1835.

LAWS OF MARYLAND.

CHAP. 317.

point cashiers or treasurers, and such other officers and

servants under them, as may be necessary for execu-

ting the business of the said corporation, and to allow

them such compensation for their services respectively,

as shall be reasonable.

Instalments

SEC. 9. And be it enacted. That as soon as practica-

ble after the said bank shall be organized, and shall

receive from the commissioners the money and papers

in relation to the real estate part of the .subscription,

they shall proceed to call in three instalments of five

dollars each, payable at intervals of two, four and six

month's, or at shorter intervals, if the president and

Examine plats

directors shall deem it advisable, and they shall also

proceed to examine the plats and discription of proper-

ty offered by subscribers, and to cause the title thereof

Inspect property

to be examined; and they shall appoint three persons

of experience and knowledge of the value of real estate,

who shall inspect the property subscribed to the bank,

and make a report upon oath of the value of the said

Power to receive

property, and the said president and directors may re-

or reject

ceive the same according to their estimate of its rvalue

after considering the said report and all other circum-

stances relating thereto, and they may reject entirely

or rateably reduce the subscription of each individual

as to the said president and directors, or a majority of

them, shall seem just and equitable, and if upon the

performance of this duty, they shall finally ascertain

that more stock has been subscribed than is required

Mode of reducing

to constitute the capital of the bank, they may again

reduce the same rateable; according to the whole of

such subscriptions, until the same is reduced to the

As to expense of

amount prescribed, and all expenses attending the ex-

examining

amination of said property shall be paid by the pro-

prietor.

Explanation of

SEC. 10. And be it enacted, That the words real

real estate

estate, used in this act, shall he held to apply to cases

where the subscriber has the entire fee simple interest,

and also shall apply to the unincumbered estate of

lessees for ninety-nine years, renewable forever; but in

all cases of leasehold property, where it shall appear

that the principal of the ground rent estimated at six

per cent, shall amount to one half of what may be deem-