THOMAS SWANN, ESQUIRE, GOVERNOR. 241
of debt on the case, in the name and for the use
of the said company, and shall also be liable to
indictment in the proper court according to the
nature of the offence. |
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Sec. 16. And be it enacted, That it the entire
stock of the said company, provided for in the
second section of this Act, shall not be subscribed
before the first election of President and Directors,
as hereinbefore provided for, the President and
Directors may from time to time open books for
additional subscriptions to the stock of the said
company until such subscriptions shall be made to
the amount of the said capital stock, and if at any
time the capital stock of the said company shall
be found to be insufficient for the purposes of this
Act, then the President and Directors of the compa-
ny may from time to time increase the stock of said
company by the addition of as many shares of stock
as they may deem necessary, and may receive sub-
scriptions to the same, or sell the same at a price not
below their par value, after giving at least thirty
days' notice in the newspapers aforesaid, and such
other notice as they may deem proper of the open-
ing of the books for subscriptions or of the offer- |
In cage the
entire stock be
not subscribed. |
ing for sale of such shares; provided, that the
President and Directors shall not increase the said
capital stock beyond the sum or amount of one
million of dollars. |
Proviso. |
Sec. 17. And be it enacted, That the President
and Directors of the said company shall have
power from time lo time to borrow money for the
purposes of this Act, and to issue bonds, certifi-
cates, or other evidences of such loans, and to
pledge the property of the company for the pay-
ment of the same and the interest thereof. |
May borrow
money, &c. |
Sec. 18. And be it enacted. That the President
and Directors of the said company shall have full
power and authority to connect the railroad which
may be constructed under the provisions of this
Act with any other railroad now existing, or
which may hereafter be constructed, in Queen
Anne's, Kent, Caroline, or Cecil counties; and also
to make such contracts and arrangements with the
President and Directors of such railroad for the
through transportation of passengers and mer-
chandize, and all property of what kind soever, in |
Authority to
form connec-
tions. |
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