PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

instalments or calls shall be made good, and the divi-
dends thereafter to be paid to such stockholder, as
well upon the money by him regularly paid, as upon
the money paid alter default, shall be calculated only
from the time when said last instalment was made

good.

CHAP. 506.

SEC. 7. And be it enacted, That the said bank

shall and may go into operation when one thousand
shares of the stock shall be subscribed, and twenty-
five thousand dollars shall have been paid in by the
stockholders, in gold and silver, the facts of the sub-
scription of the said one thousand shares of stock,
and the payment of the said twenty-five thousand
dollars, in gold and silver coin, to be certified to the
Treasurer of the State of Maryland, by such person or
persons as may be by him appointed, at the request
of the said board of directors, to examine into and
certify the same, and the said bank, on the first day
of January, subsequent to its organization, as herein
provided, and on the same clay annually thereafter,
shall pay or cause to be paid to the Treasurer of the
State of Maryland, the sum of twenty cents on every
hundred dollars of the capital of said stock, then ac-
tually paid in, to be applied by said treasurer to the
augmentation of the free school fund of the State, in
the same manner as the similar tax paid by other in-
corporated banks in the city of Baltimore is now ap-
plied, and in case of failure of the said bank to make
such payment for the space of six months after the
same shall have become, payable, this charier shall be
forfeited and be deemed null and void, and the said
bank, or the president and directors thereof, shall, in
consideration of the corporate privileges hereby grant-
ed, pay to the State of Maryland, in addition to the
twenty cents in the hundred dollars, as hereinbefore
provided, an amount equal to one per centum on the
amount of their capital stock actually paid in, or
which may from time to time be paid in, and in case
such payment be delayed tor six months after the said
bank shall go into operation, or after any additional
payment shall be made on its capital stock, then the
said charter shall be absolutely forfeited and void.

When to be
operative, etc.

SEC. 8. And be it enacted, That it shall and may
be lawful for the Cecil Bank to discount any bill of
exchange or promissory note, which shall be offered
for discount in said bank, by any person or persons,
although the same shall not on the face thereof be
made negotiable at the Cecil Bank, nor be made paya-
ble at the house of any person in the village of Port

What paper to
negotiate.