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Dec Ses. 1817.
Payments—
Forfeitures.
Stockholders
not entitled to
vote unless
call for pay-
ment is com-
plied with.
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books to be opened at the place or places agreed upon, at ten
o'clock in the morning, and continue the same open until five
o'clock in the afternoon, and if the subscriptions shall exceed the
number of shares as above, then the said commissioners are here-
by authorised so to apportion the shares subscribed among the
several subscribers, as may reduce the whole to the number to be
subscribed for; but it the said subscriptions shall not be filled upon
the first day, the said commissioners shall have power to adjourn
from day to day until the whole number of shares shall be subscrib-
ed for; and at any time after the first day, when the said subscrip-
tions shall be complete, it shall be the duty of the said commis-
sioners 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 George Baer, John Schley, John
L. Harding, John Graham, Abraham Shriver, and Frederick A.
Schley, or a majority of them, to conduct every operation of the
proposed institution until they shall be superseded by the appoint-
ment of directors.
3. And be it enacted, That every subscriber shall pay to the com-
missioners who shall attend for opening the books, at the time of
subscribing for the same, the sum of two dollars and fifty on
each share that shall be by him subscribed, and each subscriber
shall within sixty days thereafter pay the farther sum of five dol-
lars, and ninety days thereafter the farther sum of five dollars, so
as to make up twelve dollars and fifty cents on each share, and the
remaining thirty-seven and a half 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 de-
mand in the news-papers in the county, 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 twelve dollars and fifty cents 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 of five dollars at the time and in the man-
ner 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 seven dollars and fifty cents
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 in-
stalments, therefore if any stockholder shall fail to make regular
payment of any instalment, after seven dollars and fifty cents 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 thereafter to be 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 stockholder shall vote for a presi-
dent and directors, unless he shall have complied with the calls of
payment made by the president and directors; and every stockhold-
er may pay upon as many shares as he pleases, agreeably to the
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