1831.

LAWS OF MARYLAND.

CHAP. 307.

subscribed, and each subscriber shall within sixty days.

thereafter, pay the further Bum of five dollars on each share,

and the remaining fifteen dollars on each share, shall be paid

Instalmentts.

by such instalments, and at such times as the directors shall

appoint, upon giving not less than three months notice of

Notice,

such demand in the most public places in the county, and in

the public prints of the Kent Inquirer, and Centreville

Times; 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

Certificates of

to receive a certificate, under the seal of the bank, and sub-

Mock.

scribed by the president, for the number of shares by him

or her held.

Case of failure to

Sec. 5. And be it enacted, That if any stockholder shall

pay instalments.

fail to pay his or her instalments of five dollars at the times

and in the manner before specified, such stockholder shall

Stock forfeited,

forfeit to the use of the company, all monies paid antece-

dently to such failure, or default, but no forfeiture shall take

Except after pay-
meiiiof ten dollais

place after ten dollars on each share, shall have been paid;

but as it is requisite that means shall be taken to secure the

regular payment of the subsequent installment, therefore, if

any stockholder shall fail to make regular payment of any

instalments after ten dollars shall have been paid, such stock-

When interest is
received.

holder's money in bank shall remain free from interest, and

not entitled to dividend, until such instalments or call 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 calculat-

ed only from the time when said last instalment was made

good.

Responsibilities-

Sec. 6. And be it enacted, That no subscriber, or stock-

holder, or member of said corporation, shall be answerable

in his person or individual property, for any contract, or

engagement of such company, or for any losses, deficiencies,

or failures, of the capital stock of said company, but the

whole of the capital stock, together with all property,

rights and credits belonging to the said institution, and no-

thing more, shall at all times, be answerable for the demands

against the said company.

Officers for mana

Sec. 7. And be it enacted, That the affairs of the corpor-

ging.

ation shall be conducted by a president, and eight directors,

all of whom shall be residents of Kent and Queen Ann's

counties, and there shall be an election of eight directors, by

ballot, on the first Monday of May, in the year one thousand

Directors annualy
chosen

eight hundred and thirty-three; and on the first Monday in

May, in each and every year thereafter, by the stockholders

or proprietors of the capital stock of the said corporation,