| 1807.
CHAP. 26.
Further payments
to be made in instalments,
&c. |
LAWS OF MARYLAND.
3. AND, whereas a sum of ten dollars hath been
paid on
each share of stock subscribed, BE IT ENACTED, That the further
sum of fifteen dollars shall be paid on each share of the said subscribed
stock, by the proprietors thereof, to the president and directors
of the said bank, or to their successors, as the case may be,
in instalments not exceeding five dollars on each share, at such
times as the president and two thirds of the directors, or their successors,
may appoint and require; but such instalments, or any of
them, shall not be required without first giving sixty days notice
in the newspapers printed in Elizabeth-town, and in one newspaper
printed in the city of Baltimore; and if any stockholder shall
fail to pay on any share or shares of his or her stock, such instalment
or instalments as may be 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 instalment shall be made good. |
Subscriptions may
be opened for unsubscribed
shares. |
4. AND, whereas there are some shares, (exclusive
of those reserved
for the state,) yet unsubscribed, BE IT ENACTED, That the
president and directors of the said bank, or their successors, may
open subscriptions at such time and place or places as they, or a
majority of them, may think proper, for the said unsubscribed
shares, or any part thereof. |
| Stockholders incorporated. |
5. 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, Directors and Company, of the Hager's-Town Bank,
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 pleasure. |
No subscriber to
be answerable in
his person or individual
property. |
6. AND BE IT ENACTED, That no subscriber or
stockholder, or
member of the said corporation, shall be answerable in his person
or individual property for any contract or engagement of such company,
or 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,
and nothing more, shall at all times be answerable for the demands
against the said company. |
Present president
and directors
to continue until a
new election. |
7. AND BE IT ENACTED, That the present president
and directors
of the said bank, to wit: Nathaniel Rochester, president, Elie
Williams, Thomas Sprigg, William Fitzhugh, Charles Carroll,
Jacob Zeller, Samuel Hughes, William Heyser, William McMahon
and George Price, directors, shall continue to act as such until the
first Monday in May next, and until a new election of directors
shall take place, and a sufficient number thereof to constitute a board
shall have qualified agreeably to the provisions of this act. |
Affairs of corporation
how to be
managed—Election
of directors. |
8. AND BE IT ENACTED, That the affairs of
the corporation shall
be conducted by a president and ten directors, eight of whom, and
the president, shall reside in Washington county, one in Allegany
county, and one in the city of Baltimore (a), and there shall be an
(a) By Dec. 1813, ch. 158, the
stockholders not compelled to elect any director
residing out of Washington county. |
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