THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

at the expiration of two, four, eight and twelve months

from the date of their respective subscriptions, and the

CHAP. 289

residue of every subscription shall be paid in such in-

Residue

stalments, and at such times as it may be required by

the president and directors of said bank; Provided, that

Proviso

not more than one-fifth part of the subscription be de-

manded in any one month, nor any such instalment,

until ninety days public notice shall be given of such

demand, by the said president and directors; and if any

Case of neglect to

subscriber or assignee of any subscriber, shall fail or

pay

neglect to pay any instalment or part of said subscrip-

tion when demanded, for the space of six days next

after the time the same shall be due and payable, the

stock on which it is demanded shall be forfeited to the

Forfeit

bank, and may be sold by the said president and di-

rectors for the benefit of said bank; but the president

Power to remit

and directors may remit any such forfeiture on such

terms as they shall deem proper. And if the whole

Power to dispose in

number of thirty thousand shares shall not have been

parcels of shares

subscribed to the capital stock of said bank, before the

same shall have been organized, the president and di-

rectors thereof may at any time thereafter, dispose in

parcels, of shares of said capital stock, to complete the

aforesaid whole number, at a price which shall not be

less than the par of said shares, and upon terms that

shall be as favorable to the said corporation as those

prescribed to govern subscriptions.

SEC. 4. And be it enacted, That the affairs of said

President and Di-

bank shall be conducted by fifteen directors, and as

rectors

soon as subscriptions shall have been received for

twenty thousand shares of its capital stock, the per-

sons hereinbefore mentioned or a majority of them, shall

choose one of their number to be president; and there-

President

after they shall proceed and continue to act as the first

president and directors of said bank and be capable of

serving in their respective offices until the expiration

of the first Monday of the month of May, in the year

eighteen hundred and thirty seven; and fifteen direc-

tors shall be elected on the first Monday of the month

of May in said year, and on the same day annually

thereafter; and at their first meeting after their elec-

tion in each year, the directors shall proceed to ap-