1836.

LAWS OF MARYLAND

CHAP. 225.
Incorporated
Style

shall be and they are hereby created, made and declar-
ed to be a corporation and body politic by the name
and, style of the Union Bank of Allegany, and shall
so continue until the end of the year eighteen hundred

Till 1837

and fifty seven, and the expiration of the first session
of the General Assembly which shall be held thereaf-

Corporate pow-

ers

ter, and by that name shall be, and are hereby made
able and capable in law, to sue and be sued, plead and
be impleaded answer and be answered, defend and be
defended, in courts of record or any place whatsoever,
also to make, have, and use a common seal, and the
same to break, alter or renew at their pleasure, and to

By laws

ordain, establish, and put in execution such by-laws,
ordinances, and regulations, as shall seem necessary
and convenient for government of the said corporation,
the same not being contrary to law or the provisions of

Msy enlarge the
capital

this act; provided however, that said bank shall at any
time within three years from the passage of this act,
have power to enlarge its capital to one million of .dol-
lars, and not less than eleven, of the directors of said

Residence

bank shall be residents of Allegany county.

Case of excess
of subscription

SEC. 3. And be it enacted, That if a greater number
of shares shall be subscribed to the capital stock of
said bank than is authorised by this act, the commis-
sioners above named or -a majority of them, shall re-
duce the excess, rateably, but each subscriber shall
have at least one share, unless the number of subscri-
bers shall exceed the number of shares hereby authori-
sed to be subscribed to the capital stock of said com-
pany, and in this event the right of the subscribers
shall be determined by lot, and in case any subscriber
shall have paid a greater sum of money at the time of
subscribing, than at the rate of ten dollars per share,
on the shares to him appropriated, the commissioners

First payment

shall only retain the sum required as the first payment
on these shares, and forthwith return the surplus on
application for the same, to the persons lawfully en-
titled thereto, and upon every subscription there shall
be paid at the time of subscribing to the said commis-
fcioners, or to their agents appointed to receive such

Deposited

subscriptions, the sum of ten dollars 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 keep-