| DEC. 1813.
CHAP. 33. |
LAWS OF MARYLAND.
the United States, divided into ten thousand shares of twenty-five
dollars each, one thousand shares thereof shall be reserved for the
use and benefit of the state, to be subscribed for in such manner as
the legislature may direct. |
Subscription
books to be opened,
&c. |
3. AND BE IT ENACTED, That books for the subscription
of
nine thousand shares of the said stock shall be opened at Williamsport,
by the directors hereinafter named, or a majority of
them, on the first Monday of April next; and the directors who
shall meet on the day so appointed for receiving the said subscriptions,
shall cause the said books to be opened at the place or places
by them agreed upon, at ten o'clock in the morning, and continue
the same open until five o'clock in the afternoon; and if the subscriptions
shall exceed the number of shares as above, then the
said directors are hereby authorised so to apportion the shares
subscribed among the several subscribers, as to exclude no one
subscriber from a participation in the said stock, and as may reduce
the whole to the number to be subscribed for; but if the said
subscriptions shall not be filled up on the first day, the said directors
shall have power to adjourn from day to day, until the whole
number of shares shall be subscribed for; and at any time after the
first day when the said subscriptions shall be complete, it shall be
the duty of the said directors immediately to close the books, and
those only who have actually subscribed previous thereto, shall be
entitled to the said stock; and it shall be the duty of Samuel Ringgold,
Thomas Buchanan, John Bowles, Matthew Vanlear, Charles
Hesletine, Jacob T. Towson, Peter Miller and John Irvine, who
are appointed directors of said bank, to serve until the first Monday
in May, in the year of our Lord one thousand eight hundred
and fifteen, or a majority of them, to conduct every operation of
the proposed institution until the expiration of the period above
mentioned. |
Payments, how &
when to be made. |
4. AND BE IT ENACTED, That every subscriber
shall pay to the
above named directors 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 further sum of five dollars on
each share; and the remaining fifteen 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 the public
prints of Hager's-town, and receipts shall be given for the several
payments so made; but when a subscriber shall have paid the sum
of ten 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. |
On failure to pay
instalment former
payments to be
forfeited. |
5. AND BE IT ENACTED, That if any stockholder
shall fail to pay
his or her instalments of five 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 ten dollars shall have been paid, such stockholder's |
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