28

LAWS OF MARYLAND.

Dec. Sess.
1813.

have actually subscribed previous thereto, shall be enti-
tled to the said stock; and it shall be the duty of Samuel
Ringgold, Thomas Buchanan, John Bowles, Matthew
Vanlear, Charles Hesletene, Jacob T. Towson, Peter
Miller, and John Irvine, who are appointed Directors of
said Bank, to serve until the first Monday in May, in
the year of our Lord one thousand eight hundred and fif-
teen, or a majority of them, to conduct every operation
of the proposed institution, until the expiration of the
period above mentioned.

First payment.
Second pay-
ment. Re-
maining pay-
ment. Notice
Receipts. Cer-
tificate.

4. AND BE IT ENACTED, That every subscriber
shall pay to the above named directors, who shall attend
for opening the books, at the time of subscribing for the
same, the sum of five dollars on each share that shall be
by him subscribed; and each subscriber shall within sixty
days thereafter, pay the further sum of five dollars on
each share; and the remaining fifteen dollars on each
share, shall be paid by such instalments, and at such times
as the directors shall appoint, upon giving not less than
three months notice of such demand, in the most public
places in the county, and in the public prints of Hager's
Town; and receipts shall be given for the several pay-
ments so made; but when a subscriber shall have paid
the sum of ten dollars on each share, such subscriber shall
be entitled to receive a certificate, under the seal of the
Bank, and subscribed by the President, for the number
of shares by him or her held.

Failure to pay
lnstalments.

Forfeit. Free
of interest.

5. AND BE IT ENACTED, That if any stock-
holder shall fail to pay his or her instalments of five dol-
lars, at the times, and in the manner before specified, such
stock holders shall forfeit to be use of the company, all mo-
nies paid antecedently to such failure, or default; 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 payment of the subse-
quent instalments, therefore if any stock holder shall fail
to make regular payment of any instalments after ten
dollars shall have been paid, such stock holder's money
in Bank, shall remain free from interest, and not entitled
to dividend, until such instalments, or call, shall be made
good; and the dividend thereafter, to be paid to such
stock holder (as well upon the money by him regularly
paid, as upon the money paid after default) shall be cal-
culated only from the time when said last instalment was
made good.

Exempt from
individual re-
sponsibility.

6. AND BE IT ENACTED, That no subscriber, or
stock-holder, or member of the said corporation, shall be
answerable in his person, or individual property, for any
contract or engagement of such company, or for any
losses, deficiencies or failures, of the capital stock of the
said company; but the whose of the capital slock, toge-
ther with all property, rights and credits belonging to the
said institution, and nothing more, shall at all times be
answerable lor the demands against the said company.