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to pay any instalments thus demanded for the space of sixty
days next after the same shall be due and payable, the stock
upon which the same shall be demanded, shall be forfeited,
to the Company, and may be sold to the said President and
Directors for the benefit of the Company j but the President
and Directors may proceed for the collection of the same as
in cases of other debts, or may remit such subscription or such
forfeiture as they may deem proper.
SEC. 11...And be it enacted, That if the subscription ob-
tained be insufficient, the President and Directors, or a
majority of them, may issue the bonds of said Company to
an amount not exceeding the capital stock authorized by
this Act, and may secure the same by mortgage or mort-
gages upon the property, franchises and revenues of the
Company.
The Mayor and City Council of Baltimore, by ordinance
approved ——————, 1867, undertook to guarantee five
hundred thousand dollars of the bonds of the Company.
The power thus to act has been questioned, and we think
upon sufficient grounds.
Power is given in clear and unmistakable terms in the 3d.
Section of the Act, to several incorporated companies and to
the municipality of Baltimore City to subscribe to the capital
stock of the Company, but there is no power conferred
upon Baltimore City, or any other corporation, to endorse or
guarantee their mortgage bonds. It has been alleged that
the 6th Section of the Act when construed in connection with
the title of the Bill confers by implication this power. The
provisions of the law relied upon as giving the power to
endorse, read as follows :
SEC. 6. And be it enacted, That the affairs of the said
Company shall be managed by a President and Board of
Directors and such other officers and agents as such Presi-
dent and Directors may deem necessary; that there shall be
one Director for each five hundred shares of stock subscribed,
and also an additional Director on the part of the Mayor and
City Council of Baltimore, or any other corporation, for each
one hundred thousand dollars of the bonds of said Company,
which may be endorsed or guaranteed by the Mayor and City
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