294

LAWS OF MARYLAND.

subscribing for the same ; four dollars per share upon

five thousand shares being subscribed for, and the

balance shall be paid in such instalments and at such

How paid

times as the directors may designate; and ten days'

notice shall be given of the payment of such instal-

ment, and if any subscriber shall fail or neglect to

pay any instalment or part of said subscription de-

manded for the space of five days next after the same

shall be due and payable, the stock on which it is

demanded is forfeited to the bank, and may be sold

by the president and directors, but they may remit

any such forfeiture on such terms as they shall deem

proper.

SEC. 10. And be it enacted, That the capital stock

Capital stock
assignable

of said bank shall be assignable on its books in such

manner as its by-laws shall prescribe, but no share-

holder in this bank shall have power to sell or trans-

fer any share held in his own right so long as he shall

be liable either as principal debtor, surety or other-

wise to the Dank for any debt which shall have be-

come due and remain unpaid; nor in any case shall

such shareholders be entitled to receive any dividend,

interest or profit on such shares so long as such lia-

bility shall continue, but all such dividends, interest

and profit shall be retained by the bank and applied

to the discharge of such liability; and no stock shall

be transferred without the consent of a majority of

the directors while the holder thereof is indebted to

the bank.

Shall not lake.

SEC. 11. And be it enacted, That said bank shall

not take as security for any loan or discount, a lien

upon any part of its capital stock, and said bank shall

not be the holder or purchaser of any portion of its

capital stock or of the capital stock of any other in-

coporated company, unless such purchase be neces-

sary to prevent loss upon a debt previously contracted

in good faith upon security which at the time was

deemed adequate to insure the payment of such debt

independent of any lien upon such stock.

Dividends.

SEC. 12. And be it enacted, That half-yearly divi-

dends shall be made to the stockholders of so much

of the net profits of the said corporation as shall ap-

pear to the president and directors advisable, and

such dividends shall be declared in the months of