198

LAWS OF MARYLAND, Nov. SESS. 1812.

1812.

tion shall be filled at any time before the expiration
of the said term of three days, then and immediately
after the same shall be so filled, no person, co-partner-
ship or body politic shall, during the remainder of
the term of three days aforesaid, be permitted to sub-
scribe for more than twenty shares.

Instalments.

3. AND BE IT ENACTED, That the said
commissioners shall give thirty days notice, of the
time and place of opening the said subscriptions, in
some news paper, and that each subscriber at the
time of subscribing, shall pay into the hands of the
said commissioners, the sum of five dollars, on each
share so subscribed, and that the further sum of
twenty dollars shall be paid on each share of stock
in the said Bunk, by the proprietors thereof, to the
president and directors of the City Bank of Balti-
more or their successors as the case may be, in in-
stalments not exceeding five dollars of the said sum.
in each instalment, and at such times as the said pre-
sident and directors or their successors may appoint
and require; but the instalments aforesaid or any
of them, shall not be required without first giving
sixty days notice in two or more of the news papers
printed in the city of Baltimore, one in the city of
Annapolis, one in George-Town, one in Frederick-
Town, one in Haters-Town, and one in Easton.

Ejection of di-
rectors.

4. AND BE IT ENACTED, That as soon as
two hundred thousand dollars have been actually
paid to the commissioners aforesaid, on account of
the subscriptions to the said stock, notice thereof
shall be given to the stockholders in at least two
public news-papers printed in the said city of Balti-
more, the city of Annapolis, George-Town, Fred-
erick-Town, Hagers-Town, and Easton; and the
said commissioners shall, at the same time in like
manner, notify a time and place Within the said city,
at the distance of sixty days from the time of such
notification for proceeding to the election of directors,
and it shall be lawful for such election to be then and
there made, and the persons then and there chosen,
shall be the first directors, and shall be capable of
serving by virtue of such choice, until their succes-
sors shall be duly elected in pursuance of. this act

Shares shall
remain for the
benefit and use
of the persons
subscribing.

5. AND BE IT ENACTED, That all subscrip-
tions, and the shares obtained in consequence there-
of, shall be deemed and held to be the right and pro-
perty of, and for the sole and exclusive use and bene-
fit of the persons, co-partnerships, or bodies politic
respectively subscribing, or in whose behalf the sub-