| CHARLES GOLDSBOROUGH, ESQUIRE, GOVERNOR.
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 cents
on each share that shall be by him subscribed, and each subscriber
shall, within thirty days thereafter, pay the farther sum of five dollars,
and sixty 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,
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 newspaper in the county, and in some public print in the town
of Winchester, Virginia, 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. |
1818.
CHAP. 186.
Payments, how
and when 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. |
On failure to pay
any instalment
stockholder to forfeit
money paid
antecedently. |
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 up on 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. |
No stockholder to
vote unless he has
complied with
calls of payment. |
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,
or for any losses, deficiencies or failures of the capital stock of
said company, but the whole of the capital stock, together with all
property, rights and credits, belonging to the said institution, and
nothing more, shall at all times be answerable for the demands
against the said company. |
No subscriber to
be answerable in
his person or individual
property. |
7. AND BE IT ENACTED, That the affairs of
the bank shall be
managed by twelve directors and a president to be chosen by the
directors, all of whom shall reside in Allegany county; stockholders
actually resident within the United States, and none other, to vote
by proxy; and after the first election, no share or shares which
shall not have been holden four calendar months prior to the day of
election, shall confer a right of suffrage. |
Affairs, how to be
managed. |
8. AND BE IT ENACTED, That in choosing directors,
the stockholders
shall be entitled to vote as follows: For one share, and not |
Number of votes
allowed. |
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