GEORGE HOWARD, ESQ. GOVERNOR.

1831.

Sec. 4. And be it enacted, That at the expiration of the
three days for which the books are first opened, if five
thousand shares of the said capital shall have been subscri-
bed, or if not as soon thereafter as the same shall have been
subscribed, the said commissioners or a majority of them
shall call a general meeting of the subscribers, after giving
such notice thereof, as they may deem proper; and, at such
meeting, they shall lay the subscription books before the
subscribers present; and thereupon, the said subscribers or

CHAP. 133.

General Meeting.

a majority of them, shall elect by ballot, a president and
eight directors, to manage the affairs of said company, each
subscriber voting at the same, upon his stock in the ratio here-
after prescribed as to all elections or votes of the stockholders.

F.lect president
and directors.

Sec. 5. And be it enacted, That every subscriber shall
pay to the above named commissioners, who shall attend
for opening the books, at the time of subscribing for the
same, the sum of five dollars on each share, that shall be by
him subscribed, and each subscriber shall within sixty days
thereafter, pay the further sum of five dollars on each
share, and the remaining fifteen dollars on each share shall
be paid by such instalments, and at such times as the direc-
tors shall appoint, upon giving not less than three months
notice of such demand, in the most public places in the
county, and in the public prints of Hagerstown and Wil-
liamsport, in Washington county, and at least one newspa-
per, in the city of Baltimore; and receipts shall be given
for the several payments so made, but when a subscriber
shall have paid the sum of ten dollars on each share, such
subscriber shall be entitled to receive a certificate under the
seal of the Bank, and subscribed by the president, for the
number of shares by him or her held.

Instalments— cer-
tificates.

Sec. 6. And be it enacted, That if any stockholder shall
fail to pay his or her instalments of five dollars, at the
times and in the manner before specified, such stockholder
shall forfeit to the use of the company all monies paid ante-
cedently to such failure or default, but no forfeiture shall
take place after ten dollars on each share shall have been paid,
but as it is requisite that moans shall be taken to secure the
regular payments of the subsequent instalments; therefore,
if any stockholder shall fail to make regular payment of
any instalments after ten dollars shall have been paid, such
stockholder's money in Bank, shall remain free from inter-
est, and not entitled to dividend until such instalments or
calls shall be made good, and the dividend thereafter to be
paid to such stockholder, as well upon the money by him
regularly paid, as upon the money paid after default shall
be calculated only from the time when said last instalment
was made good.
20

Default of pay
ment.