90

LAWS OF MARYLAND, Nov. SESS. 1812.

1812.

tablished in the city of Baltimore and Washington
county, subscribe forasmuch stock as will raise a
fund necessary and sufficient to finish and complete
the said road, each bank subscribing in, proportion
to the amount of capital actually employed, subscrib-
ed up or in operation by them, and to be paid or
advanced in due proportion to the amount of each
bank subscribed, in such periods and at such times
as the same may be wanted; and any increase of
capital made by any of the said banks, shall at all
succeeding payments thereafter, be taken into con-
sideration, and be considered as a part of the capital
contemplated under this act; and upon the further
condition that the said banks. in the city of Baltimore
and Washington county, and the several banks in
this State, shall elect and bind themselves to pay
into the treasury of the western shore, the sum of
twenty thousand dollars for each and every year dur-
ing the continuance, of their respective charters as
aforesaid, under this law; the sum so as aforesaid to
be paid by the said banks, shall be in proportion to
their respective capitals paid or to be paid in, and
which sum as aforesaid shall be and is hereby pledg-
ed as a fund for the purpose of supporting county
schools.

Money — how
to be divided.

4. AND BE IT ENACTED, That the said
money, when so paid into the treasury, shall be
equally divided amongst the several counties of this
State, and shall be paid over, in equal portions, to
such persons in each county as may hereafter be ap-
pointed by law, and authorised to receive the. same,
for the purpose of supporting, county schools.

Managers to
be chosen by
the banks.

5. AND BE IT ENACTED, That as soon as
the stock aforesaid shall have been subscribed, or an
amount sufficient to commence with, that then the
president and directors of each of the several banks
so subscribing, shall choose one manager out of the
stock-holders in their respective banks for every
twenty-five thousand dollars worth of stock by them
subscribed, leaving however to each bank one mana-
ger should its proportion of stock not amount to
that sum; and said managers shall choose from
among themselves a president, and the said president
and managers, or a majority of them, shall appoint
a treasurer, and such other officers as may be deem-
ed necessary, and shall hold their places until the
annual election on the first Monday in October there-
after.