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Dec. Ses. 1817.
Forfeitures.
Capital stock
only answera-
ble, &c.
Affairs of bank
how to be
managed.
Votes.
Call for pay-
ment to be
made.
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' such instalments, not exceeding five dollars at any instalment, and
at such time, as the directors shall appoint, upon giving not less
than sixty days notice of such demand in the public places in the
county, and in the two newspapers printed in Easton, and receipts
shall be given for the several payments so made; but when a sub-
scriber shall have paid the sum of five 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.
5. And be it enacted, That if any stockholder shall fail to pay his
or her instalments to the amount of five dollars on each share, at
the times and in the manner before specified, such stockholder shall
forfeit to the. use of the company all monies paid antecedently to
such failure or default; but no default shall take, place after five
dollars on each share shall have been paid; but if any stockholder
shall fail to make regular payment of any instalments after five
dollars shall have been paid, such stockholder's money in bank
shall remain free from interest, and not entitled to dividend, until
such instalments or call be. made good, and the. dividend there-
after to he paid to such stockholder, (as well upon the money by
him regularly paid, as upon the money paid after default, shall be
calculated only from the time when said last instalment was made
good.
6. And be it enacted, That no subscriber or stockholder, or mem-
ber of the said company, shall be answerable in his person or in-
dividual property for any contractor engagement of said company,
(except as herein after excepted) or for any losses, deficiencies or
failures, of the capital stock of the said company, but the whole of
the said capital stock, together with all property, rights and cre-
dits, belonging to the institution, and nothing more, except as afore-
said, shall at all times he answerable for the demands against the
said company.
7. And be it enacted, That the affairs of the bank shall be ma-
naged by nine directors and a president, all of whom shall reside
in Queen-Antic's county: stockholders actually resident within the
United States, and none other, to vote in person or by proxy; and
after the first election no share or shares which shall not have been
holden four calendar months prior to the day of election shall con-
vey a right of suffrage.
8. And be it enacted, That in choosing directors the stockholders
shall be entitled to vote as follows: for one share and not more
than two shares, one, vote each; for every two shares above two
and not exceeding ten, one vote; for every four shares above ten,
and not exceeding thirty, one vote; for every six shares above
thirty and not exceeding sixty, one vote; for every eight shares
above sixty and not exceeding one hundred, one vote; and for eve-
ry ten shares above that number, one vote; but no person or per-
sons, or body politic, shall be entitled to a greater number than
thirty votes, and no person shall be entitled to vote unless the
shares which they hold are bona fide their own property: and all
votes at elections shall be by ballot, delivered in person or by proxy.
9. And be it enacted, That no stockholder shall be entitled to vote
on his stock for president and directors, unless he shall have, com-
plied with the calls of payment made by the president and directors.
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