T. WATKINS LIGON, ESQUIRE, GOVERNOR.

557

twelve months, or until the sum necessary for the in-
corporation of said bank shall have been subscribed;
and if any of the said commissioners shall die, re-
sign, or refuse to act before the execution of the du-
ties assigned to them by this act, another may be ap-
pointed in his stead by the remaining commissioners;
and if on the first day of subscription the number of
shares taken shall exceed the amount to be sub-
scribed, the larger subscriptions shall be reduced, and
the shares apportioned amongst the several subscri-
bers, so that if practicable, no subscriber shall be ex-
cluded from a participation in said stock.

SEC. 4. And be it enacted, That if on the day of
subscription as aforesaid, three 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 present,
and thereupon the said subscribers, or a majority of
them, shall elect by ballot seven directors, who
with the President, by them thereafter to be appoint-
ed, shall manage the affairs of said bank; each
subscriber voting at the said election upon his stock,
upon the ratio hereinafter prescribed, as to all

Meetings.

elections or votes of the stockholders; Provided, al-
ways, that four of the persons elected as directors
shall reside without the limits of the City of Balti-
more, which said four, together with the three others
having the greatest number of votes, shall constitute
the board ot directors of said bank.

Proviso.

SEC. 5. And be it enacted, That every subscriber
shall pay to the above named commissioners, who
shall attend for opening the books at the time of sub-
scribing for the same, the sum of ten dollars on each
share that shall be by him or her subscribed, and each
subscriber shall within sixty days thereafter pay the
further sum of five dollars on each share, and the re-
maining sum of ten dollars on each share shall be
paid by such instalments and at such times as the di-
rectors shall appoint, upon giving not less than three
months notice of such demand, in one or more news-
papers in the cities of Baltimore and Annapolis, and
receipts shall be given for the several payments so
made, but when a subscriber shall have paid the sum
often dollars on each share, such subscriber shall be

Instalments.