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

pau. suCu sloCknoiueIS iHouey III Dalk g,
shall remain free from interest, and not
entitled to dividend until such instalment
or calls shall be made good,$ia the div
idends thereafter to be paids to such
stockholdrr, as well upon the money by
him regularly paid as upon the money
paid after default shall be calculated Or
Iy from the time when said last install.
rnrnl was made good.
Sec It'll. And be it enacted, That
the sand Bank shall and may 90 into op.
Grafton when one thousand shares of the
stock shall be subscribed and twenty
five thousand dollars shall have been paid
in By the stockholders IN gold and silver
the facts OF the subscription of the said
one thousand shares OF stock, and the paw
ment Of the said twenty five thousand
dollar in gold and silver coin to be GER
tilted 70 the Treasurer Of the State OF Ma
ryland by such person or persons as may
be by him appointed a; the request or the
said board of directors to examine into
and certify the same, and the said Bank
on the first day of January subsequent
to the organization as herein provided,
and on he same day annually thereafter
shall pay or cause to be paid TO the
Treasurer OF the State OF Maryland. the
sum of twenty cents on every hundred
dollars of the ca rital stock then actually
paid in, to be applied by said Treasurer
10 the augmentation OF the free School
| fund OF the State, in the same manner as
The similar tax paid bv other incorpora-
ted Banks in the city O. Baltimore is now
applied, and in case of failure OF the said
Bank to make such payment Tor the space
of six months alter the same shall have
become payable, this charter shall be
forfeited and BE- deemed null and void,
and the said Bank or :he President and
directors thereof shall IN consideration
of the corporate privileges hereby, grant.
ed, pay to the State Of Maryland in adj
di'ion to the twenty cents in the hun
drrl dollars as herein before provided,
an amount equal TO one per centum on
the amount of their capital stock actually
paid IN, or which may from time to time
b. paid in, and in case such payment be
delayed jor six months after the 8 il
Bank shall go into operation or after any
additional payment shall be made on i 8
capital stock, then the said chatter shall
be absolutrl y fortified and void
SEC. S,h. And be It eracled, That
it shall and may be lawful for the Cecil
Bank to discount any Hill of exchange
or promisory note whi.h shall be offered
for discount in SAID Bank by any person
or persons, although the same shall not
on the face Thereof b.. made negotiable
at the Cecil Bank, nor be made payable
at the house OF any person in the village.
OF Port Deposit. and the same shall be
recoverable by sid Bark in any Court
of law or equity, and be good AMI valid
to all Interests and purposes.
Sc. 9Th. And be II enacted. That no
subscriber. slockhoIdrr or member OF said
corporation shall be answ"rablr in his
person or individual property, for any
contract or any eng cement OF sub
Company. or Tor any losses, dcfcipncrs
or failures of the capital stock of the
sad Company, but Ia" whole of the cap
ital stock together with all the property.
rights and credits belonging to said insti-
tuition and nothing more, shall at all
times be answerabIe Tor the demands
against the said Company.
Sec. 10th. Aud be i! enacted, That
to continue the succession OF the Presi-
dent and directors OF said Company.
nine directors OF SAID Company shall be
chosen on the fl st Monday of May, ia
rac;i and every year after the first cleo
ton by the stockholders or proprietors
OF the capital stock OF said Company, and
by plurality OF votes, at such place and
in such manner as the President and d.
rertors for tie time beng shall appoint,
and those who shall be chosen at any
election, shall be capable of serving as di-
rectors by virtue Of such choice until the
end or expiration Of the first Monday in
.Hay next, ensuing the time Of such
elections, or in Case of failure of an cleo
ton on the day appointed, until such
election takes place, and until a number
of such new directors competent to form
board, shall have qualified agreeably to
the provisions OF this act, and the said
directors at the first meetingsssfRef each
election, shall choose President, and in
case it should happen that AN election OF
directors should not be made upon the
day when pursuan, to this act, it ought
to be made; the said Company shall not
for that Cause, BIZ deemed to be dissolved
but It shall and may be lawful on any
other day within 20 days thereafter, to
hold and make an election in such man
ner as shall have been regulated BY the
laws and ordinances OF the said CORPORA
tion, and IN case of the death, r~sisna-
ton: disqualification or removal GU, OF
the County, ola director, or his being
appointed Prrs'd ent of the Bank, his
place may be filled up by the directors