1849.

LAWS OF MARYLAND.

CHAP. 268.

To pay instal-
ments as de-
manded, or for-
feit stock.

which shall not at any time exceed five dollars on
each share.
SEC. 4. And be it enacted, That if any stockholder
shall fail to pay up his, her, or their instalments of two
dollars and fifty cents on each share, as heretofore
directed, such stockholder shall forfeit, for the use of
the company, all monies paid antecedent to such fai-
lure or default; no such forfeiture shall, however, take
place alter five .dollars shall have been paid on each
share; but if any stockholder shall fail to make regu-
lar payments of any instalment or call, after five dol-
lars on each share shall have been paid, such stock-
holder's money, in bank, shall remain free from inte-
rest, and not entitled to any dividend until such
instalment or call shall be made good, and the divi-
dend thereafter to be made to such stockholder, as well
upon the money regularly paid as upon that after de-
fault shall be calculated only from the time when such
instalment shall be made good.

Affairs — how
managed.

SEC. 5. And be it enacted, That the affairs of the
bank shall be conducted and managed by a president
and ten directors, which directors shall be chosen by
the stockholders, in person or by proxy, in Westmin-
ster, on the first Monday of June next, and on the
first Monday of June in every year thereafter, notice
of which said election shall be given by advertisement
of the president in the newspapers before mentioned;
two of which said ten directors shall retire at the end
of one year after the first election, and so each and
every year thereafter, two of the board of directors
shall retire, but no director shall be ineligible more
than one year after having so retired; the board of
directors shall determine, by lot or otherwise, who
shall retire.

How elected.

SEC. 6. And be it enacted, That in choosing the
directors of the Farmers and Mechanics Bank of Car-
roll county, the stockholders shall be entitled to vote
either in person or by proxy, according to the number
of shares held; all elections shall be by ballot, and
no share shall confer a right of suffrage after the first
election, which shall not have been held at least three
months previous to the day of election, and unless it
be held by the person in whose name it appears abso-
lutely and bona fide in his own right, or that of his
wife, and for his and her sole use and benefit, or as
executor, administrator, or guardian, or trustee, in the