THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

be suhscribed before the expiration of said twelve

months, this act and all subscriptions under it, shall

CHAP. 298

be null and void; and if any of the said commissioners

Vacancy

shall die, resign, or refuse to act, the duties devolved

on them being unfinished, another shall be appointed

in his stead by those who shall continue to act, or a

majority of them.

SEC. 5. And be it enacted, That if a greater num-

Reduction of sub-

ber of shares shall be subscribed to the capital stock

scription

of said Bank than is authorised by this act, the said

President and Directors, as commissioners, or a ma-

jority of them, may reduce the subscription in such

manner as they shall deem equitable, but without re-

But not of the

ducing any subscription which may be made thereto by

State's

the Treasurer of the Western Shore of Maryland as

Trustee, or on behalf of this State; and in case any

subscriber shall have paid a greater sum of money at

the time of subscribing, than at the rate of five dollars

per share on shares to him appropriated and allot-

ted, the commissioners shall only retain the sum re-

quired as the first payment on these shares, and forth-

To return surplus

with return the surplus on application for the same, to

the persons lawfully entitled thereto; and upon every

subscription, there shall be paid at the time of sub-

scribing, to the said commissioners, or their agents

appointed to receive such subscriptions, the sum of five

Pay $5 per share

dollars per share, and the said commissioners shall

deposit by them or their agents in some place of safe

keeping, to be in part returned in the case of an excess

of subscription, as hereinbefore provided, and the re-

sidue to be added to the capital stock of the said Bank;

and they shall be allowed all reasonable charges and

Allowance to com-

expenses incurred in the execution of their duty as

missioners

commissioners, to be paid out of the funds of the said

bank; and every subscriber shall pay on each share of

his stock, four instalments of five dollars each, in ad-

Four instalments

dition to the sum of five dollars, payable as afore-

said at the time of subscription, at such times as it

may be required by the president and directors of said

bank; Provided, that not more than one instalment be

demanded in any one month, nor until ninety days

55