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shares; but in case the subscriptions shall exceed the capital,
the excess shall be reduced within the proper limit, by subtract-
ing from the subscriptions highest in amount, a share or more
shares, until the same be made equal to the subscription or sub-
scriptions next highest in amount, and as often as the case
shall require they shall so proceed to subtract, until the aggre-
gate of all the subscriptions be reduced to the proper limit,
and if by and after the operation of subtraction, (as, often as
the same shall be made and necessarily repeated as aforesaid,)
a greater number of shares may be allowed to one or more of
the subscribers from whose shares such subtraction shall have
been made, then the rest, or if the number of subscriptions
shall eventually be greater than the number of shares, so that
at least one share cannot be allowed to each and every subscri-
ber, then and in either of the above cases the commissioners
shall ascertain, by lot, in whom the greater number of shares,
or the right of subscription for and retaining one share, (as
the case may be,) shall be vested.
3. AND BE IT ENACTED, That every subscriber shall
pay to the commissioners at the time of subscribing, the sum
of two dollars and an half, one half in specie, and one dollar
and twenty-five cents in the notes of any of the chartered,
banks of the State of Maryland, on each share so subscribed,
and the further sum of two dollars and ait half, one half in spe-
cie and one dollar and twenty-five cents in the notes of any of
the chartered banks of the State of Maryland, in sixty days
thereafter, and the remaining twenty dollars on each share to
be paid at the said bank as the board of directors may call for
the same, giving two months notice in the news-papers afore-
said of such calls, but which shall not at any time exceed five
dollars on each share.
4. AND BE IT ENACTED, That if any stockholder shall
fail to pay up his, her or their instalments of two dollars and
fifty cents on each share, as heretofore directed, such stock-
holder shall forfeit, for the use of the company, all monies
paid antecedent to such failure or default; no such forfeiture
shall, however, take place after five dollars shall have been
paid on each share; but if any stockholder shall fail to make
regular payments of any instalment or call after five dollars on
each share shall have been paid, such stockholder's money in
bank shall remain free from interest, and not entitled to any
dividend, until such instalment or call shall be made good, and
the dividend thereafter to be made to such stockholder, as well
upon the money regularly paid, as upon that after default, shall
be calculated only from the time when such instalment shall be
made good.
5. AND BE IT ENACTED, That the affairs of the bank
shall be managed by a president and ten directors, which di-
rectors shall be chosen by the stockholders in person or by
proxy, in Westminster, on the first Monday in April next, and
on the first Monday of April in every year thereafter, notice of
which said election shall be given by advertisement of the pre-
sident in the newspapers before mentioned.
6. AND BE IT ENACTED, That in choosing directors
of the Bank of Westminster the stockholders shall be entitled
to vote either in person or by proxy, according to the number
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Dec. Sess,
1815.
Instalments.
Defaulters.
By whom to
be managed.
Elections.
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