| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
7. AND BE IT ENACTED, That immediately after
the election of
the president and directors, the said commissioners shall pay over to
them all the monies received for subscriptions, for which payment
the receipt of the president, and two or more directors, shall be a
sufficient warrant for the said commissioners. |
1817.
CHAP. 16.
Subscriptions to be
paid over. |
8. AND BE IT ENACTED, That no person can be
admitted to a
seat as director, unless he shall at the time be a stockholder, and
ceasing to be a stockholder he shall ipso facto cease to be
a director. |
Directors must be
stockholders. |
9. AND BE IT ENACTED, That every subscriber
shall within sixty
days after the payment of the first instalment, pay to the president
and directors of the said bank the further sum of five dollars
on each share; and the remaining fifteen dollars on each share shall
be paid by such instalments as the president and directors may appoint,
after notice as aforesaid. |
Payments. |
10. AND BE IT ENACTED, That receipts shall
be given by two
or more of the commissioners, or the president, as the case may
be, for the several payments herein provided; but after a subscriber
shall have paid his or her shares up to ten dollars each, he or she
may receive a certificate or certificates for the number of shares by
him or her held, subscribed by the president, under the seal of the
bank. |
Receipts and
certificates. |
11. AND BE IT ENACTED, That if any stockholder
shall fail to
pay his or her instalment to the amount of ten dollars on each share,
at the times and in the manner before specified, such stockholder
shall forfeit, for the use of the bank, all antecedent payments; but
no forfeiture shall take place after ten dollars shall have been paid;
but as it is requisite means shall be taken to secure the regular payment
of the subsequent instalments, if any stockholders shall fail to
make regular payment of any instalment after ten 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
instalment shall have been made good, and the dividend thereafter
to be made to such stockholder, as well upon the monies regularly
paid, as upon those paid after default, shall be computed only from
the time that such instalment was made good. |
Forfeitures. |
12. AND BE IT ENACTED, That no member of the
said company
shall be answerable in his person or individual property for any contract
or engagement of the said bank, or for any losses, deficiencies,
or failures of the capital stock thereof, except as herein excepted,
but all the capital stock, together with all property, rights and
credits, of the said institution, shall at all times be answerable for
demands against the said bank. |
Capital stock only
answerable for
losses, &c. |
13. AND BE IT ENACTED, That the president
and directors shall
determine the manner of conducting the concerns of the said bank,
and the rules and forms to be pursued therein; they shall appoint
and pay all subordinate agents by them deemed necessary, and dispose
of the funds and credits of the said bank, in the common
course of banking, for the use and benefit of the said stockholders,
and make a dividend of profits after the end of the first year, and
semi-annually thereafter. |
President, &c. to
conduct concerns
of bank. |
14. AND BE IT ENACTED, That the president
and directors of
the said bank shall hold an annual election at the banking house,
after notice as aforesaid; and in the mean time should a vacancy |
Elections—Vacancies. |
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