The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1850-03-30
AN ACT

~ OmPaIy uEQ'T lne name OIL INT
Cecil Bank o, the village of Port De-
post in Cecil County.
Section lst. Be It enacted by tn,
General Assembly Of Maryland, That
a Bank to be called and known by tn,
name ofLecil Bark, shall be csta bllsIiet
u. The village Of Port Depost in Ceci
County, ana that as soon as one thou
sand shsrss of the capital stock Of sai'
Company shall have been subscribed, til,
subscribers thereof shall and are hereb,
made corporation and body polite
under the name and style Of the Ceci
Bank, and by that name, shall ant
are hereby made capable in law, to su.
and be SUED, plead and BE- implicated. an
sw-r and b. answerabl-, del ~ and b,
def ID in any Court of record or any
other place VIII .tcver, and also to make
have and us" common seal, and tht
same 10 break, alter and renew at pl as.
urr. and to make, issue and negotiate
prolnssory notes, and generally to do and
execute all such matters and things as tc
them shall appertain under the provi..
ions of this act.
SIC. g And be it enacted, that the
capital stock OF this Bank. shall conss,
. of one hundred thousand dollars money
of tie United S,atr>, dividrd INTO four
thpusand shares, oi,wtn,y five dollar,
each ~
Sec. 3rd And br it enacted, That
Cornelius Smith. J J. H.ckart, Samuel
Rowland, Jas w. Abrahams and James
Evans, b" and they are hereby appointed
commissioners under the direction Of a
ina orhy o: whom snhscr pt'ons may ~
i.c.ived to the capital stock OF the said
Cecil Bank, and they or majority Of
them may cause books to he op'l"d at
such times and places as they may direct
for the purpose of receiving subscriptions
TO the capital stock Of said c., after hav-
ing given such notice. Of the terms and
places olor"niny th' same, ashley may
deem, proper, and that upon the first
opening ofslil bo ks they shall be kept
open al least three successive DAYS, from
ten O'Clock A. NJ, until two O'Clock p.
NJ, and il at the expiration of that pr
lio.l, such subscription of the capital
stock OF said Company as Is necessary to
its Incorporation, shall not have been CD
tained the said Commissioners or IA ina
jorlty of them may cause the said books
to b. opened from time to time alter the
expiration OF the said three DAYS, for the
space OF twelve months thereafter, or m
I'll the sum necessary TO the incorpora-
ton OF said Company shall have been
subscribed. and If an, Of the said Com
misSlonrrs Shall die resign or refuse to
act during the continuance of the duties
drvolved upon them by this act. another
may be appointed in his stead, by the
remaining commissioners.
SEC. 4th. And hrit enacted, That at
the expiration OF three days Tor which
the books are frs. opened il one thou
sand shares OF the said capital stock
shall have been subscribed If not as
soon thereafter as the same shall have
been subscribed the said Commissioners
or majority of them shall call gener-
al reetlng of the subscribers, after Civ
ing such notice thereof, as they may
deem proper and at such msetin, they
shall by the subscription books before the
subscribers or a majority OF them shall
elect by ballot nine directors to
manage the affairs of said Company
zach subscriber voting at the same time
upon his stock in the ratio hereafter pro-
scribed, asst all elections or voters OF
the stockholders.
Sec. 5lh. And be ii enacted, That
every subscriber shall pay TO the above
named Commissioners who shall attend
for opening the books at the time OF sub
scrlbing for the same, the sum of SIX dol
lars and twenty five cents on each share
shall be paid by instalmpats. and at such
times as the directors sh,ll appoint, upon
giving not less than three months notice
OF such demands in the public print, Of
said county, and receipts shall De given
for the payments 50 made, but when
subscriber shall have paid the SUN OF
twelve dollars and fifty cents on each
share, such subscriber shall be entitled
TO receive certificate under the seal of
the Bank and subscribed by the Presi
dent Tor the number Of shares by him or
her held.
Sec 9th. And be it enacted, That
il any stockholder shall fail to pay his
or her instament at the times and in
tae manner before specified by the board
OF directors, such stakeholder shall for
felt to the use Of said Company all mon
les paid antecedantly to such failure or
default, but no forfeiture shall tax. place
after twelve dollars and fttv cents or
each share shall have been paid, but as
it is requisite that means shall be taken
10 secure the regular payment, of the
subsequent instruments, therefore il any
stoskhelder shall! fail to make regular