202 LAWS OF MARYLAND.
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them, he shall forfeit his interest in this company
and be held liable for his proportion of any loss
which may have occurred previous to such refusal
or neglect or in consequence thereof. |
May remit
forfeitures. |
Sec. 3. And be it enacted, That should any
forfeiture occur it may be remitted by a majority
of the Board of the Directors present at any meet-
ing at which the motion for which such remission
shall be made, upon the payment by the person in-
curring a forfeiture, of the principal of such instal-
ment and interest thereon up to the time of said |
Proviso. |
payment; provided, that nothing herein contained
shall be construed to release such stockholder from
the payment of such instalment or instalments of
stock as has not been paid should a loss greater
than the amount paid in have accrued in propor-
tion to such loss. |
Competent to
transact busi-
ness. |
Sec. 4. And be it enacted, That so soon as ten
thousand shares are subscribed for and the first
instalment paid, as hereinbefore provided, this
company shall be competent to transact all kinds
of business for which it is established. |
Books to be
opened. |
Sec. 5. And be it enacted, That William G.
Bonsemer, John A. Nichols, James F. Purvis,
Jr., M. S. Hess and Dennis McKew, or any three
of them, shall open books of subscription lor the
capital stock of thin company hereby incorporated
on or before the fifteenth day of April next, in
some suitable place in the city of Baltimore, and
shall deliver the said money paid on the subscrip-
tions to the Board of Directors as scon as they
shall be organized and prepared to receive the |
Provisos, |
same; provided, that the omission or neglect to
open books on or before the day mentioned shall
not invalidate this charter; and provided also,
that books be open to receive such subscriptions at
any time on or before the expiration of three years
after the date of this Act of incorporation, and to
continue from time to time, in the discretion of
the Board of Directors, or a majority of them,
until the whole amount of the capital stock of this
company shall be subscribed for. |
Directors to
be elected. |
Sec. 6. And be it enacted, That the stockholders
composing this company, or their representatives
by proxy, shall, on the second Monday in January, |
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