| 1814.
CHAP. 69. |
LAWS OF MARYLAND.
books to be opened at the places appointed, 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 herein allotted
to the respective counties, then the said commissioners are
hereby authorised and directed so to apportion the shares subscribed
among the several subscribers, by proportional reductions, 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
commissioners 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 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 the commissioners appointed to receive subscriptions at Havre-de-Grace,
to wit: Samuel Hughes, Elijah Davis, William B. Stokes,
Abraham Jarrett, Paca Smith, Edward Hall, Edward Griffith,
Francis J. Dallam and Charles S. Sewell, to conduct every operation
of the proposed institution, until they shall be superseded by
the appointment of directors. |
Instalments, how
to be paid. |
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, (one-fourth
part of which shall be in specie,) on each share that shall be by
him subscribed; and the commissioners respectively shall transmit
to the commissioners at Havre-de-Grace, by the earliest safe conveyance,
all monies received by them, together with the subscription
books; and each subscriber shall, within sixty days thereafter,
pay to the commissioners last aforesaid the further sum of five dollars,
(one-fourth part of which shall be in specie,) on each share,
and within every sixty days thereafter the sum of five dollars, (one
fourth part of which shall be in specie,) on each share, to the directors
of said bank, until the sum of twenty-five dollars shall be
paid on each share; but any person who may find it convenient may,
at the time of paying his second, third or fourth instalment, pay
upon his shares to the amount of twenty-five dollars, (one-fourth
part of which shall be in specie,) on each share, and shall receive
a dividend accordingly; and the remaining twenty-five dollars on
each shall 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 counties
aforesaid, and in some public newspaper 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, 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. |
| Defaults in payment. |
5. AND BE IT ENACTED, That if any stockholder
shall fail to
pay his or her instalments to the amount of ten 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
ten dollars on each share shall have been paid; but if any stockholder
shall fail to make regular payment of any instalment after |
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