58

LAWS OF MARYLAND

DEC. SESS.

1814.

bly of Maryland, That a branch of The Farmers' Bank
of Somerset and Worcester shall be fend hereby is esta-
blished at Salisbury, in the counties of Somerset and Wor-
cester, under the name of the Salisbury Branch Bank,
to be governed by the rules and regulations provided by
the law to which this is a supplement, except as shall be.
hereby otherwise provided and directed.

Capital.

2. AND BE IT ENACTED, That the capital of the
Salisbury Branch Bunk shall be one hundred thousand
dollars, to be furnished by the Farmers' Bank of Somer-
set and Worcester, in the manner hereafter prescribed by
this act.

Shares.

3. AND WHEREAS the present capital of the Far-
mers' Bank of Somerset and Worcester, consists of two
hundred thousand dollars, divided into shares of one hun-
dred dollars each; Therefore,
BE IT ENACTED, That from and after the passage of
this act the shares in the said bank shall consist only of
fifty dollars each, thereby augmenting the number of
shares from two thousand to four thousand: two thous-
and of which shall constitute the capital of the Salisbury
Branch Bank

Sale of shares.

4. AND BE IT ENACTED, That the directors of
the said bank, or any six of them, on a clay to be appoin-
ted by them, after giving at least thirty days notice there-
of in the Easton newspapers, and by advertisement set
up at the public places in said county, shall sell two thou-
sand of the said shares on the best terms which may be
practicable, and the amount over fifty dollars per share
for which the same may be solid, shall be paid to the said
directors, or any six of them, as aforesaid, at the time
of the sale, for the exclusive use and benefit of the pre-
sent stockholders in the said institution.

Installments.

5. AND BE IT ENACTED, That at the time of the
sale aforesaid of any of the said stock, the purchaser
thereof shall pay to the cashier of the said bank the sum
of five dollars per share; thirty days thereafter the fur-
ther sum often dollars per share, and the remaining thir-
ty dollars shall be paid to the cashier of the Salisbury
Branch Bank at such time or times after giving at least
sixty days notice thereof as shall be fixed on by the di-
rectors of the mother Bank.

Defaulters.

6. AND BE IT ENACTED, That if any purchaser
of stock shall fail to pay his or her instalment, to the
amount of fifteen dollars on each share, at the times and
in the manner before specified, such stockholder shall
forfeit for the use of the company all monies paid
antecedently to such default, but no forfeiture shall take
place after fifteen 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 subsequent instal-
ments, if any stockholder shall fail to make regular
payments of any instalment after fifteen dollars shall