fifty dollars each, which said capital may be in-
creased at the discretion of the Corporators or the
Directors to be appointed as hereinafter provided
for to any amount not exceeding three millions of
dollars, and shall be capable in law of purchasing,
holding, selling, leasing and conveying estates,
real, personal and mixed so far as shall be neces-
sary for the purpose hereinafter mentioned, and
no further, and shall have perpetual succession.

Amount to
be paid upon
subscribing.

Sec. 4. And be it enacted. That upon every
such subscription there shall be paid, at the time
of subscribing to the said Commissioners or their
agents appointed to receive such subscriptions, the
sum of two dollars on every share subscribed, and
the residue thereof shall be paid in such instal-
ments as the President and Directors of said Com-
pany hereinafter directed to be appointed, shall

Provisos.

require; provided, that no payment shall be de-
manded, until at least thirty days public notice
shall be given in one newspaper in Harford coun-
ty, one in Cecil county, and three in the city of
Baltimore, and if any subscriber shall fail or ne-
glect to pay any instalment, or any part of said
subscription thus demanded, for the space of sixty
days next after the time the same shall be due and
payable the stock on which it is demanded, shall
be forfeited to the Company, but the President and
Directors may remit any such forfeitures, on such
terms as they shall deem proper; provided,, always,
that in addition to the forfeiture aforesaid, the
said Company shall be entitled to receive, sue for,
and recover the said instalment and subscription
due as aforesaid, in such manner as other debts
and claims are now recoverable by law.

Power to ap-
point officers
agents, &c.

Sec. 5. And be it enacted, That the said Presi-
dent and Directors, or a majority of them, may
appoint all such officers, agents or servants what-
soever, as they may deem necessary for the trans-
action of the business of said Company, and may
remove them at their pleasure and they or » ma-
jority of them shall have power to determine by
contract the compensation of all such officers in
the employ of said Company and to determine the
manner of adjusting and settling all .accounts
against said Company, and also the manner and
evidence of the transfer of stock in said Company,