| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
places in the county as may be deemed advisable by the commissioners
hereinafter named, or any five or more of them, on a day to
be appointed for that purpose, and by them notified in the public
places in the said county, at least four weeks previous thereto; and
the commissioners who shall meet on the day so appointed for receiving
the said subscriptions, shall cause the said books to be opened
at the place or places agreed upon, at ten o'clock in the morning,
and continue the same opened until five o'clock in the afternoon;
and no subscription shall be received by any persons residing out of
the county, or in trust for any person out of the county, on the first
day of opening the books aforesaid; and if the subscriptions shall
exceed the number of eight thousand, then the said commissioners
are hereby authorised and directed so to apportion the shares subscribed
among the several subscribers, by proportionate reduction,
as may reduce the whole to the number to be subscribed for; but if
the said subscription 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 after the
first day they shall receive subscriptions from any person or persons
whether residing in the county or elsewhere; 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 Thomas Emory, Lemuel Purnell, William Carmichael, Henry
D. Sellars, Charles C. Browne, William Jacobs, George maginess,
William Gilbert, Thomas Seegar and Gerard Coursey, or
any five or more of them, to conduct any operation of the proposed
institution, until they shall be superseded by the appointment of directors. |
1817.
CHAP. 21. |
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 each share that shall be by him 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;
and the remaining twenty dollars on each share shall be paid by
such instalments, not exceeding five dollars at any instalment, and
at such time, as the directors shall appoint, upon giving not less
than sixty days notice of such demand in the public places in the
county, and in the two newspapers printed in Easton, and receipts
shall be 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 receive a certificate, under the seal
of the bank, and subscribed by the president, for the number of
shares by him or her held. |
Payments how to
be made. |
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 default shall take place after five
dollars on each share shall have been paid; but 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 |
Forfeitures. |
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