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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 newspaper in the county, and in some public print in the town of
Winchester, Virginia, 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 rents on each share, such subscriber shall be
entitled to receive a certificate, under the seal of the bank, and sub-
scribed 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 manner
before specified, such stockholder shall forfeit to the use of the com-
pany, 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 instalments,
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 inte-
rest, 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 stock-
holder may pay upon as many shares as he pleases, agreeably to
the calls so made, and shall be entitled to vote on as many shares
only as are so paid upon.
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 contract or engagement of said compa-
ny, or for any losses, deficiencies or failures of the capital stock of
said company, but the whole of the capital stock, together with all
property, rights and credits, belonging to the said institution, and
nothing more, shall at all times be answerable fur the demands
against the said company.
7. And be it enacted, That the affairs of the bank shall be manag-
ed by twelve directors and a president, to be chosen by the direc-
tors, all of whom shall reside in Allegany county; stockholders
actually resident within the United States, and none other, to vote
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 confer 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 thir-
ty, and not exceeding sixty, one vote; for every eight shares above
sixty, and not exceeding one hundred, one vote; and for every ten
shares above that number, one vole; but no person or persons, or
body politic, shall be entitled to a greater number than thirty votes,
and all votes at elections shall lie by ballot, delivered in person or
by proxy.
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chap. 186.
On failure to pay
any instalment
stockholder to for-
feit money paid
antecedently.
No stockholder
to vote unless he
has complied with
calls of payment.
No subscriber to
be answerable in
his person or indi-
vidual property.
Affairs of bank,
how to be manag-
ed.
Number of votes
to which stock-
holders are entit-
led.
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