| DEC. 1813.
CHAP. 81. |
LAWS OF MARYLAND.
shall be complete, it shall be they duty of the said commissioners
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 William Whitely, William Hughlett,
Solomon Brown, George Reed, Frederick Holbrook, Willis Charles,
Henry Driver, James Houston and James Seth, or any five or more
of them, to conduct every operation of the proposed institution until
they shall be superseded by the appointment of directors. |
Sum to be paid on
subscribing—Future
instalments. |
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 two dollars and fifty
cents on the share that shall be by them subscribed, and each subscriber
shall, within sixty days thereafter, pay the further sum of
two dollars and fifty cents on each share to the commissioners aforesaid;
but any person who may find it convenient may, at the time
of paying any instalment, pay up the whole amount of his subscription,
and shall receive a dividend accordingly; and the remaining
twenty dollars on each share shall be paid by such instalments, not
exceeding five dollars at any instalment, and at such times as the
directors shall appoint, upon giving not less than sixty days notice
of such demand in the most public places in the county, and in the
two newspapers printed in Easton, and receipts shall given for
the several payments so made; but when a subscriber shall have
paid the sum of five dollars on each share, such subscriber shall be
entitled to received a certificate, under the seal of the bank, and
subscribed by the president, for the number of shares by him or
her held.
By 1814, ch. 63, the president and
directors may sell the unsubscribed shares,
&c. |
On failure to pay
any instalment to
forfeit previous
payments. |
5. AND BE IT ENACTED, That if any stockholder
shall fail to
pay his or her instalments to the amount of five 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 five 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 five 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 stockholder to
be answerable in
his individual property
for any
losses, &c. |
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,
except as hereinafter excepted, 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 all property, rights and credits,
belonging to the institution, and nothing more, except as aforesaid,
shall at all times be answerable for the demands against the said
company. |
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