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Dec. Ses. 1817
Payments.
Forfeitures.
Capital stock
only answera-
ble, &c.
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authorised so to apportion the shares subscribed among the sub-
scribers, as may reduce the whole to the number to be subscribed
for; but if the, said subscriptions shall not be filled up on the first
day, the said commissioners shall have power to adjourn from day
to day, until the whole number of shares shall be subscribed for;
and at any time after the first day. when the, said subscriptions shall
be complete, it shall be the duty of the said commissioners immedi-
ately to close the books, anil those only who have actually subscri-
bed previous thereto, shall be entitled to the said stock; and it shall
be the duty of James Chaplain, Joseph E. Muse, Josiah Bayly,
Doctor Edward White, William Bond Martin, Richard Patterson,
Doctor Arthur Rich, Levin Lake, James Pattison, Thomas Loock-
erman, John Newton, Joseph Byus, Doctor William Jackson, Doc-
tor Clement Stanford, and William Washington Eccleston, or a
majority of them, to conduct every operation of the proposed
institution, until they shall be superseded by the appointment of
directors.
3. And be it enacted, That every subscriber shall pay to the com-
missioners who shall attend to the opening the books, at the time of
subscribing for the same, the sum of two dollars for each share
that shall be by him subscribed; and each subscriber shall, with-
in sixty days thereafter, pay the further sum of three dollars, and
ninety days thereafter the farther sum of ten dollars, so as to make
up fifteen dollars on earn share; and the remaining thirty-five
dollars on each share shall be paid by such instalments, and at
such time, as the directors shall appoint, upon giving not less than
three months notice of such demand in the newspapers published
in Easton, and in some public print 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 fifteen 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.
4. And be it enacted, That if any stockholder shall fail to pay his
or her instalments at the time 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 forfeiture shall
take place after five dollars on each share shall have been paid;
but, as it is requisite that means shall he taken to secure the regular
payment of the subsequent instalment, therefore if any stockholder
shall fail to make regular payment of any instalments after fifteen
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 shall 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.
5. 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 contract or engagement of said company,
or for any losses, deficiencies or failures, of the capital stock of the
said company, but the whole of the capital stock, together with all
property, rights and credits, belonging to the said institution, and
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