T. WATKINS LIGON, ESQUIRE, GOVERNOR.

225

chosen shall have qualified by taking the oath here-
inafter prescribed, it shall be the duty of the com-
missioners to pay over to them the money received
on the subscriptions of stock, who shall discharge
thereout all the expenses of advertisement, or other-
wise incurred by said commissioners.

SEC. 6. And be it enacted, That said bank shall
and may go into operation as soon as fifty thousand
dollars shall been paid in gold and silver, upon the cer-
tificate of the Treasurer of the State of Maryland that
he is satisfied of such payment, and who is hereby
authorised and required, whenever requested by the
Directors, to appoint one or more disinterested per-
sons to count the said money and report to him.

May go into
operation.

SEC. 7. And be it enacted, That as soon as sail 1
Directors shall receive the certificate aforesaid, they
shall, on a day set apart for that purpose, elect ;.
President, Cashier, and other officers and servants,
all of whom shall be stockholders.

Officers to be
stockholders.

SEC. 8. And be it enacted, That at the end of six-
ty days from the election of Directors aforesaid, the
said subscribers shall pay on account of their said
subscriptions, two and a half dollars more per share,
and every sixty days thereafter, two dollars and a
half per share, until the said subscriptions shall have
been fully paid; and whenever a subscriber shall
have paid twenty-five dollars per share, he shall be
entitled to receive a certificate for the number of shares
held by him, under the seal of the bank and signed
by the President.

Instalments.

SEC. 9. And be it enacted, That if any stockhol-
der shall fail to pay the several instalments on their
stock, as hereinbefore provided, he shall forfeit to
the use of said company all moneys paid antecedent-
ly to such default.

Default of
payment may
work forfei-
ture.

SEC. 10. And be it enacted, That it shall be lawful
for the President and Directors of said bank to dis-
count any promissory note, or other negotiable paper
before maturity, although the same shall not, on the
face of it, be made negotiable at said bank, nor pay-
able thereat, nor at any other place in the town of
Centreville.

Lawful to dis-
count negotia-
ble paper.

SEC. 11. And be it enacted, That after the first
election of Directors, a new election of said officers
shall be held on the first Monday of June, in each
and every year thereafter, by the stockholders at such
place and hour as the President and Directors for the

Annual elec-
tion.

time being shall appoint; Provided, that no such

Provisos.