JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

act: Provided, that not more than two shall reside in the
state of Delaware, and not more than two on the western
shore of Maryland.

CHAP. 195.

Sec. 6. And be it enacted, That the said bank shall pay
to the treasurer, of the western shore, the sum of twenty
cents, upon the amount of every one hundred dollars sub-
scribed, and actually paid in, for each and every year after
the first of May, eighteen hundred and thirty-four, or from
twelve months, after the day upon which the said institution
shall actually go into operation — during the continuance
of the charter of said bank, under this law; which sum shall
be, and hereby is pledged by the state, as a fund for the
support of free schools, to be equally divided amongst
the several counties of this state, and paid over in equal
proportions to such persons, in each county, as the legis-
lature may hereafter appoint.

Sec. 7. And be it enacted, That any subscriber for stock
of the said bank, shall have the privilege at the time of
subscribing, or at the time of payment of any subsequent
instalment, to pay up the whole amount of his subscription
or any part thereof; and to receive a certificate of stock,
expressing the number of shares, to which such subscriber
may be entitled, and the amount paid on each share,
which shall entitle such subscriber, in the first, and all sub-

Full payment of
stock.

sequent dividends of profits, to receive of said dividends,
in proportion to the amount actually paid in as aforesaid.

DividrmU Ihncon

Sec. 8. And be it enacted, That every subscriber shall
pay to the above named directors, who shall attend for
opening the books at the time of subscribing for the same,
the sum of five dollars on each share, that shall be by him,
or her subscribed, and each subscriber shall within sixty
days thereafter, pay such further sum, on each share as the
President and Directors may require, not exceeding seven

Payment on sub-

scribing

dollars and fifty cents; and the remainder on each share
shall be paid by such instalments, and at such times as the
directors shall appoint, upon giving not less than three
months notice of such demand in the most public places in
the county, and in such newspaper or newspapers, as they
may think proper, and receipts shall be given for the se-
veral payments so made; but when a subscriber shall have

Installmen.

paid the second instalment on each share, such subscriber
shall be entitled to receive a certificate, under the seal of
the Bank, and subscribed by the President, for the number
of shares by him or her held.

Certificates

Sec. 9. And be it enacted, That it shall and may be law-
ful for said bank, to discount any bills of exchange, or
30

Authority to dis-

count