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Capital stock.
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SEC. 2. And be it enacted, That the capital stock
of this bank, shall consist of one hundred thousand
dollars money of the United States, divided into four
thousand shares, of twenty-five dollars each.
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Commission-
ers appointed.
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SEC. 3. And be it enacted, That Samuel B. Foard,
Francis A. Ellis, John Patridge, William Torbet,
John L. Clayton, George W. Bennett, and John
Simpers, be and they are hereby appointed commis-
sioners under directions of a majority of whom sub-
scriptions may be received to the capital stock of the
said Farmers' and Merchants' Bank of Cecil county,
and they or a majority of them may cause books to
be opened at such times and places as they may di-
rect for the purpose of receiving subscriptions to
the capital stock of said company, after having given
such notice of the times and places of opening the
same, as they may deem proper, and that upon the
first opening of said books, they shall be kept open
at least three successive days, from ten o'clock in
the morning, until two o'clock in the evening, and if
at the expiration of that period, such a subscription
of the capital stock of said company as is neces-
sary to its incorporation, shall not have been ob-
tained, the said commissioners or a majority of them
may cause the said books to be opened from time to
time after the expiration of said three days, for the
space of twelve months thereafter or until the sum
necessary to the incorporation of said company
shall have been subscribed and if any of said commis-
sioners shall die, resign or refuse to act during the
continuance of the duties devolved upon them by
this act, another may be appointed in his stead by
the remaining commissioners.
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General meet-
ings.
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SEC. 4. And be it enacted, That at the expira-
tion of the three days for which the books are first
opened, if two thousand shares of the said capital
stock, shall have been subscribed or if not, as soon
thereafter as the same shall have been subscribed,
the said commissioners or a majority of them shall
call A general meeting of the subscribers, after giving
such notice thereof as they may deem proper, and
at such meeting they shall lay the subscription books
before the subscribers or a majority of them, who
shall then proceed to elect by ballot nine directors
to manage the affairs of said company, each sub-
scriber voting at the same time upon his stock in
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