THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

SEC 6. And be it enacted, That if any stockholder

shall fail to pay his or her .instalments of five dollars,

CHAP 320.

at the times and in the manner above specified, such

On failure, to forfeit

stockholder shall forfeit to the use of the bank, all

moneys paid antecedently to such failure or default;

hut no forfeiture shall take place after ten dollars on

each share shall have been paid; but as a security for

Penalty for failure

the regular payment of the subsequent instalments, if

of regular pay -ment

any stockholder shall fail to make regular payment of

any instalment, after ten dollars shall have been paid,

the shares of stock of such stockholders shall remain

free from interest, and entitled to no dividend until

such instalment is paid; and the dividend thereafter to

be paid to such stockholder, as well upon the money

by him regularly paid, as upon that by him paid after

the default, shall be catenated only from the time

when the last instalment was made good.

SEC. 7. And be it enacted, That after the first elec-

Annual election of

directors

tion of directors is made as. aforesaid, on the first

Monday of May, in each and every year thereafter,

seven directors of the said bank, shall he chosen by

ballot, by the stockholders or proprietors of the capi-

tal stock thereof, and by a plurality of votes at such time,

place and in such manner as the president and direc-

tors for the time being shall appoint; five of which said

Qualification as to residence

directors, as to residence, et cetera, shall reside and be

elected in the manner prescribed by the fourth section

of this act; aud these who shall he chosen at any elec-

Duration of ser» vice

tion, shall be capable of serving as directors in virtue

of such choice, until the expiration of the first Monday

in May, in the next ensuing year, and in case of fail-

ure of any election on the, day appointed, until such

elections take place, and until a number of such new

directors, competent to form a board for the transac-

tion of business shall have qualified agreeably to the

provisions of this act; and the said directors, at their

first meeting after such election shall choose a presi-

dent; and in case it should happen that an election

Day not material

should not be made on that day, when pursuant to this

act it ought to take place, the corporation, from that

cause, shall not be deemed dissolved; but it shall and

may be lawful, on any other day, with thirty days