612

LAWS OF MARYLAND.

make oath or affirmation that he is the bona fide

owner in his own right, of the shares of stock stand-

ing in his name on the books of the bank; and that

the same is not hypothecated, or in any way pledged

as security for any loan obtained or debt owing to

the bank, which oath shall be subscribed in a book

kept for the purpose.

SEC. 8. And be it enacted, That no director shall

be entitled to receive any emolument for his ser-

vices, unless the same shall have been allowed at a

Not entitled

general meeting of the stockholders; and the direc-

tors shall make such compensation to the president

for his extraordinary attendance at the bank as shall

appear to them reasonable.

SEC. 9. And be it enacted, That all subscriptions

to the capital stock of said bank shall be paid in the

following manner : that is to say, a first instalment

Subscriptions

of one dollar per share on each share at the time of

how paid

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 times as the directors may designate, and ten

days' notice shall be given of the payment of each

instalment; and if any subscriber shall fail or ne-

glect to pay any instalment, or part of said subscrip-

tion demanded,for the space of five days next after the

same shall be due and payable, the stock on which

Penalty for
neglect.

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

of said bank shall be assignable on the books in

such manner as its by-laws shall prescribe ; but no

Assignable

shareholder in this bank shall have power to sell or

transfer any share held in his own right so long as

he shall be liable either as principal debtor,.surety or

otherwise, to the bank, for any debt which shall have

become due and remain unpaid ; nor in any case shall

Not entitled

such shareholder be entitled to receive any dividend,

to receive

interest or profit, on such shares, so long as such

liabilities shall continue ; but all such dividends, in-

terests and profits shall be retained by the bank, and

applied to the discharge of such liabilities ; and no