THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

expenses incurred in the execution of their duty as

CHAP. 313.

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

Allowance to com-

hank; and every subscriber shall pay on each share of

missioners

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

public notice be given of such demand by the presi-

dent and directors, through all the daily newspapers

published in the city of Baltimore.

SEC. 6. And be it enacted, That until an election

President and Di-

of directors, and appointment of a president shall be

rectors

made as is hereinafter provided, the business of the

said bank shall be conducted by the president and direc-

tors for the time being, of the company aforemention-

ed, who shall be the first president and directors of the

said bank, and who, as such, may exercise the, powers

conferred, and shall perform the duties imposed by this

act on the president and directors of said bank, re-

spectively, until successors shall be duly chosen; and

the affairs of the said bank from and after the second

Tuesday of the month of May, in the year eigh-

teen hundred and thirty-seven, shall be conducted by

a president and twenty-three directors, and the said di-

Pres. and Directors

rectors shall be elected on the day last mentioned, and

to be elected

on the same day annually thereafter by the stockholders,

twenty days notice being previously given, in two or

more daily newspapers, printed in the city of Balti-

more, of the time and place within said city, for pro-

ceeding to such election, and the persons who shall

from time to time be so elected, shall convene without

delay, and at their first meeting after their election,

shall proceed to appoint a president, and the said di-

rectors and president shall be capable of serving in

their respective offices, until the expiration of the second

Tuesday in May, in the year next ensuing their elec-

tion and appointment, and until successors shall be

chosen, and in case it should at any time happen that

Failure to elect on

an appointment of president or election of directors of

day

the said hank should not be made so as to take effect on