| 1814.
CHAP. 67. |
LAWS OF MARYLAND.
be practicable, and the amount over fifty dollars per share, for
which the same may be sold, shall be paid to the said directors, or
any six of them, as aforesaid, at the time of the sale, for the exclusive
use and benefit of the present stockholders in the said institution. |
Payments, how to
be made. |
5. AND BE IT ENACTED, That at the time of
the sale aforesaid
of any of the said stock, the purchaser thereof shall pay to the
cashier of the said bank the sum of five dollars per share; thirty
days thereafter the further sum of ten dollars per share; and the
remaining thirty dollars shall be paid to the cashier of the Salisbury
Branch Bank at such time or times, after giving at least sixty
days notice thereof, as shall be fixed on by the directors of the
mother bank. |
On failure to pay
any instalment after
15 dollars have
been paid, monies
antecedently paid
to be forfeited. |
6. AND BE IT ENACTED, That if any purchaser
of stock shall
fail to pay his or her instalment to the amount of fifteen dollars on
each share, at the times and in the manner before specified, such
stockholder shall forfeit for the use of the company all monies paid
antecedently to such default, but no forfeiture shall take place after
fifteen 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, if any stockholder shall fail to make
regular payments of any instalment after fifteen dollars shall have
been paid on each share, such stockholder's money in bank shall
remain free from interest and not entitled to dividend until such
instalments 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 such instalment was made good. |
| Judges of election. |
7. AND BE IT ENACTED, That any two of the
directors of the
mother bank shall in the first instance be the judges of the election
of directors, and that all subsequent elections for the same, any
two justices of the peace of Maryland are authorised to act as judges
on application of the board of directors. |
| Quorum. |
8. AND BE IT ENACTED, That a president and
eight directors
shall compose the board of the said branch, but that the president
and four directors shall be competent to the transaction of business,
and in the case of the absence of the president he shall appoint under
his hand a director who shall act as president. |
| Election of directors. |
9. AND BE IT ENACTED, That after the first
instalment shall be
paid in to the directors of the mother bank, they shall appoint a
day to be annually observed for the same purpose, and a place in
the town of Salisbury, for the election of the directors (a), which
day shall be within thirty days thereafter, and of which notice shall
be given at least twenty days previous to said election in the most
public places in said counties, at which time and place the stockholders
of said branch shall elect from among themselves nine directors
to govern the said branch, and the directors so chosen, after
qualifying agreeably to the nineteenth section of the act of which
this is a supplement, shall elect one of their number as president,
a certificate of which qualification and election shall be transmitted
to the president of the mother bank; and the president and directors,
so as aforesaid appointed, shall serve until others shall in
(a) By 1816, ch. 59, the election
of directors to be on the fourth Saturday in
June annually. |
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