232

LAWS OF MARYLAND.

1812.

but when a subscriber shall have paid the sum of
twenty-five 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.

Delinquents.

5. AND BE IT ENACTED, That if any stock-
holder shall fail to pay his or her instalments often
dollars at the times and in the manner before speci-
fied, such stock-holder shall forfeit to the use of the
company, all monies paid antecedently to such failure
or default; but no forfeiture shall take place after ten
dollars on each share shall have been paid; but as it
is requisite that means shall be taken to secure the
regular payment of the subsequent instalments;
therefore, if any stock-holder shall fail to make regu-
lar payment of any instalments, after fifteen dollars
shall have been paid, such stock holder's money in
bank, shall remain free from interest, and not entitled
to dividend until such instalments or call shall be made
good; and the dividend thereafter to be paid to such
stock holder (as well upon the money by him regu-
larly paid, as upon the money paid after default) shall
be calculated only from the time when said last instal-
ment was made good.

Subscribers or
stock holders
shall not be an-
swerable in per-
son or individu-
al property for
the contracts of
the company,
but capital, &c.
shall be an-
swerable.

6. AND BE IT ENACTED, That no subscri-
ber or stock-holder, or member of the said company
shall be answerable in his person or individual proper-
ty, for any contract or engagement of said company,
or for any losses, deficiencies or failures of the capital
stock of the said company; but the whole of the capi-
tal stock, together with all property, rights and cred-
its belonging to the said institution and nothing more,
shall at all times be answerable for the demands
against the said company.

Affairs of the
bank shall be
managed by 8
directors and a
president, ex-
clusive of those
hereafter to be
appointed by
the state.

7. AND BE IT ENACTED, That the affairs of
the bank shall be managed by eight directors, (exclu-
sive of those hereafter to be appointed by the state, )
and a president to be chosen by the directors; all of
: whom shall reside in Allegany county; and after the
state shall have made an investment, she shall be en-
titled to one director; and after twenty-five thousand
dollars shall have been paid up by her, she shall be
entitled to two directors; which number she shall not
exceed, both of which shall be residents of Allegany
county; stock-holders actually resident 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 four calendar months prior to
the day of election, shall confer a right of suffrage,