64

LAWS OF MARYLAND.

Dec. Sess.
1814.

said commissioners immediately to close the books and
those only who have actually subscribed previous thereto
shall be entitled to the said stock; and it shall be the
duty of the commissioners appointed to receive subscrip-
tions at Havre-de-Grace, to wit: Samuel Hughes, Elijah
Davis, William B. Stokes, Abraham Jarrett, Para Smith
Edward Hall, Edward Griffith, Francis J. Dallam and
Charles S. Sewell, to conduct every operation of the pro-
posed institution, until they shall be superseded by the
appointment of directors.

Instalments.
&c.

4. AND BE IT ENACTED, That every subscriber
shall pay to the commissioners, who shall attend for
opening the books at the time of subscribing for the
game, the sum of five dollars (one fourth part of which
shall be in specie) on each share that shall be by him
subscribed; and the commissioners respectively shall
transmit to the commissioners at Havre-de Grace, by the
earliest safe conveyance, all monies received by them
together with the subscription books, and each subscri-
ber shall, within sixty days thereafter, pay to the com-
missioners last aforesaid the further sum of five dollars,
(one fourth part of which shall be in specie) on each
share, and within every sixty days thereafter the sum
of five dollars (one fourth part of which shall be in
specie) on each share, to the directors of said bank, until
the sum of twenty-five dollars shall be paid on each
share; but any person who may find it convenient may,
at the time of paying his second, third or fourth, instal-
ment, pay upon his shares to the amount of twenty-five
dollars (one fourth part of which shall be in specie) on
each share, and shall receive a dividend accordingly ;
and the remaining twenty-five 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 counties aforesaid, and in some public newspaper
in the city of Baltimore; and receipts shall be given for
the several payments so made; but when a subscriber
shall have paid the sum of twenty five dollars on each
share, such subscriber shall be entitled to receive a cer-
tificate, under the seal of the bank, and subscribed by
the president, for the number of shares by him or her
held.

Defaulters.

5. AND BE IT ENACTED, That if any stock-
holder shall fail to pay his or her instalments to the
amount of ten dollars on each share, at the times, and in
the manner before specified, such stockholder shall for-
feit, to the use of the company, all monies paid antece-
dently to such failure or default; but no forfeiture shall
take place after ten dollars on each share shall have been
paid; but if any stockholder shall fail to make regular
payment of any instalment after ten dollars shall have
been paid, such stockholder's money in bank shall re-