T. W ATKINS LIGON, ESQUIRE, GOVERNOR.

343

duty of the commissioners immediately to close the
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, viz., Doct. H. Rouset, C. Gomegys, J.
Hopkins Tarr, Wm. C. Meede, R. C. Carter, Wm.

H. Downes, Wm. B. Massey, Joshua McGonegal, J. P.
Manlove, Robert Jarrell, Wm. C. Satterfield and John
T. Sangston, and conduct every operation of the pro-
posed institution until they shall be superseded by the
appointment of directors.

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 dol-
lars and fifty cents on each share, and within every
sixty days thereafter the sum of two dollars and 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 instalments, and at such times as
the directors shall appoint upon giving not less than
three months notice of such demand in the newspaper
in the county, and receipts shall be given for the several
payments so made, but when a subscriber shall have
been paid the sum of ten dollars on each share such
subscriber shall be entitled to receive a certificate, un-
der the seal of the bank and subscribed by the presi-
dent, for the number of shares by him or her held.

Amount to be
paid at time
of subscri-
bing.

SEC. 5. And be it enacted, That if any stockholder
of stockholder 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 stock-
holders 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 instal-
ment after five dollars shall have been paid, such stock-
holders 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 stockholders as well upon the money
paid by him regularly paid as upon the money paid after

Failure to pay.