24

LAWS OF MARYLAND.

DEC. SESS.
1813.

herein provided; but after a subscriber shall have paid
his or her shares, up to twenty five dollars each, he or
she may receive a certificate or certificates, for the num-
ber of shares by him or her held, subscribed by the pre-
sident, under the seal of the Bank.

Failure to pay
instalment.
Forfeiture af-
ter the pay-
ment of 10 dol-
lars on each
share — Free
of interest.

11. AND BE IT ENACTED. That if any stock holder
shall fail to pay his or her instalment, to the amount of
ten dollars on each share, at the limes and in the manner
before specified, such stock holder shall forfeit for the use
of the Bank, all anticedent payments; but no forfeiture
shall take place after ten dollars on each share shall have
been paid; but as it is requisite that means shall be taken
to secure the regular payments of the subsequent instal-
ments, if any stock-holder shall fail to make regular pay-
ment of any, instalment, after ten dollars shall have been
paid on each share, such stock holder's money in Bank,
shall remain free from interest, and not entitled to divi-
dend, until such instalment shall have been made good ;
and the dividend thereafter to be marie to such stock-
holder, as well upon the monies regularly paid, as upon
those paid after default, shall be computed only from the

time, that such instalment was made good.

Company not
to be answer-
able individu-
ally.— Capital
and property
of the company

is answerable.

12. AND BE IT ENACTED, That no member of
the said company, shall be answerable in his person or
individual property, for any contract or engagement of
the said Bank, or for any losses, deficiencies or failures
of the capital stock thereof; but all the said capital stock,
together with all property, rights and credits of the said
institution, shall at all times be answerable for demands
against the said Bank.

President and
directors to

conduct the
business.

13. AND BE IT ENACTED, That the President
and Directors, shall determine the manner of conducting
the concerns of the said Bank, and the rules and forms to
be pursued therein. They shall appoint and pay the va-
rious subordinate agents by them deemed necessary, and
dispose of the funds and credits of the said Bank, in the
common course of banking, for the use and benefit of the
said stock-holders, and make a dividend of profits, after
the end of the first year, and semi-annually thereafter.

Annual electi-
on. Vacancy.

14. AND BE IT ENACTED, That the President
and Directors of the said Bank, may hold an annual elec-
tion at the banking house, after notice as aforesaid; and
in the mean time, should a vacancy happen, the Presi-
dent and Directors may supply the same from among the
stock holders.

President pro.

tem.

Real property.

15. AND BE IT ENACTED, That in case of sick-
ness, or absence of the President, he shall designate, in
writing, a discreet person to act as President, pro tem.
16. AND BE IT ENACTED, That the President and
Directors may purchase or lease real property and cause
to be erected all necessary buildings, conveniencies and
securities for the said Bank.

Bullion, specie.

17. AND BE IT ENACTED, That the Bank of So-