JAS. BLACK GROOME, ESQUIRE, GOVERNOR

111

and the same to break, alter, and renew at their

pleasure, and generally to do and execute all and

singular such acts, matters, and things, as a corpora-

tion or body politic may and can lawfully execute.

SEC. 3. And be it enacted, That the capital stock of

Capital stock.

the Bank of Cambridge, intended to be created by

this act, shall be one hundred thousand dollars, in

shares of fifty dollars each, five dollars shall be paid

on each share of stock at the time of subscribing,

and the remainder in instalments, as the Board of

Directors may determine and require ; and privilege

is hereby given to the said corporation, to increase

the capital stock to two hundred thousand dollars by

new subscriptions, or by adding to the said capital,

semi-annually, a portion of its net profits, not Other-

wise appropriated, whenever it shall be so deter-

mined by the Board of Directors.

SEC. 4. And be it enacted, That the persons named

in the first section of this act, be and they are hereby

Commission'rs
to receive sub-

appointed commissioners to receive subscriptions to

scriptions

the capital stock of the said corporation, and they

or a majority of them may cause books to be opened

at such times and places as they may direct, for the

purpose of receiving such subscriptions, and may keep

the same open until the whole number of shares,

amounting to the said sum of one hundred thousand

dollars, shall be subscribed for ; and when the sum

of fifty thousand dollars of stock, shall have been

subscribed, and twenty thousand dollars paid thereon

then it shall be lawful for said bank to proceed in all

things according to this charter.

SEC. 5. And be it enacted, That the affairs of said

Management.

corporation shall be managed by seven directors, a

majority of whom shall be citizens of Dorchester

county, and one of whom shall be President of the

bank; the first election of directors shall take place

thirty days after the organization of said corporation,

which organization shall take place as soon as stock

to the amount of fifty thousand dollars shall have

been subscribed for; of the time and place of hold-

Election.

ing which election, the persons named in the first

section of this act, or a majority of them, shall give

at least three weeks notice, in some newspaper, pub-

lished in the town of Cambridge, in Dorchester