| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
James McHaffee, Isaac Shriver, Ludwick Wompler; and another
at Middleburgh, for three thousand shares, under the direction of
Henry R. Warfield, Richard Brooke, Joshua Delaplane, Upton S.
Reid, Thomas Boyer, Joshua Taney, Benjamin Biggs, Joshua
Stromson, Joshua C. Gist and Jesse Cloud, or any three or more
of them, on the first Monday of March next, and remain open for
two days, (of which they shall give notice in one or more papers
published in Frederick county and the city of Baltimore,) from ten
to five o'clock each day; but if the whole number of shares shall be
subscribed at any time before the expiration of the said term of two
days, then and immediately after the same shall be so subscribed,
no person, copartnership or body politic, in person or by attorney,
shall during the remainder of the term of two days aforesaid, be
permitted to subscribe for more than ten shares; but in case the
subscriptions shall exceed the capital the excess shall be reduced
within the proper limit, by subtracting from the subscriptions
highest in amount, a share or more shares, until the same be made
equal to the subscription or subscriptions next highest in amount,
and as often as the case shall require that they shall so proceed to subtract,
until the aggregate of all the subscriptions be reduced to the
proper limit, and if by and after the operation of subtraction, (as
often as the same shall be made and necessarily repeated as aforesaid,)
a greater number of shares may be allowed to one or more
of the subscribers, from whose shares such subtraction shall have
been made, than the rest, or if the number of subscriptions shall
eventually be greater than the number of shares, so that at least one
share cannot be allowed to each and every subscriber, then and in
either of the above cases the commissioners shall ascertain, by lot,
in whom the greater number of shares, or the right of subscription
for and retaining one share, (as the case may be,) shall be vested. |
1815.
CHAP. 75. |
3. AND BE IT ENACTED, That every subscriber
shall pay to the
commissioners, at the time of subscribing, the sum of two dollars
and an half, one half in specie, and one dollar and twenty-five
cents in the notes of any of the chartered banks of the state of Maryland,
on each share so subscribed, and the further sum of two
dollars and an half, one half in specie and one dollar and twenty-five
cents in the notes of any of the chartered banks of the state of
Maryland, in sixty days thereafter, and the remaining twenty
dollars on each share to be paid at the said bank as the board of
directors may call for the same, giving two months notice in the
news-papers aforesaid of such calls, but which shall not at any time
exceed five dollars on each share. |
Payments, how to
be made. |
4. AND BE IT ENACTED, That if any stockholder
shall fail to
pay up his, her or their instalments of two dollars and fifty cents
on each share, as heretofore directed, such stockholders shall forfeit,
for the use of the company, all monies paid antecedent to
such failure or default; no such forfeiture shall, however, take
place after five dollars on each share shall have been paid; but if
any stockholder shall fail to make regular payments of any instalment
or call after five dollars on each share shall have been
paid, such stockholder's money in bank shall remain free from interest,
and not entitled to any dividend, until such instalment or
call shall be made good, and the dividend thereafter to be made to
such stockholder, as well upon the money regularly paid, as upon |
Defaulters. |
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