LEVIN WINDER, ESQ. GOVERNOR.

23

after closing the subscriptions, two or more of the, said
commissioners shall meet at Princess-Anne, for the pur-
pose of holding an election for the President and Direct-
ors of said Bank.
5. AND BE IT ENACTED, That the concerns of
the Bank of Somerset, shall be conducted by a President
and ten directors, to be chosen annually by the stock-
holders: two of which said directors, shall go out annu-
ally, and two more be chosen to supply their places.

DEC. SESS.

1813.

President and
Directors.

6. AND BE IT ENACTED, That in choosing the
President and Directors of the Bank of Somerset, the
stock-holders shall be entitled to vote, either in person,
or by proxy, according to the number of shares held, in
the proportion following, to wit: for one share, and not
more than two shares, one vote each; for every two
chares, above two, and not exceeding ten, one vote; for
every four shares above ten, and not exceeding thirty,
one vote; for every six shares above thirty, and not ex-
ceeding sixty, one vote; for every eight shares above
sixty, and not exceeding one hundred, one vote; and for
every ten shares above one hundred, one vote; but no
person, or body politic, shall be entitled to a greater num-
ber than forty votes; and no share or shares shall confer
a right of suffrage, which shall not have been holden two
calendar months previous to the day of election. Stock-
holders actually resident within the United States, and
none other, may vote at elections by proxy.

Method of
choosing them.

7. AND BE IT ENACTED, That immediately after
the election of the President and Directors, the said com-
missioners shall pay over to them all the monies received
for subscriptions; for which payment, the receipt of the
President, and two or more Directors, shall be a suffi-
cient warrant for the said commissioners.

Commission-
ers to pay over
the money.

8. AND BE IT ENACTED, That no person can be
admitted to a seat as Director, unless he shall at. the time
be a stock-holder; and ceasing to be a stock holder, he
shall, ipso facto, cease to be a Director.
9. AND BE IT ENACTED, That every subscriber
shall, within thirty days after the payment of the first
instalment, pay to the Directors of the said Bank, the
further sum of eight dollars on each share; and at the
expiration of every thirty days thereafter, the further sum
of five dollars on each share, until twenty-five dollars
shall have been paid on each share; but any person, at
the time of paying the second, third or fourth instalment,
may pay up his or her shares, to twenty five dollars, and
receive dividend accordingly; and the remaining seven-
ty five dollars on each share, shall be paid by such instal-
ments as the Directors may appoint, after notice as afore-
said.

Director must
be a stock-
holder.

Second in-
stalment.
Subsequent
instalments.

10. AND BE IT ENACTED, That receipts shall be
given by two or more of the commissioners, or the pre-
sident, as the case may be, for the several payments

Receipts given
for payments.
Certificates.