| 1806.
CHAP. 19.
Instalments, how
to be paid. |
LAWS OF MARYLAND.
3. AND, whereas the sum of twelve dollars and
fifty cents hath
been already paid on each share of stock subscribed for, BE IT ENACTED,
That the further sum of twelve dollars and fifty cents shall
be paid on each share of stock in the said bank, by the proprietors
thereof, to the present president and directors of the Mechanics
Bank of Baltimore, or to their successors, as the case may be, in
instalments, not exceeding two fifth parts of the said sum in each
year, and at such times as the said president and directors, or their
successors, may appoint and require; but the instalments aforesaid
or any of them, shall not be required without first giving four
months notice in two or more of the newspapers printed in the city
of Baltimore; and if any stockholder shall fail to pay on any share
of his or her stock such instalment or instalments as may be demanded
or required in manner aforesaid, the dividend or dividends thereafter
to be paid to such stockholder, (as well upon the money by
him or her regularly paid, as upon the money paid after default,)
shall be calculated only from the time when such last mentioned
instalments shall be made good. |
| Proprietors incorporated. |
4. AND BE IT ENACTED, That the proprietors
of shares in the
said bank, as well as those who may hereafter become stockholders,
their successors and assigns, shall be and are hereby created and
made a corporation and body politic, by the name and style of The
President and Directors of the Mechanics Bank of Baltimore, and
by that name shall be and are hereby made able and capable in law
to sue and be sued, plead and be impleaded, answer and be answered,
defend and be defended, in courts of record, or any other place
whatsoever; and also to make, have and use, a common seal, and
the same to break, alter and renew, at their pleasure; and also to
ordain, establish and put into execution, such by-laws, ordinances
and regulations, as shall seem necessary and convenient for the government
of the said corporation, not being contrary to law, or the
provisions of this act of incorporation, and generally to do and
execute all and singular such acts, and matters and things, as to
them shall or may appertain to do. |
No subscriber to
be answerable in
his person or individual
property,
for any contract,
&c. |
5. 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 failure, of the capital stock
of said company, but the whole of the said 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. |
Present president
and directors to
continue to act
until first Monday
in June 1807. |
6. AND BE IT ENACTED, That the present president
and directors
of the said bank, to wit: John Wetherburn, president, James
Mosher, George Warner, William McDonald, Thomas Sheppard,
William Jackson, Robert Steuart, Jacob Hoffman, William Jessop,
William Gwynn, Christian Mayer, Robert Carey Long, Adam
Welsh, Adam Fonerden, Owen Dorsey and Peter Little, shall
continue to act as such until the first Monday in June next, in the
year eighteen hundred and seven, and until a new election of directors
shall take place. |
Affairs of corporation,
how to be
conducted. |
7. AND BE IT ENACTED, That the affairs of
the said corporation
shall be conducted by a president and fifteen directors, together
with such others as may hereafter be appointed by the state, nine of |
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