GEORGE HOWARD, ESQ. GOVERNOR.

1831

and also to make, have, and use a common seal, and the

CHAP. 301

same to break, alter, and renew at pleasure, and to make,

issue and negotiate promissory notes, and generally to do,

and execute all such matters and 'things as to them shall ap-

pertain under the provisions of this act.

Sec. 2. And be it enacted, That the capital stock of this

Capital.

bank shall consist of one hundred thousand dollars, money

of the United States, divided into shares of twenty-five dol-

lars each.

Sec. 3. And be it enacted. That books for the subscrip-

Books opened for

tion of the said stock shall be opened at the towns of Mil-

subscription.

Jington and Chester town, in Kent county, and Centreville,

in Queen Anne's county, by the directors hereinafter named,

or a majority of them, on the first clay of May next; or at

any time thereafter in their discretion, after public notice of

three consecutive weeks in the several newspapers printed

on the eastern shore of this state; and the directors who

shall meet on the day so appointed for receiving the said

subscriptions, shall cause the said books to be opened at the

place, or places, by them agreed upon, at ten o'clock in the

morning, and continue the same open until five o'clock in

the afternoon, and if the subscriptions shall exceed the num-

Apportionment.

ber of shares as above, then the said directors are hereby

authorised so to apportion the shares subscribed among the

several subscribers, as to exclude no one' subscriber from a

participation in said stock, and as may reduce the whole to

the number to be subscribed for, but if the said subscrip-

tions shall not be filled upon the first day, the said directors

shall have power to adjourn from day to day, until the

whole number of shares shall be subscribed for, and at any

time after the first day when the subscriptions shall be com-

plete, it shall be the duty of the said directors immediately

to close the books, and those who have actually subscribed,

Close of the books.

previous thereto shall be entitled to the said stock, and it

shall be the duty of John Turner, Jesse Knock, John T.

Directors named.

Rees, Garrott Garrottson, Samuel Cacy, Thomas H. Hor-

sey, Benjamin S. Elliott, Samuel G. Osborn, Richard Ring-

gold, Peregrine Granger, Peregrine Wilmer, and John Mc-

Kenny, who are appointed directors of said bank to serve

until the first Monday in May, in the year of our Lord one

thousand eight hundred and thirty-three, or a majority of

them, to conduct every operation of the proposed institution

until the expiration of the period above mentioned.

Sec. 4. And be it enacted, That every subscriber shall

Payment required

pay to the above named directors, who shall attend for

opening the books al the time of subscribing for the same,

the sum of five dollars on each share that shall be by him

53