THOMAS KING CARROLL,
ESQ. GOVERNOR.
1829.
CHAPTER 84.
An act to incorporate a Bank, to be called by the name of the
Bank of Salisbury.
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CHAP. 84.
Passed Feb. 15, 1830
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Section 1. Be it enacted by
the General Assembly of Maryland,
That a Bank to be called and known by the name of
the Bank of Salisbury, shall be established in the town of Salisbury,
in Somerset and [and] Worcester counties, and that the capital
stock of the said Bank shall consist of fifty thousand dollars,
divided into two thousand shares of twenty-five dollars
each.
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Bank established
—stock—shares.
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Sec. 2. And be it enacted,
That books of subscription for
the said capital stock shall be opened at Princess Ann, on the
first Monday of May next, under the direction of William
Done, James Polk, George Handy, Littleton J. Dennis and
William W. Handy, or any two of them; at Snowhill on the
same day, under the direction of Ephraim K. Wilson, Irving
Spence, Samuel R. Smith, David K. Hopkins and John P.
Duffield, or any two of them, and at Salisbury on the same day
under the direction of John Rider, Jehu Parsons, George
Todd, Humphrey Humphreys and William B. Bell, or any
two of them, and the commissioners above named or any two
of them as aforesaid, on the day aforesaid, and at the places
aforesaid, shall cause books to be opened at ten o'clock in the
morning and shall continue the same open until five o'clock
in the afternoon, and if upon closing the books of subscription
it shall appear that the subscriptions exceed the whole amount
of capital stock, then the said commissioners or any three of
them are hereby authorised, and some three of them directed
to meet at the town of Salisbury, and so to apportion the
shares subscribed, among the several subscribers by proportional
reduction, as may reduce the whole to the number to be
subscribed for, and if by the said operation of reduction an
exact proportion cannot be made among the several subscribers
by means of which a greater number of shares must be
allowed to one or more of the subscribers, or if the number of
subscriptions shall eventually be greater than the number of
shares, so that one share cannot be allowed to each and every
subscriber, then in either of the above cases, the said commissioners
or some three of them as aforesaid, shall ascertain by
lot to whom the greater number of shares or their right of subscription
for and retaining of one share (as the case may be)
shall be vested.
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Books to be opened
for subscribers.
Appropriation.
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Sec. 3. And be it enacted,
That every subscriber shall pay to
the commissioners who shall attend for opening the books at
the time of subscribing for the same, the sum of two dollars
and fifty cents in specie, on each state that shall be by him,
her, or them subscribed, and each subscriber, shall within sixty
days thereafter, pay to the Directors of the said Bank the
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Payments on stock.
Future payment.
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