|
|
subscriber shall have paid the sum of ten dollars on
|
|
CHAP. 318.
|
each share, such subscriber shall be entitled to receive
|
|
Certificate
|
a certificate under the seal of the bank and subscrib-
|
|
|
ed by the president, for the number of shares by him or
|
|
|
her held.
|
|
Deposite money
|
SEC. 7. And be it enacted. That upon the payment
|
|
|
of each instalment upon the several subscriptions, and
|
|
|
before the organization of the bank, the said commis-
|
|
|
sioners shall dcposite the money by them or their
|
|
|
agents received from the subscribers to the capital
|
|
|
stock of said bank, in the Hagerstown or Washington
|
|
|
county hank, or in both, if the directors thereof agree
|
|
|
to receive the same, and if not, the said commissioners
|
|
|
shall deposite the same in some place of safe keeping,
|
|
|
and deliver the same to the president and directors of
|
|
Allowed charge
|
the said bank, or their order, as soon as shall he re-
|
|
|
quired by the president and directors of said bank, and
|
|
|
the said commissioners shall be allowed all reasonable
|
|
|
charges and expenses incurred in the execution of
|
|
|
their trust, to be paid and deducted out of the funds of
|
|
|
said bank.
|
|
On failure to pay
|
SEC. 8. And be it enacted. That if any subscriber
|
|
instalments
|
or assignee of any subscriber, shall fail or neglect to
|
|
|
pay any instalment or part of said subscription deman-
|
|
|
ded, for the space of sixty days next after the time the
|
|
|
same shall be due and payable. the stock on which it is
|
|
Stock forfeited
|
demanded, shall he forfeited to the bank und may be
|
|
|
sold by the said president and directors for the benefit
|
|
|
of said bank, but the president and directors may remit
|
|
|
such forfeiture on such terms as they shall deem
|
|
|
proper.
|
|
President and di-
|
SEC. 9. And be it enacted, That if more than nine
|
|
rectors may re-duce
|
thousand shares shall be subscribed to the capital
|
|
|
stock of said bank, the said commissioners or a major-
|
|
|
ity of them, shall reduce the. subscription to nine thou-
|
|
|
sand shares, and allot the shares among the subscri-
|
|
Mode of reduction
|
bers in such manner as they shall deem equitable, and
|
|
|
in case any subscriber shall have paid any sum of mo-
|
|
|
ney at the time of subscribing, more than at the rate of
|
|
|
five dollars per share, on the shares apportioned and
|
|
|
allotted to him, the commissioners shall only retain
|
|
|
the sum required as the first payment on these shares,
|
