty shares. |
NOV. 1812.
CHAP. 180. |
3. AND BE IT ENACTED, That the
said commissioners shall give
thirty days notice of the time and place of opening the said subscriptions,
in some newspaper, and that each subscriber at the
time of subscribing, shall pay into the hands of the said commissioners
the sum of five dollars on each share so subscribed, and
that the further sum of twenty dollars shall be paid on each share
of stock in the said bank, by the proprietors thereof, tot eh president
and directors of the City Bank of Baltimore, or their successors,
as the case may be, in instalments, not exceeding five dollars
of the said sum in each instalment, and at such times as the
said president and directors, or their successors, may appoint and
require; but the instalments aforesaid, or any of them, shall not
be required without first giving sixty days notice in two or more of
the newspapers printed in the city of Baltimore, one in the city of
Annapolis, one in George-Town, one in Frederick-Town, one in
Hager's-Town, and one in Easton. |
Instalments, how
to be paid. |
4. AND BE IT ENACTED, That as soon
as two hundred thousand
dollars have been actually paid to the commissioners aforesaid, on
account of the subscriptions to the said stock, notice thereof shall
be given to the stockholders in at least two public newspapers printed
in the said city of Baltimore, the city of Annapolis, George-Town,
Frederick-Town, Hager's-Town and Easton; and the said
commissioners shall, at the same time, in like manner, notify a
time and place within the said city, at the distance of sixty days
from the time of such notification, for proceeding to the election of
directors, and it shall be lawful for such election to be then and
there made, and the persons then and there chosen shall be the first
directors, and shall be capable of serving by virtue of such choice,
until their successors shall be duly elected in pursuance of this act. |
Election of directors. |
5. AND BE IT ENACTED, That all
subscriptions, and the shares
obtained in consequence thereof, shall be deemed and held to be the
right and property of, and for the sole and exclusive use and benefit
of the persons, copartnership, or bodies politic respectively
subscribing, or in whose behalf the subscriptions respectively shall
be declared to be made at the time of making the same; and all
bargains, contracts, promises, agreements and engagements, in
any wise contravening this provision, shall be void, and the persons,
copartnerships, or bodies politic respectively, so subscribing, |
Shares deemed to
be the right of the persons
subscribing. |
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