114

LAWS OF MARYLAND.

Dee. Ses. 1821.

the said Mechanics' Bank of Baltimore shall consist of six hundred
thousand dollars, money of the United States, divided into shares
of fifteen dollars each.

Shares not paid
up.

2. And whereas, There yet remains shares in the said bank
which are subscribed for, on which fifteen dollars only have been paid
—Therefore, be it enacted, That such shares shall hereafter be rat-
ed at nine dollars, and that the holders thereof may, in the manner pro-
vided for in the act to which this is a supplement, pay the further
sum of six dollars and shall thereupon be entitled to a certificate of

Proviso.

full paid shares; Provided, That nothing herein contained shall be
construed to exempt said bank from the payment of the whole
amount of the school fund heretofore paid on the amount of capi-
tal paid in.

Dividend.

3. And be it unacted, That the said president and directors
shall or may, as often as any money or property may be recovered or
received, for or on account of the debts dues and demands includ-
ed in the estimate of those losses by which the capital stock of the
said bank has been reduced, cause a dividend thereof to be made
amongst the stock-holders entitled to the same.

Stock holders
to assent.

4. And be it enacted, That this act shall be, by the said pre-
sident and directors, laid before a general meeting of the stock-hold-
ers of the said Mechanics' Bank of Baltimore, convened for that
purpose, upon such notice as the original act requires in cases in
which the said president and directors may call a general meeting;
and if such majority of stock-holders as is required by the original
act in the election of directors, shall assent to and accent this act,
then the president of the said Mechanics' Bank of Baltimore shall
transmit a copy under his hand, and the common seal of said bank,
of the proceedings of said general meeting, shewing the said assent
and acceptance, to the governor of this state, whereupon this act
shall be considered and be in full force and virtue.

Banks to sub-
scribe in pro-
portion to capi-
tal.

5. And be it enacted, That the several banks which are au-
thorised by the act entitled, "An act to make a turnpike road from
Boonsborough to Hager's-Town, and for the extension of the char-
ters of the several banks in the city of Baltimore and for other pur-
poses," passed at December session eighteen hundred and twenty-
one, and which shall agree to accept the terms and conditions of
said act, be and they are hereby required to subscribe for stock
for the completion of said road, in proportion to the actual amount
of the capital stock of said banks at the time of subscribing for
said stock.

Repeal.

6. And be it enacted, That such of the provisions of the
act to incorporate the stock-holders of the Mechanics' Bank of
Baltimore and the several supplements thereto, as are inconsistent
with the provisions of this act, or repugnant thereto, including the
supplement passed December session eighteen hundred and nine-
teen, chapter one hundred and twenty-one, which limits the divi-
dends thereafter to be made to three fourths of the actual net pro-
fits, be and the same are hereby repealed.

Passed Feb. 18,
1822.

Powers to
cease—vested.

CHAPTER 168.

A supplement to an act entitled, An act for the distribution of a cer-
tain Fund for the establishment of Free Schools in the several coun-
ties of this state.
Sec. 1. Be it enacted By the General Assembly of Maryland,