LAWS OF MARYLAND.

CHAP. 314.

and generally to do and execute all and singular such

acts, matters and things, as a corporation and body

politic may and can lawfully execute.

Reduction of sub.

SEC. 3. And be it enacted, That if more than fifty

scriptions

thousand shares shall be subscribed to the capital stock

of said bank, the said commissioners or a majority of

them, shall reduce the subscriptions to fifty thousand

shares by striking off from the greatest number of

shares in succession, until the subscriptions are re-

duced to fifty thousand shares, or all subscriptions to

one share; and if there still be an excess then lots

shall be drawn by the commissioners to determine

who are to be excluded of the persons so subscribing;

and in case any person shall have paid a greater sum

of money at the time of subscribing, than at the rate of

one dollar per share, on the shares so apportioned,

the commissioners shall only retain the sum required

as the first payment on those shares so apportioned,

and forthwith return the surplus on application for the

same, to the persons lawfully entitled thereto; and

First payment

upon every subscription, there shall be paid at the

time of subscribing, to the commissioners, or their

agents appointed to receive such subscriptions, the sum

of one dollar per share, and the said commissioners shall

deposite the money by them or their agents received

from the subscribers to the capital stock of said bank,

in some place of safe keeping, and deliver the same

to the President and Directors of the said bank, or to

their order, as soon as shall be required after the or-

Allowance to com-

ganization of the said bank, and the said commission-

missioners

ers shall be allowed all reasonable charges and expen-

ses incurred in the execution of their trust, out of the

funds of the said bank.

Conducted by Pre.

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

lident ana Di-rectors

bank shall be conducted by a president and twelve di-

rectors, and as soon as subscriptions shall have been

actually received for twenty thousand shares of the

capital stock of the said bank, the commissioners, or a

majority of them, may call for a payment of a second

instalment of two dollars per share on each and every

share, giving ten days notice of the time and place or

paying the same; and as soon as the sum of one him