1835.

LAWS OF MARYLAND.

CHAP. 315

to be paid by the president and directors of said bank

Four instalments

out of the funds thereof; and every subscriber shall pay

on each share of his stock, four instalments of five dol-

lars and fifty cents each at the expiration of two, four,

eight and twelve months from the date of their respec-

tive subscriptions, and the residue of every subscrip-

tion shall be paid in such instalments and at such times

as it may be required by the president and directors

Proviso

of said bank; Provided, that no more than one-fifth part

of the subscription be demanded in any one month, nor

any such instalment, until thirty days; public notice

shall be given of such demand by the said president

On failure, forfeit

and directors; and if any subscriber or assignee of

any subscriber, shall fail or neglect to pay any in-

stalment, or part of said subscription when demanded,

for the space of sixty days next after the time the same

shall be due and payable, the stock on which it is de-

manded shall be forfeited to the bank, and may be sold

by the said president and directorsffor the benefit of

Power to remit

said bank; but the president and directors may remit

any such forfeiture on such terms as they shall deem

proper; and if the whole number of shares shall not

have been subscribed to the capital stock of said bank

Pres. and Director may dispose of

before the same shall have been organized, the presi-

stock, & c.

dent and directors 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.

President and 16 Directon

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

bank shall be conducted by a president and sixteen di-

rectors, and so soon as subscriptions shall have been

received for twenty thousand shares of its capital stock,

that the commissioners herein named, or such others

as may be elected by them, to fill any vacancy occur-

First Directors

ring from death, resignation, or otherwise, shall be

and they are hereby constituted Directors of said bank,

and shall be considered as such from the time and date

of its first organization, until the end of the first Mon-

day of July eighteen hundred and thirty -seven, and

said directors shall, before the bank commences busi-