1849.

LAWS OF MARYLAND.

CHAP. 246.

books, and those only who have subscribed previously
thereto shall be entitled to the said stock, and it shall be
the duty of the commissioners appointed to receive sub-
scriptions, namely: Thomas Wilson, William. S. Con-
stable, Thomas R. Browne, Nathaniel Wiley, George
B. Westcott, James B. Ricaud, James A. Pearce,
George S. Holliday, George Vickers, Samuel Kerr,
Thomas C. Kennard, Isaac L. Price, C. W. Spry,
James Spear and David C. Blackiston, and conduct
every operation of the proposed institution, until they
shall be superseded by the appointment of directors.

Capital— how
paid in.

SEC. 4. And be it enacted, That every subscriber
shall pay to the commissioners, who shall attend for the
opening of books, at the time of subscribing for the
same, the sum of two dollars and fifty cents on each
share that shall be by him or her subscribed, and each
subscriber shall, within sixty days thereafter, pay to the
commissioners aforesaid the further sum of two dollars
and fifty cents on each share, and within every sixty
days thereafter the sum of two dollars fifty cents on each
share to the directors of said bank, until the sum of ten
dollars shall be paid on each share, and the remaining
fifteen dollars on each share shall be paid by such in-
stalments, and at. such times, as the directors shall ap-
point, upon giving not less than three months notice of
such demand in the newspaper in the county, and re-
ceipts shall be given for the several payments so made,
but when a subscriber shall have paid the sum of ten
dollars 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.

To pay the

instalments as
demanded, or
forfeit stock.

SEC. 5 And be it enacted, That if any stockholder
or stockholders shall fail to pay his, her or their instal-
ments, to the amount of five dollars on each share, at
the times and manner before specified, such stockholder
shall forfeit to the use of the company, all monies paid
antecedently to such failure or default, but no forfeiture
shall lake place after five dollars on each share shall
have been paid, but if any stockholder 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 entitled to divi-
dend, until such instalments or call shall be made good,
and the dividend thereafter to be paid to such stockhol-
der, as well as upon the money by him regularly paid,
as upon the money paid after default, shall be calcula-
ted only from the time when said last instalment was
made good.