|
|
may find it convenient may at the time of paying his se-
cond instalment pay up his shares to the amount of twen-
ty five dollars on each share, and shall receive a divi-
dend accordingly.
21. AND BE IT ENACTED, That the new stock-
holders who shall pay up their instalments regularly shall
be entitled to a dividend in proportion to their capital paid,
29. AND BE IT ENACTED, That the following
rules and provisions shall form and be additional funda-
mental articles of the constitution of the said corporation,
viz :
1st. The capital stock of the Farmers' Bank of So-
merset and Worcester shall be a joint stock, and shall
be managed by the directors of the bank at Snow Hill,
and by the directors of the Salisbury Branch Bank for
the joint benefit of the stockholders in each, and, for the
benefit of the state of Maryland when the state shall be-
come interested.
3d. Books shall be kept at the Salisbury branch, on
which shall be entered the stock purchased and paid for
by the purchasers of stock as aforesaid, according to the
list to be furnished by the cashier of the mother bank,
and transfers from A. to B. shall be made on the books,
of the Branch Bank, on proper application by the stock-
holders, under a provision to be made by a by-law to
be made and ratified as aforesaid.
3d. As soon as the second instalment on each share
of stock sold shall have been paid in at the mother bank,
the cashier thereof shall pay over to the cashier of the
Branch Bank, thirty thousand dollars, together with all
sums which may have been paid in by those who have
paid to the amount of twenty-five dollars on their stock
tor each share, and the Branch Bank at Salisbury shall
stand charged on the books of the mother bank at Snow
Hill with such remittance, and from time to time when
any and every future instalment of stock shall be called
and paid in on stock in the said Branch Bank, the cashier
of the said Branch Bank shall forward a certificate sta-
ting the amount so paid is, and also the time when each
stockholder paid in his instalment; and the said Brunch
Bank shall stand charged as aforesaid with each and eve-
ry such instalment so paid in.
4th. It shall be the duty of the directors of the Branch
Bank, at the end of six months from the commencement
of its operation, and at the end of every six months
thereafter, or at other times to be fixed on by the mother
bank so as to suit the declaration of dividends, to render
to the directors of the bank at Snow Hill a clear account
of all expences attending the conducting of the said
Branch Bank, together with an account of the nett profits
resulting therefrom, in order to the striking of a divi-
dend.
|
DEC. SESS.
1814.
Dividends
shall be in pro-
portion to ca-
pital paid in.
Additional
fundamental
articles.
|
|
