THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1836.

ing, and deliver the same to the president and directors
of said bank or to their order, as soon as shall be re-
quired after the organization of said bank, and the said
commissioners shall be allowed all reasonable charges

CHAT. 225.

and expenses incurred in the execution of their trust,
to be paid by the president and directors of said bank

Expense.

out of the funds thereof, and every subscriber shall pay
on each share of his stock four instalments of ten dol-
lars each, at the expiration of two, four, eight and
twelve months from the date of their respective sub-

Four instal-

ments

scriptions, and the residue of every subscription shall
be paid in such instalments, and at such times as it
may be required by the president and directors of said

Residue

bank; provided, that not more than one fifth part of
ihe subscription be demanded in any one month, nor

Restriction

any such instalment, until ninety days public no-
tice 'shall be given of such demand by the said
president and directors, and if any subscriber or as-

Notice required

signee of atly subscriber shall fail or neglect to pay
any instalment or part of said subscription when de-
manded, for the space of six days next after the time
the sum shall be due and payable, the stock on which it
is demanded shall be forfeited to the bank, and may be
sold by the said president and directors for the benefit
of 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 ten thousand shares
shall not have been subscribed to the capital stock of

Failing to pay
up

said bank before the same shall have been organised, the
president and directors thereof may at any time thereaf-
ter 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 value of said shares, and
upon terms that shall be as favorable to the said corpo-
ration as those prescribed to govern subscriptions.

Privilege to sell

SEC. 4. And be it enacted, That the affairs of the
said bank shall be conducted by thirteen directors, and
so soon as subscriptions shall have been received for
three thousand shares of its capital stock, the persons
hereinbefore named commissioners, or a majority or

Directors

them, shall be and act as judges of the first election or
directors, and shall give at least twenty days' notice
in the newspapers aforesaid, of a time and place in
Cumberland for proceeding to the election of thirteen

First election