| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
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 George Baer, John Schley, John L. Harding, John Graham,
Abraham Shriver, and Frederick A. Schley, or a majority of them,
to conduct every operation of the proposed institution until they
shall be superseded by the appointment of directors. |
1817.
CHAP. 93. |
3. 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 on
each share that shall be by him subscribed, and each subscriber
shall within sixty days thereafter the farther sum of five dollars,
and ninety days thereafter the farther sum of five dollars, so
as to make up twelve dollars and fifty cents on each share, and the
remaining thirty-seven and a half dollars on each share 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 news-papers in the county, and in some public print 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 twelve dollars and fifty cents 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. |
4. AND BE IT ENACTED, That if any stockholder
shall fail to
pay his or her instalments of five dollars at the time 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 seven dollars and fifty cents
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,
therefore if any stockholder shall fail to make regular
payment of any instalment, after seven dollars and fifty cents shall
have been paid, such stockholder's money in bank shall remain free
from interest and not entitled to dividend, until such instalments
or call 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 when said last instalment was made good. |
Forfeitures. |
5. AND BE IT ENACTED, That no stockholder
shall vote for a
president and directors, unless he shall have complied with the
calls of payment made by the president and directors; and every
stockholder may pay upon as many shares as he pleases, agreeably
to the calls so made, and shall be entitled to vote on as many shares
only as are so paid upon. |
Stockholders not
entitled to vote unless
calls for payment
are complied
with. |
6. AND BE IT ENACTED, That no subscriber or
stockholder or
member of the said company, shall be answerable in his person or
individual property, for any contract or engagement of said company,
for any losses, deficiencies or failures of the capital stock
of the said company, but the whole of the capital stock, together
with all property, rights and credits, belonging to the said institution, |
Capital stock only
answerable for
losses, &c. |
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