LAWS OF MARYLAND.

1843

share, and within every sixty days thereafter the sum of
two dollars and fifty cents (one-fourth part of which shall
be in specie) on each share, to the directors of said Bank,
until the sum of ten dollars shall be paid on each shares
and the remaining fifteen dollars on each share shall be
paid by such instalments, and at such times as the direc-
tors shall appoint, upon giving not less than three month,
notice of such demand in the newspaper in the county,
and in some public newspaper in the cities of Baltimore
and Philadelphia, and receipts shall be given for the se-
veral payments so made, but when a subscriber shall have
paid the sum of ten dollars on each share, such subscri-
ber 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.

CHAP. 213.

Sec. 5. And be it enacted, That if any stockholders
shall fail to pay his or her instalments to the amount of
five dollars on each shore at the times and manner before
specified, such stockholder shall forfeit to the use of the
company, all moneys paid antecedently to such failure or
default, but no forfeiture shall take place after five dollars
on each share shall have been paid; but if any stockhold-
er shall fail to make regular payment of any instalment
after five dollars shall have been paid, such stockholder's
money in bank shall remain free from interest and not en-
titled to dividend until such instalments or call shall be
made good, and the dividend thereafter to be paid to such
stockholder, (as well as upon the money by him regularly
paid as upon the money paid after defaults shall be calcu-
lated only from the time when said last instalment was

On failure to
pay instal-
ments of $5,
parties forfeit.

made good.
Sec. 6. And be it enacted, That no subscriber or
stockholder or member of said company, shall be answer-
able in his person or individual property for any contract
or engagement of said company, or for any losses, defi-
ciencies or failures of the capital stock of the said com-
pany, but the whole of the said capital slock, together
with all property, rights and credits, belonging to the
said institution, and nothing more, shall at all times be

Subscribers
not responsi-
ble, &c.

answerable for the demands against the said company.
Sec. 7. And be it enacted, That the affairs of the
bank shall be managed by ten directors and a president,
a majority of whom shall reside in Harford county; stock-
holders actually residents within the United States, and
none other, to vote by proxy; and after the first election,
no share or shares which shall not have been holden two
calender months prior to the day of election, shall confer
a right of suffrage.

Ten Direc-
tors and a Pre-
sident.