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Failing to pay
instalments —
forfeiture.
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SEC. 6. And be it enacted, That if any stockhold-
er shall fail to pay his or her instalments, at the times
and in the manner before specified, such stockholder
shall forfeit to the use of the bank all moneys paid
antecedently of such failure or default; but no for-
feiture shall take place after fifteen dollars on each
share shall have been paid; but as a security for the
regular payment of the subsequent instalments, if any
stockholder shall fail to make regular payment of any
instalment after fifteen dollars shall have been paid,
the shares of stock of such stockholders shall remain
free from interest, and entitled to no dividend, until
such instalment or call is paid, and the dividend
thereafter to be paid to such stockholder, as well
upon the money by him regularly paid, as upon that
by him or her paid after the default, shall be calcula-
ted only from the time when the last instalment was
made good.
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Directors to be
chosen annu-
ally.
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SEC. 7. And be it enacted, That alter the first
election of directors is made, as aforesaid, on the first
Monday in May, in each and every year thereafter,
seven directors of the said bank shall be chosen by
ballot, by the stockholders, or proprietors of the cap-
ital stock thereof, and by a plurality of votes, at such
place and in such manner as the president and direc-
tors for the time shall appoint; four of which said
directors, as to residence, &c., shall reside and be
elected in the manner prescribed by the fourth sec-
tion of this act; and those who shall be chosen at
election shall be capable of serving as directors, in
virtue of such choice, until the expiration of the first
Monday in May, in the next ensuing year; and in
case of failure of any election on the day appointed,
until such election takes place, and until a number
of such new directors, competent to form a board for
the transaction of business shall have qualified agree-
ably to the provisions of this act; and the said di-
rectors, at their first meeting after each election, shall
choose a president; and in case it should happen
that an election should not be made on the day,
when, pursuant to this act, it ought to take place,
the said corporation shall not, for that cause, be
deemed dissolved, but it shall and may be lawful,
on any other day within thirty days thereafter, to
hold and make an election in such manner as shall
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